Choosing Which Credit Card is Best For Me

Most people out there need a credit card. It is not always the case that you need a line of personal credit, but credit cards are essential when you are shopping online or purchasing through an online merchant. They are also particularly handy when you are traveling, plus they are also a useful backup – for those emergency situations when you do not have any cash on you but need to pay for something essential.

But which credit card is best? How do you know which credit card is right for you? There are so many different offers out there, so many companies are anxious to give you a credit card that it can be a bit overwhelming and confusing.

Here are some hints and tips to help you make the right decision as we look at what are the best credit cards to have.

Which is the best credit card to get?

Your main decision really is whether to get a standard credit card or a secured credit card. The difference between the two is that a secured card (sometimes also known as a debit credit card) is only spending your own money – no credit is actually issued. Standard credit cards give you a personal credit limit (that is set by the financial institution at the time that the card is issued). This enables the user to spend up to the set limit. Any expenditure that is not paid off in full will incur a credit interest rate that will be added to the overall amount owing.

Which are the best credit cards to have?

The best type of credit cards are the ones that give you benefits over and above just a personal line of credit. Credit cards that are linked to reward programs can be very effective ways to accrue air miles or other reward options while you are going about your day to day shopping or expenditure. The downside with this type of card is that they can sometimes attract high fees or charges so they are best utilized when you are able to pay off the full amount outstanding each month before the interest charges are applied.

So next time you are thinking about switching credit card providers, or just overhauling your personal finances, remember to think about your personal circumstances, think about your financial objectives, think about what you need, and which credit card is best for you.

What Type of Credit Card Should I Get?

Credit cards can be a bit confusing. They are one of the most common forms of personal credit, easy to use, and they have almost become essential when you are buying things through online merchants or websites. But there are so many different types of credit card available on the market that it can sometimes be hard to know which is best for you. So if you are asking yourself: “What type of credit card should I get?” in this article we give you some hints and tips and a bit of guidance on the different types of credit card that you can choose from.

Standard Credit Cards

These are the most common type of credit cards, these are general purpose cards that provide you with a line of credit based on your credit record. The credit limit is established at the time that the card is issued and an interest rate is applied to any unpaid credit balance.

Reward Cards

An increasingly popular form of credit card are reward programs that are affiliated to credit cards. The general structure is that points are accrued for any amounts spent on the credit card. Sometimes this type of card comes with high annual fees or higher interest rates and generally work best for people who are able to pay off the full amount of expenditure each month before any interest is applied to the outstanding amount.

Secured Credit Cards

This type of card effectively gives you the convenience of a credit card without actually providing you with any credit – any expenditure is taken directly from your own funds. This is particularly useful for people who would not otherwise qualify for a credit card. If you are looking to rebuild your credit history, this is a good way to demonstrate to a financial institution that you can manage your finances and eventually apply for a standard credit card.

Specialty Credit Cards

These are also known as white-label credit cards and are often issued as a store card or through other service providers. Sometimes this type of card will deliver a percentage of expenditure to the charity or service provider that has issued the card to you.

When you are asking yourself the question, “What type of credit card should I get?”, think about your financial circumstances and your financial objectives to help you consider the different options available and make the choice that is right for you.

What kind of credit card should I get?

Every now and then it is important to take stock of your financial affairs, to make sure that you have all of your bank accounts and loans under control, and to ensure that you have the right financial products to support your financial objectives. While it is not essential to have a credit card, this line of personal credit can be a helpful way to manage your day to day expenditure and ensure that all of your bills are paid on time. But the question that is inevitable is: “What kind of credit card should I get?” In this article we take a look at a few of the main options.

Mastercard

With its headquarters in the United States, Mastercard is major player in the world’s credit card market. Mastercard offers both debit cards and credit cards and issues the cards through banks or credit unions. Mastercard was established in 1966. Mastercard is a transaction card that is widely accepted around the world and is generally priced the same as Visa from a merchant perspective.

Visa

Visa is a credit card company that was established in the United States in 1958 by Bank of America. It offers credit cards and debit cards which are distributed through other financial institutions. Visa cards are widely accepted around the world and from a merchant perspective are generally priced the same as Mastercard. Visa’s headquarters are in Foster City, California. Based on current estimates, Visa has just under 40% of the credit card market in the United States.

