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There’s no one-size-fits-all credit card. The ideal card for you is going to be one that meets your financial needs, spending habits and reward goals. Whether you prioritize cash back, travel miles, a signup bonus or saving money on fees and interest, you can start comparing credit cards and narrowing down your options.
Choosing the right credit card is often a compromise — you get one set of perks, but you give up others. To help you decide what the ideal credit card is for you, consider the following:
Read all the fine print a few times to be sure you understand everything the card offers. Read up on what all the terms mean, such as APR and grace period. Sometimes they are explained on the credit card agreement, but you can also contact the credit card provider to learn more.
The ideal card for you may not be one without an annual fee. But if you are going to be carrying over a balance for a month or two, consider a card with a lower ongoing APR.
If you often carry a balance, a low-APR card may be the way to go. But know that unless you’re getting a credit union card — which often has fewer fees and lower APR — you’ll be giving up the option to earn generous rewards on your purchases.
Cash advances can be draining on a credit card since the fees and interest rates are high. Don’t count on using your credit card to get money out of the ATM every time you need it. Have a debit card at your disposal to withdraw cash at these times. Alternatively, you could get a credit card with no cash advance fees, but you will still incur an APR from the moment you make the transaction.
There is a credit card out there for everyone, but following the suggestions above can help you determine which card is ideal for you. Pay attention to your financial needs, spending habits and what you’d like to get out of the rewards.
Just don’t get overwhelmed comparing your many credit card options. Narrow down the perks you prioritize and you’ll be on your way to finding the right card.
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