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How To Choose A Credit Card

Cowboy Bob Hill
Aug 20, 2008
As you probably already know, there are many credit cards out there. The one you choose, however, should reflect your lifestyle and your ideal spending amounts. If you are looking for the best possible deal and the best company for your credit card, you'll obviously need to look around at what you have to choose from and what works best for you.

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.

Some people will get a credit card and use it for instant cash purposes. In this way, they can use their credit card at an ATM to get cash. This is a convenience when traveling or going on a long and extended vacation. If this is your reason for wanting a credit card, you should look for one that has the lowest rate possible when used for instant cash transactions.

Your planned payment method may bear on the type of card you choose. Do you plan on paying the balance in full each month, or do you plan on only paying the required amount? Be sure to look at the introductory interest rates when selecting your credit card. Also look at the balance transfer rates, and other terms which may apply to new credit cards and new credit card holders. Some credit card companies will offer you some super deals when have good credit.

Incentives are another important area to look at when choosing your credit card. Many of the currently available cards will give you incentives, such as reward points and/or cash back with purchases. You may even use the cash towards paying on your bill. Several incentives are out there, all you have to do is look around and compare credit card offers.

APR (Annual Percentage Rate) will be important to you. Once the incentive period runs out your interest rate on your purchases will increase to the APR. Since APR rates vary among credit cards you'll want to shop around and compare APRs. In the long rung the lower APR rate will save you money.

Minimum payment amounts are another concern when choosing your credit card. The average minimum payment amounts are around 3%, but some may be lower while others may be quite a bit higher. Some credit cards have interest free periods and you will want to choose the longest period so that you can keep the payments down.

After you choose your credit card and make that final decision read the contract terms so that you know exactly what you are getting. Even though they are great to have credit cards can lead to trouble if you don't choose carefully. Just put some time and research into choosing your credit card and you'll find the best one for you. If you take care of your credit card and pay the bill on time you'll raise your credit score and then be able to purchase bigger things such as a car or even a house.

You will always get the best deals on credit when you have a good credit score. You can get a FREE copy of my Credit Score Guide, see below.
About the Author
Make sure to get Bob Hill's Free Credit Score Guide; For help from financial expert Bob Hill visit financial help. http://www.financialhelpforto.com
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