What Credit Card is the Best

Answering the question, what credit card is the best, is not easy. This is because the definition of best is going to change from person to person based on personal needs and spending habits. However, there is help because it is possible to categorize credit cards into general groups based on the typical needs of most people. These categories include low interest rates, balance transfers, rewards cards, and cash back cards. To find out what credit card is best, consumers should look at each category and see if it works with their individual spending habits.Get a great credit card with 0% interest at DontSpendMore.com

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Low Interest Rate Cards

Suitability Quotient: Large Purchases (appliances, home furnishings, entertainment centers, home or auto repairs)
Low interest rate cards are best for those who are planning on making large purchases but don’t have the cash on hand to pay for the item. The consumer who benefits from this is one who intends to pay off the purchase over a period of a few months and wants to pay as little interest as possible. Low interest rate cards often include 0 percent intro APR cards as well which are perfect for these types of purchases.

Balance Transfer Cards

Suitability Quotient: Those with large balances at high interest rates on other cards
These cards often offer great incentives to consumers to transfer their existing card balances from other banks to the card. This typically includes interest rate reductions or other bonuses for doing so. When asking what credit card is the best, these cards offer a great way to make a dent in credit card debt by lowering interest rates on the amount owed. This is a great benefit to consumers who need to lessen their credit card interest rates to make them easier to afford.

Rewards Credit Cards

Suitability Quotient: Those who like discounts and coupons and other rewards
These cards are great for people who spend time planning how to use coupons and discounts to their advantage to get the best prices on the items they purchase. Most of these kinds of cards even offer a large number of bonus points or rewards as soon as the card is approved, so this can be great for those planning for a specific purchase which the points can be used for.

Cash Back Cards

Suitability Quotient: Those who pay off their balance in full each month
Cash back credit cards are the best for those who spend on their cards and then pay it off immediately. With cash back cards, each bank is different, but typically the bank issues a percentage of the purchases charged to the card back to the cardholder as cash. There are different percentages on different cards as well as variable thresholds where the benefit is offered, but it typically runs between 1 and 5 percent of total purchases. This is best for those who don’t carry over balances and use their cards a lot.

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