Credit cards, when used responsibly, can be a valuable (and indispensible) financial tool.
There are many types of credit cards to choose from. How do you choose which credit card is best for you?
Asking yourself the following questions may help narrow your choices.
Q. Are you the type of person that will pay off your credit card balance every month?
A. If you answered No, then you should consider credit cards that offer a low interest rate. Depending on your credit,
the interest rate on a credit card can be rather expensive. The interest expense on outstanding credit card balances
can easily outweigh any incentives that the credit card issuer can be offering for frequent use.
Q. Are you trying to re-establish your credit?
A. If you answered Yes, then you may want to consider getting a debit-style credit card. With these types of credit cards,
your purchases are deducted from a checking account that you establish with the financial institution.
Q. Would you use the credit card frequently for purchases?
A. If you answered Yes, you should focus on credit cards that offer rebates / incentives. The incentives on these types of credit
cards can be cash-back, airline miles or other various forms of rewards.Click here to learn about reward cards
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