Tips To Help You Compare Credit Cards

July 31, 2011 by  Filed under: Credit 

If you are looking to get your first credit card, or are just looking for a new card, you may be a little confused by the options that are available. There are many different kinds of cards available, all with different features that should be looked at to find the right card for you. Here are some helpful tips you can use to make comparing cards easier:

The first thing you should do when comparing cards, is determine whether a debit card might suit your needs better. A debit card is quite different to a typical credit card, as any purchases you make on the card will be paid for out of your own money, rather than using credit. If you are someone who always has a bit of money saved away you may not need to use credit at all, a better option for you would be to get a debit card, put some of your savings onto it, and use that for any purchases that require a card. However, if you are someone who typically does not have any money left over at the end of the week or month, then you may require a credit card so that you can buy things when you need them and pay for them when you have the money available.

If you have decided that you will need to use credit to make your purchases then you need to then start looking at the features of all the cards available to find the one suitable for you. The main things to look for when comparing cards are the interest rates, annual fees, credit limits and rewards. You need to do some research and identify what interest rates you can reasonable expect, and what annual fees and credit limits are attached to each card. Think about a target credit limit that you want to have with your card, and look for cards that offer that limit combined with an interest rate and annual fee that you find acceptable.

Different cards also offer different types of rewards. Before you start to compare cards you should think about what type of rewards you are looking for, such as air miles, cash back or discounts.

There are so many different cards available, all with different interest rates, fees, credit limits and rewards. So do your research, think about what you are looking for in a card and you will be able to find the one that suits you perfectly.

For more advice on effectively comparing credit cards check out our site. We also recommend that you read some of our helpful information on the differences of credit card vs debit card to help you find the right card.

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