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Choosing the Right Credit Card for Your Needs

Aug 17, 2007
There are many great reasons to use credit cards. Making purchases online or over the phone, reserving hotels and rental cars, consolidating payments, etc. But how do you know which one is right for you? Read below to find out some basics on obtaining and managing a credit card.

When choosing the right one, there are many factors to look into depending on your needs. You can find cards that offer cash rebates, low interest rates or rewards. Others may offer low or zero percent interest on balance transfers. With so many different cards and offers to choose from, it is best to shop around to see what credit card is right for you.

Depending on your needs, each credit card will have different advantages and disadvantages. It is important to take a close look at them and how they can make the most of your financial needs. If you are looking into your first credit card this is especially important to make sure you are getting the right card to start you out and help you build good credit. Many people who already have credit cards are starting to pay more attention to credit card offers and the wide variety of benefits available to them. Either way, it is important to do your research and be aware of the fine print. The right credit card can give you security and convenience; but the one that is mismanaged can hurt your credit and your bank account.

Many credit cards have great benefits, but they can also distract from what you actually need. A good idea is to make a list of what your financial needs are for those cards. This way, when you come across the many offers available, you are less likely to be swayed by a credit card that really is not right for you.

Keep in mind that obtaining a credit card is dependant on many factors, such as your credit score. You may not qualify for just any credit card. For example, a low annual percentage rate is a great deal if you want to use your card for long-term purchases, but you may not qualify for this type of card if you have little, no, or poor credit. There are options for people with poor credit histories, such as a secured credit card. Find out what your credit rating is before you start shopping around.

Do not forget to read the fine print - here are a few more important factors to look at:

- Find out how widely accepted your credit card is
- Look to see what the interest is and if it is fixed or variable
- Find out what the annual percentage rate is, if any
- Investigate any potential restrictions or limitations

Once you have determined the type of card that best suits your needs and your financial situation, you can start comparing different offers. The Internet is a great tool to help compare many different offers online quickly and easily. Do not fall into the credit card trap. Be an informed, prepared consumer and find the card that works best for you and manage it well.
About the Author
Leo Chu writes consumer information articles for www.creditcardflyers.com. For more information on credit card offers and to apply for credit cards online, please visit http://www.creditcardflyers.com
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