Find The Best Credit Cards For You
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The world of credit cards can be a tough one. A lot of people find themselves “under” with payments, after obtaining several credit cards. However, when used wisely, credit cards are a great instrument to build your reputation and credit.
We’ll go over some of the pitfalls to avoid and some tips to get the most out of credit cards, regardless of your current credit score.
It goes without saying that if your credit score is less than stellar, your chances of getting approved for some premium credit cards will be slim. However, there are credit cards created specifically for “less than perfect” credit score. These cards can help you build your credit.
Also, credit cards come in different “flavors”, meaning there are cards that are best for Bad Credit, Cash Back, others for Balance Transfers, others for Rewards, Low Interest, Travel, and even credit cards for Students.
In our blog, we’ll go over all these credit card types and point out the pros and cons of each.
Debit cards are appealing because they don’t involve borrowing money and won’t rack up debt — but they also don’t help you establish a credit history. Building credit is one of the key benefits of using a credit card. Others include:
Sign-up bonuses. The bonus could help you start an emergency fund (in the case of a cash back card) or take a trip.
Ongoing rewards: Rewards give you back some of the money you spend.
Building credit: Establishing a good payment history can help you borrow money in the future at lower rates.
A 0% introductory APR period: This lets you avoid interest on purchases or balance transfers during a promotional period.
Flexibility: Though it’s best to always pay your balance in full each month, a credit card allows you to pay for things over time, which helps when you have a major purchase to make or a financial emergency.
One thing to keep in mind, and you’ll find this mentioned over and over in this blog, is this: it is good to have multiple credit cards. However, be sure you never spend more than 30% of the overall credit line, and, very important, make sure you make timely payments.
If in the past you missed a few payments, don’t stress over it. Past is past. Start making timely payments from today. Time flies, and you will see your credit score improving in just a few months if you follow these instructions.