How to choose the right credit card

The process of choosing of your first credit card can be pretty exciting since that is the moment when you start studying all the offers promising you tempting rewards and sign-up bonuses. However, a future cardholder should be aware of the fact that not every credit card with a bunch of benefits will be right for him/her and it all depends on the financial statements.

The process of building credit

If your plans include the building of a credit then it is worth taking a look at the student cards we offer, or you can draw your attention to cards for fair or limited credit. We highly recommend Quicksilver credit card of Capital One, since this credit card is exceptionally suitable for building credit. In case you do not find this exact credit card appealing or you wish to explore other options, then you can try other credit cards for fair credit.

What features should be present:

  • - Low annual fee or its absence
  • - A good rewards rate given for regular purchases
  • - Rational APR
  • - An opportunity to increase your credit limit once your credit score improves

How to rebuild credit

If your past credit history is not so pleasant, a properly used credit card may come in handy when trying to improve your credit records quickly. The best option for you to choose is taking a secured credit card to rebuild credit. After obtaining a secured card, you will need to put down a deposit, and it will serve you as a credit limit. Do not expect that your credit history will improve right away, but secured cards usually have low fees and penalties as compared to unsecured credit cards.

What features should be present:

  • - Low fees and penalties
  • - Secured cards with deposit options
  • - A chance to switch over to an unsecured card
  • - A prospect of increasing your credit limit eventually

Receiving big cash back and rewards

Rewards for using a credit card have been introduced not just for your benefit, but also for the good of credit card companies since this way you use your credit card more often. All the rewards provided by different credit cards can be divided into three main categories. The first one is cash back, then goes point rewards, and finally travel cards with no annual fee. As you see, depending on how you prefer to redeem rewards you can choose the most suitable reward option for your taste.

What features should be present:

  • - The rate of rewards
  • - A definite structure of rewards (e.g. flat rate cash back, rotating category cash back, tiered rewards points, etc.)
  • - Bonuses that are given for a sign-up
  • - Annual fee

When you can make a large purchase

Carrying a balance on most credit cards can be risky, and we usually don’t recommend it; nevertheless, there is an exception in case of making large purchases (if you were considered qualified for a 0% interest credit card). Usually, these cards provide up to 21 months of interest-free introductory periods. If you are able to make a large purchase and you can pay it off instantly, then we would like to pay your attention to a reward card with a huge sign-up bonus.

What features should be present:

  • - Introductory 0% interest offer term length
  • - Bonuses for signing up
  • - Rewards rate
  • - Annual fee
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