It seems like everyone has a credit card to offer, from the nearby retail center to big corporations. Each card has unique features and perks for its users. When you’re working on your finances, it makes sense to have one or two cards at your disposal. Take a look at which features should be part of your credit card to make it worth the application effort.
Average Interest Rate
When it comes to your finances, you want a credit card with a low interest rate. Current rates are normally in the 20-percent range. They can be much lower if you have impeccable credit. As you research credit cards, compare the rates very closely. They will vary among the different creditors. Keep an eye on your credit score too. It will ultimately dictate your rate for many years to come.
Credit Limit
A reasonable credit limit should be a top priority for every consumer. It will depend on your financial situation, however. Your paycheck’s amount will equate to the credit limit. Ideally, you want a high limit with a low balance. The available credit makes you look good to the credit bureaus. Every card will offer a slightly different limit based on their analysis of your application.
Customer Service and Card Protections
You need a card that works for you, including the team behind the credit. A stellar, customer-service group is critical for your personal management and finance success. You should have access to them with email, phone calls and texts.
Seek out cards that have protections set into them. If a credit charge of more than $100 shows up on the account, an automatic alert should be sent to your phone. These service benefits will only protect your credit at the end of the day.
Applicable Fees
When it comes to personal management, knowing what you’ll be charged in fees is critical to a solid budget. These fees might include a yearly charge, late or penalty fees. Look for creditors that waive many of these late and penalty fees. They’re trying to compete with their competitors.
A yearly fee is typical of cards that offer serious rewards, such as flight miles. Consider your use of the card in comparison to the fee amount. It might pay off if you gain more rewards than the fee itself.
Rewards
With so many credit cards available today, creditors are trying to stand out with rewards options. Read about these rewards because the best card depends on your needs. Some people enjoy cashback, travel upgrades or meal perks. Other cards carry fueling benefits at the gas pump. Compare your needs to the available cards. These rewards can be extremely generous when you’re loyal to one card.
Your credit card will send you periodic updates on interest rates and account changes. Pay attention to these mailers because they hold important information. These changes occur to your account regardless of your opinion on them. You can always try another card if you’re not pleased with one creditor. As a consumer, you have many options to improve your quality of life.