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The Best Credit Card - Shopping
For A Credit Card
by: Carrie Reeder
Credit cards are just like any form of credit, you
should shop around
to find the best deal. Depending on your situation, you
may want to
find a card with low rates, a reward program, or a 0%
APR for
transfers. Make sure you look at several credit card
companies to find
the best deal for you.
Comparing Programs
Credit card companies offer several different types of
incentives to
entice you to open an account with them. These rewards
can save you
money or earn you trips or cash back. If you plan on
always paying off
your monthly balance, then a reward program, such as
airline miles or
cash back, may be for you.
If you plan on carrying a balance on your new credit
card, then look
for the lowest rate. You will want a no frills card with
no annual
fees. You can also choose a card with a low introductory
fee, usually
lasting six months to a year, if you plan to pay off the
balance soon.
For transfers, look for offers of 0% APR. These offers
typically last
for six to twelve months, but they can save you a bundle
on interest.
However, be aware that rates on these cards can shoot up
after the
grace period.
Finding Credit Card Companies
I'm sure you have received several credit card offers in
the mail this
week, but you can find better deals online. The major
financing
companies offer special reward bonuses and special
programs for
students or small business owners.
Look at what each credit card company is offering along
with their
rates. You may also want to choose a card that you don't
already have.
While American Express and Discover offer excellent
rewards, they
aren't accepted by everyone. Plan on having at least two
different
types of cards.
Always Watch For Deals
Once you have your credit card, continue to look at
credit card
offers. You may find an especially low rate or a good
rewards program.
You can easily apply for the card, then close an old
credit card
account. While having several different types of credit
lines are good
for your credit history, too many open credit card
accounts can hurt
your score.
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