Last updated on Jan 3, 2024
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Know your goals
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Compare the costs
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Compare the benefits
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Read the fine print
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Shop around
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Here’s what else to consider
Choosing the right credit card for your needs can be a daunting task, especially when there are so many options available. How do you compare different features, fees, rewards, and interest rates? Here are some tips to help you find the best credit card for your situation.
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1 Know your goals
Before you start comparing credit cards, you need to know what you want to achieve with them. Do you want to save money on interest, earn cash back or travel rewards, build your credit score, or transfer a balance from another card? Depending on your goals, you may need to look for different types of credit cards, such as low-interest, rewards, secured, or balance transfer cards.
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First let us define what can be the different goals which a user wants to achieve.1. Getting good rewards2. Safeguard from unexpected expenses3. Building credit score by spending timely4. Need for large transactionsOnce you set the goal it is important to limit your usage. Using it excessively can impact your credit score and don't forget if you are spending 'x' and taking it to repay after due date there is a big interest rate waiting for you along with the principal.
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2 Compare the costs
One of the most important factors to consider when comparing credit cards is the cost of using them. This includes the annual fee, the interest rate, the grace period, the foreign transaction fee, and any other charges or penalties. You should also check the minimum payment requirement and the late payment fee. Some credit cards may offer low or no annual fees, but have higher interest rates or other hidden costs. You should compare the total cost of each card over a year, based on your expected spending and payment habits.
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3 Compare the benefits
Another factor to consider when comparing credit cards is the benefits they offer. These may include rewards programs, insurance coverage, fraud protection, customer service, and other perks. Rewards programs can vary widely in terms of the types of rewards, the redemption options, the earning rates, and the expiration dates. You should compare the value of the rewards to the cost of the card, and choose a program that matches your preferences and lifestyle. Insurance coverage may include travel, car rental, purchase protection, and extended warranty. You should check the terms and conditions of each policy, and see if they meet your needs. Fraud protection, customer service, and other perks may also affect your satisfaction and convenience with the card.
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- Rodrigo Monteiro Analista de Gestão de Projetos II na SENAI Soluções Digitais | PSM I
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O oferecimento de benefícios e vantagens que acompanham a utilização dos cartões de crédito já se tornou um padrão de mercado. Seja través da oferta de descontos, cashback, pontos ou milhas, todos os emissores de cartões buscam agregar valor através de serviços complementares, com o objetivo de elevar a fidelidade do cliente. Todos os benefícios e vantagens devem ser considerados no momentos da escolha do cartão, além de ser comparado com o seu eventual custo, como anuidades.
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4 Read the fine print
Before you apply for a credit card, you should always read the fine print carefully. This is where you can find important information about the card's features, fees, benefits, and limitations. You should also look for any special offers, introductory rates, or promotional periods that may affect your decision. For example, some cards may offer a low or zero interest rate for a limited time, but then charge a higher rate after that. You should also be aware of any changes or updates that may occur after you get the card, such as fee increases or reward adjustments.
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5 Shop around
Finally, you should shop around and compare different credit card options from different issuers and sources. You can use online tools, such as comparison websites, calculators, and reviews, to help you narrow down your choices and find the best deal. You can also ask for recommendations from friends, family, or experts, or visit your local bank or credit union to see what they offer. However, you should avoid applying for too many credit cards at once, as this can hurt your credit score and make it harder to get approved.
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6 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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- Vicky Walsh Principal Enablement Specialist at Oracle (6/1/2019)
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It is also a good idea to find out what type of balance transfers are offered. If the provides is open to negotiating interest rates, say if you have a medical emergency and need a lower re-payment schedule. And, find out what other perks are offered, such as credit score tracking, partnerships, and cash advance parameters.
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