Finding The Best Credit Card
When you start your hunt for the best credit card what you're
really searching for is the best credit card for your particular
situation and needs. You may, for instance, be someone whe
travels a lot for business or pleasure. Travel credit card
discounts may be the best credit card option for you. You may be
someone who has bad credit. There are credit cards especially
designed for folks like you - these would be the best credit
card options for your circumstances.
If you are a shopaholic, for example, the best credit card for
you might be one that gives rewards in the way of incentives and
percentages back on purchases. Of course, there are some things
that make a card the best credit card for many, if not most,
credit card users. These are the ones with the lowest APR
(annual percentage rate) and the lowest annual rate. Some cards
- in fact, many - have no annual rate at all. One such card may
prove to be the best credit card for you, assuming that there
aren't hidden fees that ultimately cost you more than you've
saved in lower APR or annual fee.
Keep in mind, though, that the better your credit history, the
lower the APR you're going to find on a credit card. If your
credit is poor the best credit card you're going to find,
unfortunately, is going to be one with a higher than average
APR. That is, until you improve your credit standing. There are
alternative credit cards for this situation, too.
Other factors to consider in determining the best credit card
for you is whether you generally pay off your credit card debt
each month or whether you carry over a balance each time. The
reason this is an important factor in deciding the best credit
card for you is that some credit cards offer a grace period on
this carryover - others do not, and, in fact, tack on hefty
penalties for doing so.
Fleet, AFB Industrial and Wachovia Bank all have twenty day
grace periods on their credit cards - clearly the best credit
card choice for those who don't pay the balance each month. All
other factors being equal, of course.
Another best credit card factor to be considered is whether you
typically use your credit card for cash advances. This rate can
vary considerably, and some even have no fee attached to a cash
advance request. This, like anything else, depends on credit
rating. USAA's best credit card offer for cash advances, for
example, is a free cash advance. It's highest percentage fee is
nine percent. Fleet and Wachovia both charge four percent.
The other important factor in determining your best credit card
is how much traveling you do. If you're flying the friendly
skies on a regular basis a credit card that lets you rack up
credits for each flight you take may save you more than opting
for one that doesn't whose APR is lower, or the annual fee less
costly.
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