By David
While it is not difficult to do a web search and find hundreds of credit card offers to apply for, finding one that is right for you and your situation can be a bit more challenging. There are so many factors to consider that you can get lost in all the information flying your way. To help, here is a step-by-step guide to help find you a credit card.
Click here to review multiple credit card offers in one place
Identify your situation
The type of credit card you should apply for depends on your present needs. A first year college student is going to want a different type of card than a retired investment broker or a single mother. Deciding in advance what you would like to use your card for is your first step to find you a credit card.
Card Types
Once you know what you would like to do with your card, you will want to take a look at the different card types and choose the one that is right for you. To simplify the process of finding me a credit card, the most common card types and a description of what they are best for is listed for you below.
1) Prepaid Cards – Prepaid credit cards are like a store gift card, except that they can be used anywhere that a credit card from the same company is accepted. These cards are best used for those new to credit cards and for quickly getting money into another person’s hands (from a parent to a student for instance).
2) Low-Interest Cards – A low-interest credit card is one that has an APR (annual percentage rate) of 10.4% or lower. These cards are good for balance transfers from higher interest cards, or for use as an emergency line-of-credit.
3) Rewards Cards – Rewards cards offer you additional perks for utilizing the card and carry an average APR around 15%. Many will offer things like frequent flyer miles, donations to a charity of your choice, or cash back. These cards are best for short term borrowing (30 days or less) on the things you typically buy throughout the month like groceries or gas.
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4) High-Interest Cards – High-Interest credit cards are those with an APR at 22% or higher and typically have low credit limits. These cards are designed to help those with bad or no credit repair any damage that has been done.
Match a Card Type to Your Needs
At this point all you need to do is pick the type of card that is right for your situation. Are you that first year college student we mentioned earlier? Maybe a prepaid card would be best so you can learn the system and get last minute help from your family quickly. Maybe you are that single mom. A low-interest credit card could get you out of a tight spot, or help reduce your other credit card bills. Whatever your situation, you can be sure that there is a credit card out there that is a perfect fit for you. Just decide which and apply.
Click here to review multiple credit card offers in one place
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