Credit cards are fast replacing cash as currency, as they offer convenience on purchases. Large amounts of cash can make you susceptible to robbery. An ATM card, on the other hand, may be useless if there is no ATM close by. Credit cards can allow you to make emergency purchases, buy the things that you want, and pay the debt later.
What is the best credit card for you? Before you scout for a credit card to meet your needs and wants, take note of the following characteristics of the best credit card.
1.The best credit card for you will have a credit limit equal to about four times the amount you can afford to pay per month. To determine this, you will need to look at your spending habits, as well as your bank account. Despite the fact that a lower credit limit will impair your freedom to spend, it can also discipline you into better spending habits.
2.The best credit card for you will have cash back guarantee incentives. A cash back incentive simply means that you will be getting about one percent back off your purchases of certain goods or services. Such cash back incentives can be useful when you purchase expensive items such as luxury goods or gas, or if you pay the electricity bill.
3.The best credit card for you will offer rewards incentives. For every specified amount of purchase, you can be awarded points. These points can be accumulated and, at certain amounts, can entitle you to gifts. Such gifts may include certificates for discounts at credit card partner establishments, appliances, or even trips abroad.
4.The best credit card for you will translate your rewards points to airline frequent flyer miles. This can be advantageous if you travel and spend a lot the more airline miles you accumulate, the more chances you have of availing of free trips.
5.The best credit card for you will impose reasonable interest rates on unpaid credit card debts. This can be important if you need to spend a lot, but earn a moderate to a low salary.
6.The best credit card for you will have a longer grace period for you to settle your payment.
7.The best credit card for you will have no annual fees on the first year of use and, if you must pay annual fees for the years thereafter, these annual fees will be much lower. In fact, some credit card companies waive the annual fee for clients who are in good credit standing.
8.The best credit card for you will have incentives the moment you get your hands on the credit card. Some credit cards can offer gifts by virtue of their being used for the first time. Such gifts may include gift certificates, discounts at restaurants, or even a free pair of shoes!
9.The best credit card for you will have twenty four hour customer service support, and will have a secure server that will ensure that your identity and credit card information are not stolen. This is important nowadays, where credit card theft runs rampant, online or offline.
10.The best credit card for you will be one that you can use in as many establishments as possible, and in as many countries as possible. The wider the reach of your credit card, the easier it will be to use, and the easier it will be for you to buy the goods and services that you like.
In short, the best credit card is one that meets your needs and wants even before you recognize what they are. When you finally get your credit card, use it wisely, and you will certainly enjoy its advantages.