Best Credit Card

There is no perfect credit card for everyone. A person should select the best credit card according to his or her needs. Interest rate, reward programs, annual fees, and member benefits should considered. For a person who pays the total balance monthly on time, a low interest rate card might not be as good as one with no annual fees or good benefits. Reducing the fee is the goal. For the person who is late and carries a balance, a low interest card might be the best credit card.

Look closely at rewards and cashback programs. Some cards have rewards such as frequent flyer programs for using the card for purchases. Cashback cards give cash back or credit toward future purchases. Membership benefits can be travel insurance, baggage protection, and extra warranty protection. See if the card has a grace period without finance charges. The best credit card will fit the person's lifestyle.

In searching for the best credit card, remember the program's terms, and your credit rating. Research the terms Annual Percentage Rate(APR), grace period, and certain kinds of fees such as cash advance fees, late payment fees, and over-the-limit fees. Find out how good your credit rating is. Your credit card acceptance will depend on that. They check the FICO credit score, but you can check it too. These are the score ranges: Above 730 is excellent credit; 700-729 is good credit; 670-699 is borderline credit which will warrant a closer inspection; 585-669 is bad credit and a higher risk; and below 585 is limited credit availability.

These are recommendations for the best credit card for a certain credit rating. If you have good credit, you should get low interest credit cards, low introductory rate credit cards, and reward credit cards. If you have borderline credit, you should get unsecured credit cards and secured cards. If you have bad credit, you should get secured cards, prepaid cards, gas cards, and retail cards. If you have no credit, get secured cards, prepaid cards, gas cards, and retail cards.