American Express

American Express was established in the United States in 1850. This company began life as an express mail business but moved into the financial services in the 1880s when it launched its first money order business. American Express is sometimes not accepted by merchants as they generally incur higher fees for processing transactions through American Express. However American Express cards often have the most attractive loyalty schemes, so while merchants may be reluctant to process the transactions, consumers will be keen to find merchants that will accept the card. American Express has been very good at building its brand and marketing its aspirational values. Recently the brand was ranked as one of the 20 most valuable brands in the world.

While not everyone needs a credit card, if you are finding yourself asking “What kind of credit card should I get?” then remember it is important to shop around, get the best deal possible and use your personal credit wisely.

What Credit Card Should I Get?

For anyone who is trying to sort out there finances, What credit card should I get? is one of the most common questions and considerations that you need to work through. In this article we are going to take a look at a range of different scenarios in order to offer you some advice and hints and tips to make it a little bit easier for you to select the credit card that is right for you.

We will not get into the detail of specific products or deals that might be currently being advertised, these change so frequently that any discussion of these would quickly become irrelevant. Instead we will be looking at some universal rules, or principles, that you can apply to whatever credit card products that you might be considering.

Ask the right questions

If you are just starting to think about your finances, the question what credit card should I get? probably isn’t the best place to start – you need to think about your objectives and your personal circumstances. So instead of asking what credit card should I get? you would be better by starting with the question: “what are my financial objectives?” This will enable you to think about your strengths and weaknesses, to think about how you should structure your finances, and also to think about how much personal credit that you might be able to commit yourself to.

What credit card should I get with no credit?

If you are perhaps a student or rebuilding your credit record after a bit of a shaky financial period, or perhaps if you are not the best at budgeting, then a really popular product are the credit cards that are not really credit cards. Banks and other financial institutions can issue cards from such major companies as Mastercard or Visa but instead of working as a line of personal credit, any transaction simply debits from your own existing funds. If you don’t have the funds in your account then the transaction won’t be accepted.

What credit card should I get to start building credit?

Being able to effectively manage a credit card account is a sensible way of starting to build your credit history with financial institutions. Choose a credit card that only has a small credit limit. This will enable you to demonstrate sound credit management while minimizing the risk that you might get yourself into financial trouble.

What credit card should I get if I have bad credit?

If you have bad credit then the odds are that it was probably credit cards that got you into this situation in the first place. If you are looking to rebuild your finances and your credit rating, then you should probably start off by opting for a credit card that doesn’t utilize credit but is linked directly to your own funds. Avoid the temptation of getting into trouble again.

What credit card should I get as a college student?

It is often surprising just how eager financial institutions are to sign up college students to credit cards and all sorts of other financial services that they really don’t need. If you do think that you need a credit card as a college student, make sure that you get something with a small credit limit or something that works by debiting off your existing funds. Do not try and pay your student loan with a credit card. It is easy to see your debts spiraling out of control.

What credit card should I get to improve my credit score?

A credit card is certainly one aspect that is taken into consideration when financial institutions are assessing your credit score. If you are concerned that your credit score may not be as strong as you like, opt for a credit card with a low limit – all you need to show is that you can effectively manage personal credit and pay your bills when they are due.

What credit card should I get as my first?

If you are just starting out in your financial affairs then getting your first credit card is a big step. Make sure that it is a step that you are taking carefully, that you are not over-extending yourself. Choose a credit card that is offered by your main financial institution – keep your affairs simple and easily within your oversight. If you have lots of different financial products from different countries it is easy for your affairs to become fragmented and things forgotten. Choose a credit card that has a low credit limit. When you are just starting out you need to get used to how the payment cycle works and matches up with your income or salary payments.

The world of credit cards can seem a bit overwhelming at first. When you are asking, What credit card should I get? The answer definitely depends on your personal circumstances and your financial objectives and expectations.

How To Get A Credit Card For The First Time

Are you a fresh graduate asking yourself how to get a credit card for the first time? Before you do, make sure that you have the right qualifications for it. Ask yourself these questions.

What credit card should you apply for?
If you do not have a credit history yet, your options will be a bit limited. You can begin with store credit cards or secured credit cards. If you are still a student, you can qualify for a student credit card.

How will you pay for the balance?
This is an important question to ask. Will your parents pay for them? Or will you get a job while you are in school? If you are a new graduate, make sure that you have a job before you apply for a credit card.

How do you intend to use it?
This is a very important question to ponder on because it will keep you from abusing your credit cards. Even the best first time credit card offer can lead you to debt if you do not know how to use it.

