10 Simple Tips For Finding The Right Credit Card For You
If you're considering what credit card to use then you should really take the time to find the right card for you
. Not every credit card will be worth signing up to. Depending on your lifestyle, one card may be better than another. Here are 10 quick tips to help you find the perfect card for you.
1. Chose a credit card that matches your spending habits. If you are a careful spender and plan to clear the balance of your card each month then you should consider a credit card that has cashback or loyalty points. By the same token, if you know that you will have difficulty in paying off the balance of your card then you should go for a card with low interest rates or a 0% credit card.
2. How often do you travel abroad? If you're a regular traveller then you will want to make sure that your credit card firm doesn't apply overseas charging when you are abroad. If you are a business traveller or like taking regular short breaks then you need to make sure you're not paying over the odds.
3. Avoid using store cards. The interest rate on these cards is very high. You will easily get a better deal by taking up regular credit card offers.
4. Try to pay off at least the minimum repayment off your card. If you don't you'll incur late payment charges which will hurt your pocket.
5. Whenever possible, try to pay off more than the minimum balance. If you only pay off the minimum each month it could be years before you ever pay off your debts.
6. If you decide to go with a 0% credit card then make sure you make a note in your diary of when your current deal will expire. Either repay your debt or shift the balance onto a new 0% card. If you don't you will find yourself paying interest.
7. If you cannot repay your debt or you don't have time to switch cards, then you should chose a credit card that has a lower rate for the life of the balance.
8. If you decide to transfer your existing debt onto a new card then make sure you don't spend any money on that card. Prioritise the debts you owe and work off paying the higher interest rates before spending any more money.
9. Ensure that you are protected against fraud. These days it is easier than ever to have your credit card details stolen. Check your statements with care. You could use a credit referencing company. If you ever suspect your card has been used illegally, then contact your credit card company immediately.
10. Try to keep a eye on your credit card spending. If you have to put regular expenses such as food and utilities on your credit card then it might be time to review your financial situation and make some cut backs.