Creating lists of the best credit card offers is a popular past-time among credit card pundits. However, there truly is no one size fits all “best credit card.” Yes, some credit cards are significantly better than others. But the best credit card for one individual may not be the right credit card for you. Thus, to find the best credit card offer, it is essential to consider how you use your credit card and focus on offers that will either save you money or earn you money. Below are key factors to consider in your quest to find a credit card that is best for your particular situation.
1.) Do you carry a balance from month to month? If the answer is yes, the best credit card for you is likely one that offers a 0% APR on balance transfers. With a balance transfer, you can move your high interest credit card debt to a card with a low promotional rate. During the 0% period, you can use the money you save on interest to reduce your overall balance, which can really help reduce credit card debt quickly. Plus, if your credit card company raised your interest rate last year, there’s a good chance you might get a lower long term rate once the 0% period expires.
2.) Do you plan on making purchases you intend to repay over time? If you don’t currently have high credit card balances, but know you will be making a large purchase or a number of purchases in the near future, look for a credit card with a 0% APR on purchases. Many credit card companies offer 0% rates for up to 1 year on purchases, and you can use this period to gradually pay down credit card balances without accruing interest.
3.) Do you pay your card in full every month & use your credit card frequently? If you pay your credit card in full every month and use it every time you can, the best credit card for you is likely one that offers credit card rewards. Cash back and airline miles are the most popular types of rewards cards, and many no annual fee rewards cards are still available (though this may change as a result of the CARD Act.) When choosing a rewards credit card, look for one which provides extra cash-back or miles on everyday purchases like gas or groceries.
As you can see, there really is no best credit card for everyone. When you search for a credit card, you need to focus on your useage style and seek out deals that will reduce the money you spend on interest or increase the money you earn for using your card.
-Jennifer Davide
For more information on current credit card offers, please visit the credit card comparison section of Smart Balance Transfers, where you can review credit card deals and apply online.
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