Let's face it, it's difficult for people to get by these days without a credit card in their wallet or purse. This leads thousands of new Americans looking for new credit card accounts. However, on their search, they find so many offers that they just want to know, what is the best credit card account? Sadly, there is no one size fits all answer to this type of question. This is because each individual consumer has their own individual needs. However, there are a few tips I can give to help people choose which card is best for them themselves.
The first thing that consumers should do before applying for a new credit card account is take a good difficult look at their credit report. A credit report is a report that follows Americans wherever they go and help banks gauge the risk of loaning cash to Americans. This is a extremely important step because each different credit card is designed for consumers of a certain risk level. The higher the risk to the bank, the lower rewards and higher fees associated with the credit card.
Once Americans know their credit rating and if it is bad, fair, good or excellent, it's time to start looking at the different types of credit card accounts for that specific credit rating. With bad or no credit, Americans will generally need to go with a secured credit card. Secured credit card accounts work just like unsecured credit cards. The difference between the two is that a consumer will have to place a security deposit with the bank before using a secured credit card. This security deposit will alleviate any risk to the banks to loaning Americans with bad credit money through a credit card.
Consumers with fair credit have a bit more options. Fair credit credit card accounts are the first level of unsecured credit card accounts. These accounts tend to have higher annual percentage rates however, people will not need to place a security deposit with the bank before using these cards. In some cases fair credit credit card accounts will even come with rewards programs. However, when it comes to fair credit credit card accounts, rewards programs are usually outweighed by the higher annual percentage rates that Americans pay on fair credit rewards credit card accounts so this should not be the basis of deciding to choose a specific credit card account.
Consumers with good credit have even more options when it comes to looking for a new credit card. Good credit credit card accounts tend to have lower APRs, lower annual fees and more rewards and abilities. Once people get to the point where they have good credit, lower annual percentage rates and annual fees should be the basis of the decision for choosing a credit card. However, the rewards programs on good credit credit cards tend to be of better quality than those programs with fair credit credit cards and much less expensive in the long run. Therefore, rewards should play a small part in choosing a good credit credit card account!
Finally, people with excellent credit have all of the options in the world when it comes to looking for a new credit card account. This is because people with excellent credit pose a very low risk to banks. This means that Americans with excellent credit will be able to enjoy the lowest interest rates and best rewards. When it comes to excellent credit credit cards, the APRs generally are about the same. The main basis for deciding which credit card will be best when people have excellent credit should revolve around the rewards and benefits of having the credit card.
I hope this helps in your search for a new credit card account!
The first thing that consumers should do before applying for a new credit card account is take a good difficult look at their credit report. A credit report is a report that follows Americans wherever they go and help banks gauge the risk of loaning cash to Americans. This is a extremely important step because each different credit card is designed for consumers of a certain risk level. The higher the risk to the bank, the lower rewards and higher fees associated with the credit card.
Once Americans know their credit rating and if it is bad, fair, good or excellent, it's time to start looking at the different types of credit card accounts for that specific credit rating. With bad or no credit, Americans will generally need to go with a secured credit card. Secured credit card accounts work just like unsecured credit cards. The difference between the two is that a consumer will have to place a security deposit with the bank before using a secured credit card. This security deposit will alleviate any risk to the banks to loaning Americans with bad credit money through a credit card.
Consumers with fair credit have a bit more options. Fair credit credit card accounts are the first level of unsecured credit card accounts. These accounts tend to have higher annual percentage rates however, people will not need to place a security deposit with the bank before using these cards. In some cases fair credit credit card accounts will even come with rewards programs. However, when it comes to fair credit credit card accounts, rewards programs are usually outweighed by the higher annual percentage rates that Americans pay on fair credit rewards credit card accounts so this should not be the basis of deciding to choose a specific credit card account.
Consumers with good credit have even more options when it comes to looking for a new credit card. Good credit credit card accounts tend to have lower APRs, lower annual fees and more rewards and abilities. Once people get to the point where they have good credit, lower annual percentage rates and annual fees should be the basis of the decision for choosing a credit card. However, the rewards programs on good credit credit cards tend to be of better quality than those programs with fair credit credit cards and much less expensive in the long run. Therefore, rewards should play a small part in choosing a good credit credit card account!
Finally, people with excellent credit have all of the options in the world when it comes to looking for a new credit card account. This is because people with excellent credit pose a very low risk to banks. This means that Americans with excellent credit will be able to enjoy the lowest interest rates and best rewards. When it comes to excellent credit credit cards, the APRs generally are about the same. The main basis for deciding which credit card will be best when people have excellent credit should revolve around the rewards and benefits of having the credit card.
I hope this helps in your search for a new credit card account!
{ 0 comments... read them below or add one }
Post a Comment