4 Practical Steps on How to Pick the Best Credit Card
The “best” credit card is not a one-size-fits-all card that can check everyone’s credit card hunting criteria. Fortunately, there is a way to make the selection process less overwhelming. Let DollarSense walk you through four practical steps in finding the best credit card for you.
Use your credit score as a guide
First, you can check your credit score and use it as a guide when searching for the best credit card. Or at least, which card are you eligible to apply for. Banks will likely offer you cards with higher credit limits and better perks if you have a good credit score.
On the one hand, if you have good credit, you are eligible to apply for top rewards credit cards. On the other hand, if you have poor or fair credit, you have several options to choose from. But don’t worry if you’re just starting. Even if you have a limited credit history or no credit score, you still have plenty of credit card options in the market.
You can first go to a credit card resource or issuer to check your credit score, where they can provide you with a free FICO score. You may also view this online or via a mobile app if you’re a primary cardholder of an existing card. Additionally, you may also use reliable websites and tools to prequalify for a card.
Identify your reasons for getting a credit card
Asking yourself why you need a credit card is a crucial step since this helps you narrow your search for the best credit card. It will also give you a better idea of the type of credit card that matches your financial needs.
Different cards will have advantages and disadvantages, which you need to compare while narrowing your search. Remember, your credit standing and your monthly income are two factors you must consider. Once you’ve identified your WHY, selecting which type of credit card you will be easier.
Select the best credit card that matches your needs
Generally, there are four types of credit cards you can choose:
- A credit-building card suits you if you’re just starting to build your credit standing and have a limited credit history or bad credit.
- If you’re planning to pay off debt, a balance transfer card is your ideal card type.
- A low-interest card is an excellent option if you want to finance bigger expenses over an extended period. This is also ideal if you want to carry a balance over time.
- If you want to earn cash back, miles, or points, a rewards credit card is the credit card you should apply for.
These categories can help remove unnecessary options from your wide range of choices. Remember, choosing a card with features that meet your specific needs is essential. For example, a rewards credit card that offers the best travel perks is not a good fit if you don’t travel a lot.
Pick the card with the best value
Make sure to select the card with the best value so that you can maximize its perks and features. Try to consider these options when picking the best credit card that suits your needs:
Secured and student credit cards
There are credit cards that will reward consumers periodically or depending on how well you can build your credit score. These cards can help you improve your credit score until you’re qualified to get an unsecured credit card.
Low APR and 0% interest credit cards
Of course, you can’t find a card that will offer you zero interest for an unlimited period. However, some cards provide Low APR and zero interest as introductory features. And you can maximize this for 21 months at most. Consider a card that doesn’t charge fees for late payments if you’re worried about your inability to pay the monthly balance.
Rewards cards
These cards depend on what you want to get in exchange for your spending. You can select various rewards such as travel or airline miles, cashback points, or loyalty rewards points. There are also specific spending limits that you must meet before you can get bonuses or promotions. On top of that, you can look for cards with no annual fee or cards that offer sign-up bonuses.
Use Your Credit Card to Your Advantage
When making sense of your money, choosing the best credit card is only the first step. Remember, your card is a financial tool that helps you achieve your financial goals. By sticking to a payment plan tailored for your budget and credit score, you can get the most out of every dollar you earn.
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First Progress Platinum Prestige Mastercard® Secured Credit Card
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Merrick Bank Secured Credit Card
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- See website for Details*
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- Annual Fee
- See website for Details*
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