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Choosing Your Credit Card Well Could Change Your Life

Nick Makaryk
Jun 5, 2008
Most people know that there are a lot of different credit cards available. However, they may not know that their choice of a credit card can make a big difference in their lives. To get the right card for you, you'll need to get one that reflects not only your ideal spending limit, but your lifestyle, too. To find the best credit card company, as well as the best deal you can, you'll have to do some research.

The first thing you'll need to decide when choosing your credit card, is why you need one in the first place. Some people choose to get a credit card for cash flow purposes. With a credit card, you can make purchases and buy things, leaving your paycheck or other source of income in your bank account to draw interest. This way, your money will continue to grow while you continue to buy the things you need. Then at the end of the month, simply pay your bill.

Instant cash purposes is another popular reason people get credit cards. They are then able to use the credit card at any ATM to obtain cash. Credit cards used for these purposes are great for an extended vacation or when traveling in general. If this is your sole purpose for obtaining a credit card, make sure that you find one with the lowest instant cash transaction rate.

Of course, with any credit card you should pay attention to monthly payments. You'll either have to make the minimum payment, or pay off the balance every month. When you choose a card, check out the balance transfer rates, as well as any introductory rates that apply, and incentives that might work for new card holders. People with good credit can actually get some really amazing deals.

Incentives are something else to pay attention to. Many cards have incentive programs like cash back on some purchases or reward point programs. All you have to do is look for a credit card incentive program that appeals to your needs.

The key area you'll need to look at and compare is the APR (Annual Percentage Rate). The APR is what you will pay on what you purchase when the incentive period runs out. APR rates will vary among credit cards, so it is always in your best interest to compare and shop around. The lower APR rate you get, the better off you'll be.

Another concern with choosing your credit card is the minimum payment amount. Most minimum payment balances will start around 3%, although some can be lower while others tend to be quite a bit higher. The interest free period is a concern as well, as you will obviously want to choose the longest period that you can keep the payments down.

After you have done the research and know exactly what you are getting into, you can then choose a credit card with ease. Credit cards can be a great thing to have. However, they can cause financial troubles if not used properly. If you do your homework, you will quickly be able to find the credit card that is right for you. As long at you pay your monthly bill on time and take care of your card, you will increase your credit rating, allowing you to eventually make larger purchases, like a house or a car.
About the Author
Nick Makaryk is an Internet Editor, Copywriter, and Owner of Best Credit Cards A Free consumer credit card comparison site helps you find the Best Credit Card while avoiding high interest rates, charges, and fees.
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