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How To Find The Best Credit Card For Your Needs


Finding the best credit card is subjective. There’s no single card that fits everyone’s needs. Some are better, some are cheaper, and some have more features. Picking the right one can help you keep the costs of credit low and spend more conveniently.

Here’s how you can find the best credit cards for your needs:

Credit Score
The starting point in any search for a credit-related product is your credit score. The better the score, the wider the pool of credit cards you can choose from. People with better scores tend to be offered better rates and more incentives, but there are special credit cards for those with bad or no credit history.

Your bank or credit card provider may be able to give you your credit score. If not, you can always buy your credit report directly from Experian, Equifax, or TransUnion. According to Federal law, you can access one free report from any of these providers once every twelve months. If there’s an error in your report, you should get this corrected before you apply for a credit card. Also, try building credit if you have no history.

Figure Out Your Spending Habits
The next step is to figure out how you spend money. The way you shop and the number of times a year you would use your credit card are important factors to consider. Are you the type of person who pays bills late? Do you prefer shopping online? Are you a regular customer at certain shops that offer loyalty points for using specific credit cards? Take the time to analyze your behavior and narrow down the list of credit cards on offer.

Ask The Right Questions
Before you sign up for a card, ask all the right questions. You need to understand how fees and incentives for these credit card providers work. Make sure you know the basics of AERs and compound interest. Take the time to understand why credit card providers offer travel cashbacks or calculate daily balances a certain way. Understand the level of security and encryption these providers promise with every card.

If you’re a student trying to build credit for the first time or a senior citizen who may be entitled to special rates, try to take advantage by picking a card that caters to you specifically. Follow some personal finance influencers online or money-saving blogs to learn more about all the special offers you could enjoy with the right card.

Maximize Value
No card is great for everything. Some have better rates while others offer more points on certain purchases. No matter which credit card you pick, you will ultimately make some compromises. Try to maximize the overall value by going for the card that seems to be the best fit for you in terms of your spending habits and your financial situation.

Never settle for a sub-par credit card. This is an important financial product that could ultimately help you realize your financial goals in the long run.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: General


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