5 Rules to Get the Best Credit Card

by : Matthew Mitchell



With all the credit card offers out there, how do you know you are getting the best one? It would be foolish to marry the first person you date or buy the first home you see with a for sale sign. As strange as that sounds many people apply for credit card offers they get in the mail without comparing it with others. If you are like me, you like to know you got the best deal and are willing to do some homework to get it. This article will outline the major points of comparison so you get the best credit card offer available.
Rule One: Use the power of the Internet to compare offers.
Using the Internet to compare offers levels the playing field. An offer that looked good in the mail might be terrible compared to the cards online. Not only will you save time but, you will almost always come out on top.
Rule Two: APR is king
Lower APRs (annual percentage rate) are best. Higher interest rates mean you will be charged more for the debt on your card. Sometimes credit card offers have introductory periods with no interest. Offers with zero interest range from 6 to 18 month and apply to purchases, balance transfers, or both. There are cards that have zero percent interest rates that still have reward points too. These cards are rare but anytime you can have a credit card pay you to borrow money interest free, do it!
Rule Three: Watch out for Annual Fees
Annual fees are becoming a thing of the past. With all the competition between cards you should never have to pay an annual fee. If a card has an annual fee, send the offer to the shredder.
The only exception to this rule is if you need to repair your credit. Sometimes paying a fee to get started on rebuilding credit is worth it.
Rule Four: Variable or fixed rate? Go with fixed if you can.
Fixed interest rates are a better option if you plan on carrying a large balance on your card. If you don't plan to use the card that much variable or fixed interest rates don't matter as much.
Rule Five: Choose the rewards that match your purchasing behavior.
Make sure the rewards you receive match your spending habits. Some cards offer up to 5% cash back rewards for certain kinds of purchases. Some offer rewards for gas station purchases and others offer rewards for using a certain airline. Make sure to seek out those cards that will reward you for purchases you are already making.
By following these five rules finding the best credit cards will be much easier.