By David
Getting approved for a credit card is not a particularly difficult task, but with so many different types, finding the right credit card for you can be a daunting task. How does one even begin to decide between all the perks and features offered from the various companies and their respective cards? Below are a few simple steps that will help you through this process:
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Determine your needs
Many of the credit card varieties you will find available on the market today are custom tailored to fit the specific needs of individual consumers like yourself. Determining what you need from your card and what ways you intend to use your credit card can help you answer the question how to find the right credit card for me? Perhaps you spend a lot of money each month on general things, like gas, groceries, or eating out. In that case, you’d want to go with a rewards card, to get a little bit of a bonus on that spending.
Maybe you would just like to have your credit card in your wallet in case of emergencies, then a low-interest credit card with the highest credit limit you can get would be right for you. Still, maybe you just want to use you card for online shopping. If so, you may wish to consider opting for a pre-paid card for its security features and limited loss potential.
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Types of credit cards
Though we have already looked at a few of the types of credit cards, let us take a look at the different features associated with each and find the right credit card for you.
1) Prepaid Cards – A prepaid card is great for online shopping as it includes all the security features of a normal credit card and can be loaded with only enough money to make your purchases, so that should it be stolen, you would lose very little of your money. These cards are easy to replace if lost or stolen and are a good method for introducing children to the credit card system.
2) Low-Interest Cards – best used for balance transfers from higher interest cards or for use as an in-case-of emergencies fall back, the low-interest rate means lower costs for you when you have to put large purchases on your card that you cannot pay off right away.
3) Rewards Cards – Though they have a higher interest rate than a low-interest card would, they offer additional perks for using your card such as frequent flyer miles or cash back. These cards are great for making your general purchases throughout the month as long as you pay them off in full before the month is over. This allows you to reap the rewards, without any extra costs.
Match a card to your needs
Now that you have identified what you would like from your card and are more familiar with the different card types just match their features to your needs and apply.
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