Finding The Best Credit Card Deals
You would think there would be a simple answer to this question. Surprisingly, what is the best credit card for one person may not be for another. We all have different needs when it comes to our spending and budgeting. Let’s take a look at the criteria so you can decide what you should be looking for.
Cashback: This is extremely important to many. In fact, this is the only reason some people use credit cards. If you’re one of these people (and don’t carry a balance) then the best credit card deals for you would be those which offer the highest cash back in the categories you spend the most money. Some even have several different cards – one for each type of spending. For most us, however, we don’t want more than a couple cards in our wallet. If that is the case, then try and choose one that gives you a high rebate on general spending, or what they call “all other purchases.” Nowadays 1% is standard; you can do better than that. Some cards offer anywhere from 1.25% to 2% cash back on all your spending – these are probably your best bet.
APR: For many, the interest rate they pay is an extremely important factor. For others, it doesn’t matter because they never carry a balance. If you occasionally or frequently carry a balance, then this is a number you definitely need to pay close attention to. Keep in mind that some cards have different rates for purchases, balances, and cash advances – so decide which apply to you and then compare and contrast cards to see who has the lowest rates for the categories applicable to you. It’s important to note that as a general rule of thumb, cards with rewards have higher interest rates than cards without. After all, you can’t have your cake and eat it too! So if your APR is top priority, don’t worry about finding the best rewards. It’s better to pay a lower APR and get no cash back, then pay higher interest just to get 1% or 2% back.
Promo Offers: Sometimes, banks will up the ante with a promotional credit card deals just for signing up. This may be in the form of bonus points, a lower APR, or a combination of both. A signup incentive in itself should never be the deciding factor in which card you choose, but if it just so happens that the best credit card for you is also offering a promotion, then it’s all that much better!
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