1. Protect Your Interests
There are a lot of different ways that credit cards work well to protect your interests. Buying something online at a vendor you’re not familiar with? Instead of using your debit card, putting your hard-earned cash at risk, use a credit card.
Many credit cards today offer $0 liability when fraudulent purchases happen on your card, putting you at no risk when you’re buying the latest and greatest online. Make sure that you report any fraudulent activity promptly so that it can be cleared up.
Another benefit of a new credit card is a low or nonexistent introductory interest rate. This is essentially a free loan! As long as you try to pay back all or at least part of the balance, you won’t end up paying as much in interest in the long run. This makes it a great option when you need to spread out the cost of something over a few months, or even up to a year or two, but won’t be carrying a balance beyond that point.
2. Lower Interest Rates
In addition to introductory interest rates that are low, switching to a credit card that has a lower overall interest rate gives you the option of paying off your credit card debt faster. Imagine that you have a credit card with a 24% interest rate and a $10,000 balance.
That credit card will rack up $200 in interest every month. Switching to a card that has an 18% interest rate, on the other hand, will only bring in $150 in interest every month. That gives you an extra $50 to put towards paying down your balance on a monthly basis, cutting your debt significantly.
In addition, when you use a new credit card that has an introductory rate for the above example, your entire payment is going towards paying off your debt during the initial period. Though you will pay a balance transfer fee, this is typically significantly less than the interest you’d otherwise be paying on a monthly basis in your interest rates.
3. Earn Cash Back or Rewards
Most credit cards offer a range of rewards to entice you into choosing their card. From airline miles to cash back, these benefits are added to encourage you to use their card instead of others.
If you clear your balance every month, cash back credit cards give you a percentage of your spending back, often between 1%-5%. However, they also tend to be paired with a higher interest rate, so you may want to avoid them if you tend to carry a balance.
Rewards credit cards offer you something other than cash for using that card. This can point to spend at a particular store, airline miles, money off on a new vehicle, discounts on cruises and similar offers.
Much like cash back cards, these cards tend to have higher interest rates to offset the reward. Both of these types of cards tend to have limits on how much can be earned in cash back or rewards over a particular period of time, usually monthly or annually.
4. Better Benefits
Many credit cards have a range of other benefits available for their users. This can include travel insurance, insurance on rental cars, virtual card numbers for online shopping safety, roadside assistance, extended warranties and many more. Though these things are not enough to warrant taking out a credit card on their own, they do provide you with a range of reasons to go with one credit card over another when it’s time to make a decision.
There are a lot of travel-related benefits, partially because it reduces the risk of carrying cash, especially in a foreign country. Some credit cards offer free foreign transactions, while others charge up to a 3% fee for the privilege.
If you’re considering international travel and your current credit card charges for using your card out of the country, it’s well worth picking up a new credit card that will save you money in the long run while giving you better financial security in foreign countries.
Store cards are credit cards that are typically tied to that specific store or a chain of stores. They’ll offer you a lower rate the day that you take out the card and will often include better deals than the general public would receive. However, they also often charge a much higher interest rate, so it’s important to be smart about these cards.
Many individuals use them to receive special financing, providing that they pay off the balance before the finance period ends. Other stores offer much higher discounts, such as special sale dates with 30% off of your purchase, but the same caveat applies – don’t carry a balance that may be charged interest.
5. Build Your Credit Report
Of course, one of the best reasons to get a new credit card is if you’re trying to build your credit report. Many individuals have used credit cards to start building their credit portfolio, proving that they are a good risk for banks when they’re considering buying a home or vehicle down the road to help secure good interest rates.
If you have a limited credit report and need to build it or need to make a bad credit report look better, credit cards are a great way to help with that process. However, it’s important to do this in a smart way that doesn’t hurt your credit report by being declined for cards.
For that reason, you need to look at different cards and understand the likelihood of being accepted for a new credit card. Many companies offer credit card comparison services which include being able to view your chances of being approved based on your credit score.
This allows you to look at different cards and apply only for the cards that are right for your specific situation. Don’t apply for a lot of cards, but go for the one that will best help you to meet your financial and personal goals.
Getting a new credit card is a great way to build credit, enjoy rewards and improve your situation, but only if you use them responsibly. Make sure to take the time to research your credit report, clean up any errors that are on the report, determine which cards would be a good fit for your financial goals and get started.
By taking the time to do this, you’ll find yourself in a much better financial situation in the future, whether you’re taking a trip, buying a home or getting ready to send your youngest to college.
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FIT™ Platinum Mastercard®
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First Progress Platinum Prestige Mastercard® Secured Credit Card
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Freedom Gold Card
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- Regular APR
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- See website for Details*
Milestone® Mastercard®
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- Credit Recommended
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- Credit Limit
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- Cash Advance Fee
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- Regular APR
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First Progress Platinum Select Mastercard® Secured Credit Card
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- ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- Credit Recommended
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- Regular APR
- 18.74% (V)
- Annual Fee
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Bad Credit Cards
- Credit Recommended
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- Regular APR
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- Annual Fee
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Upgrade Cash Rewards Visa®
- $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*
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*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.
Destiny Mastercard®
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- Credit Limit
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- Annual Fee
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Merrick Bank Secured Credit Card
- Choose your own credit line based on how much money you want to put down as a security deposit.
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Applied Bank® Secured Visa® Gold Preferred® Credit Card
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- Credit Recommended
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Excellent Credit Cards
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Reflex® Platinum Mastercard®
- Up to $1,000 Initial Credit Limit
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OpenSky® Secured Visa® Credit Card
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Fair Credit Cards
- Time for a new Credit Card
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- See website for Details*
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Surge® Platinum Mastercard®
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FIT™ Platinum Mastercard®
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Good Credit Cards
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*See Card for Terms and Conditions
Applied Bank® Unsecured Classic Visa® Card
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Search, Compare and Apply! Creditsoup.com offers you a better way to get a card offer.
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- Credit Recommended
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- Annual Fee
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