When you have answered these questions, then you are ready to learn how to get a credit card for the first time. Here are the steps that you need to follow.

1. Find out your spending behavior.

This will help you narrow down the credit card type that you will apply for. Like if you intend to use your card to help you pay for groceries, you want to get your first time credit card application from the nearest grocery store.

2. Know the best credit card issuer in the market.

Now that you know your preferred card, you may want to check out the issuers in the market. Read credit card reviews so you know the best option for your specific spending needs. When you find the right one, you can go ahead and look at their application form.

3. Understand the important credit card terms.

In any lesson on how to get a credit card for the first time, you have to know the terms that you will be encountering. These terms include APR, finance charges, grace period, billing cycle and a whole lot more. Know what these mean so you can accomplish the next step.

4. Read and understand the fine print.

This will help you understand the rules governing the use of your credit card. It will help you know the fees, charges and other important details that will help you learn how to use your card well.

5. Learn credit management.

It is not enough that you learn how to get a credit card for the first time, you have to understand how to use it too. This is how you can use it to your advantage – like building up your credit score and staying away from debt.

Applying for a first time credit card is not really complicated but you need to do it properly so you can develop the right habits that will keep you from too much debt.

All about your Cash Advance Credit Card

What is a cash advance credit card?

A cash advance credit card is a type of credit card that allows the card holder to get cash from his account provided that there is remaining credit on the card and that credit card bills have been settled. This is truly a convenient feature that will help credit card users in case of an emergency however there are several setbacks with using credit card cash advance.

If you have wondered about cash advance credit card meaning before then you now know that this is a feature that will allow you to get cash out of your credit card however your cash advance will be subjected to cash advance fees. Most credit card companies could charge high fees which is one of the reasons why most members do not use this feature at all. And apart from high fees for cash advance, there are also processing fees which differ according to how your transaction was processed.

If you decide to use your cash advance credit card and ask for cash advance via an actual bank teller then you will need to pay processing fees along with cash advance fees. You may also secure cash advance via ATM but this is not free from any fees either. All in all, you will be paying a lot when you decide to use your credit card’s cash advance feature and this is not good for any type of user.

Are there any benefits in using cash advance?

The cash advance feature of a credit card is certainly useful for dire emergencies. There are stores that do not accept credit cards where you can purchase items that you may actually need every day like food items you find in flea markets and so on. In case of medical emergencies or important payments that you really need to make you need to use cash as well. Not all merchants also honor all kinds of credit cards and therefore, credit card users have no choice but to make a cash advance request. Sometimes, travelling with cash could pose a risk to tourists and businessmen and therefore, credit cards that offer cash advance features are more preferred than bringing actual cash.

To put it simply, cash advance through credit card is like carrying your own virtual wallet so you can pay in cash for items but there are several risks like cash advance processing fees that you need to endure.

What credit card users need to remember when using a cash advance credit card?

Credit card users should remember the following tips to efficiently use the credit card cash advance feature:

  • If you are settled with using your cash advance feature on your credit card then you should schedule your withdrawal more efficiently so you can reduce withdrawal fees and processing fees. If you plan to use a large percentage of your credit or remaining credit for cash advance then you should appropriate a schedule for your withdrawals too.
  • Plan your finances wisely so you won’t need to rely on cash advances. Remember that the high fees for this type of transaction will usually be included in your bills and you do not want to be surprised with your credit card bills the next time! Plan and take time to read about how cash advances are done and what potential fees you need to pay so you won’t be caught off guard.
  • Choose the stores or shops where you could use your credit card. MasterCard for instance has millions of shops, restaurants and online merchants that are affiliated with the credit card. Plan your trips to the market, when you eat in restaurants or when you shop online so that you will always be eating and dining in places that accept your card.
  • If a cash advance is inevitable then you should do all you can to complete payment on your card otherwise there will be higher fees to pay because of late payment fees. Do not forget that non-payment or failure in settling your payments on time could affect your credit standing. A good credit standing will open doors to better credit opportunities like car loans, personal bank loans and housing loans. Financial companies are now checking out their employee’s credit standing and therefore you have access to better employment opportunities!
  • Choose a card that also offers additional features like points for your purchases or miles when you use your card for booking trips and accommodations. These would certainly make using your card more convenient and practical since points and miles are usually convertible to cash. So this means the more you use your cash advance credit card for shopping and cash advances (credit card rules may apply), the more you will earn points that you can redeem for cash!