Three Steps to Getting a Good Credit Card

I hope that you are enjoying our website and keep in mind that when you get to the step where you decide to get a credit card, it is important to realize how much this decision is crucial.

A bad credit card will have you incurring losses in terms of fees and high interests or can lead you into debt. You can use the following tips to avoid making a mistake when selecting a credit card.

Outline your needs and identify your limits

The first step should be paramount to all credit card users. Know how much you need to cover your needs, when and where you will be using it and finally the period you need to pay off the balance. Once you have these covered you will be able to match your needs against the features of the credit cards. It is at this point that you have to decide whether you want to be paying monthly balances or you will need a longer period.

Compare terms

Having established your needs and credit limit, the next step is looking for the right credit card and this is arrived at by comparing the various features in different credit card brands.

Top features include;

  • Maintenance fees. A number of credit card providers charge monthly or annual fees. Those that don’t will limit you on other features so it is important to check the cost vs. what you are offered.
  • Annual Percentage Rate. This refers to how much using the credit card will cost you on a yearly basis. Some credit cards provide a fluctuating rate; others have an introductory period that rises with time while others increase the APR when one misses payment.
  • The grace period. You need to find out if charges start applying immediately after a purchase or you are given some time. How the grace period is applied varies from one card to the other and you should compare across board.
  • Fees and penalties. It is important to know how much and when do you get penalized for late payment.
  • Rewards, discounts and special offers. These provide a chance for you to cut down on your total costs. Find out if there are any incentives that come with using the credit cards or are there any special rates or discounts that come with the credit card that you can use?
  • This is an important aspect to consider since it determines how many places you can use your credit card and thus its suitability in your circumstances.

Read all the terms including the fine print and understand their implications.

This is an important step and it is what decides whether the credit card suits you or not.

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Please keep in mind:

  • We do not provide customer service for credit cards.
  • Please do not contact us about credit card issues.
  • Contact your credit card company directly.

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