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DIFFERENT TYPES OF CREDIT CARDS
Credit Card offers are always changing. That is why we have created some guide lines to help you find the right credit cards for you.
And possible have them work toward your advantage not theirs.
Why fill out an application for a credit card that you received in the mail? It is very possible that credit card companies are the founders of
junk mail. They send out credit offers to everyone under the sun. They don't know what credit cards are right for you. They know what credit
cards are right for them.
More than likely you would like a credit card that helps you in some way and will fit your needs. That is why you need to look for the right
card for you, searching all the credit cards and their various offers. All it takes is a little homework.
Questions to Ask Yourself
What are your financial needs and habits?
How do you use credit?
Do you pay your bill in full?If you are able to and always pay your bill off every month in full, you are already a step ahead on how to
use credit cards wisely. If you pay your bill in full every month, you do not have to worry about the interest rate on your credit cards. Who cares
if they charge you 22% interest on your purchases if you pay the whole bill during your grace period. You are going to want a credit card that pays
you for your purchases, whether it is through a rewards program or getting cash back. Other attributes to look for in a credit card that you pay in
full would be no annual fee and a long grace period. The longest grace period you will probably find is 30 days.
Do you carry a balance? If you are unable to pay your bill in full every billing statement, then you need to worry more about the interest
rate. You will probably want to find the card with the lowest APR. Reward and cash back are no longer in play. They are no good if you lose what
they are worth to interest charges. The hard thing with low interest cards is that you have to have good credit and a good credit score to prove it,
to get a really low rate. Most of the time low interest cards have an annual fee. Annual fees aren't good, but can be worth it if you are saving at
least that much interest in a year.
Do you want to erase your debt? Who doesn't? There are plenty of zero percent APR for a limited time credit cards. These teaser rates
are to draw you in; in hopes you will not be able to pay them off once the limited time APR runs out. One thing to check out with these cards is
balance transfer fees. Look for a 0% interest card that doesn't have balance transfer fees with their zero percent promotion. If they do have a
balance transfer fee you will probably end up paying over 20 percent interest on your balance transfer fees.
If you have a lot of credit card debt at high interest rates, a 0% interest credit card wouldn't be a bad idea. Why pay interest on your debt if you
don't have to for 12 months or so. Just make sure you can get another low interest rate card at the end of the year or pay it off. Make sure you
donāt miss or be late for a payment. A lot of cards will swap your 0% interest with a penalty APR possibly approaching 30 percent. Don't forget
not to make purchases unless they are on the same promotional rate. You will most likely have to pay down your lowest APR balances first.
Do you miss payments?If you pay your credit card bill late every once in a while, you might want a card that doesn't hit you up with high
late charges. Be careful that they don't up your interest rate to much though. Higher interest rates over time could stack up to much more than a
couple late fees.
Short term debt-0% cards or keep getting.
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Airline Miles Cards
Most airline cards charge a fee (See No Annual Fee Cards) and for the average person, this makes it not worth the card.
This is because they don't spend enough in a given year to aquire enough points to receive a free ticket. If you spend a
sizable amount of money in one year, an airline card could be a good choice for you.
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Rewards and Cash Back Cards
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Student Credit Cards
:: Low Interest Credit Cards
:: 0% Balance Transfer Credit Cards
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Pre-Paid Credit Cards
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Poor Credit Cards
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Business Credit Cards
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Auto and Gas Credit Cards
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