How to Pick the Best Credit Card
How do I Pick the best Credit Cards and what are the best Credit Cards available in 2022? If you need to pick or select the best credit card, you certainly need tips on how to get started. Undeniably, selecting the right Credit Card out of the extensive list of Credit Cards In the market can be quite tasking. However, you can make use of our guidelines to pick the Best Credit Card by reading through this article for steps and tips on how to get started. We have carefully compiled some of the best Credit Cards you can pick from as well as tips on how to choose for the list.
In the meantime, it is important to know that, getting a credit card depends on your need. For instance, if you want to build your credit score; getting a credit card can help you, and thereby you will have a good credit score which will, in turn, increase your chance of getting loans. These loans might include; Home Loan, Car Loan, or mortgage refinance Loan. In addition, the right Credit Score can also help to manage your debt as well as cover your emergencies and more. Several benefits come with picking the right or best credit cards. To help you Pick the Best Credit Card; you can check out the next outline for tips.
4 Tips on How to Pick the Best Credit Card In 2022
In this section of the article, we will provide 4 helpful on how to pick or choose the right credit card. Picking the right Credit Card as mentioned, can be quite tasking using our tips can help you successfully Pick the right Credit Cards. Below are the tips to follow;
1 Know Your Credit Score and Credit Report
The first step to picking a credit card is by understanding your credit score and credit report. To know your credit score; you will need to check it using a free online credit score checker. These include; CreditWise, FICO, Vintage, and a lot more. According to FICO which is a popular and well known, credit Analysis Company below are the credit score range;
- 800 to 850 – Excellent
- 740 to 799 – Very Good,
- 670 to 739 – Good,
- 580 to 669 – Fair
- 300 to 579 – Bad
Once you know your credit score, you will be able to determine which credit card to apply for. Note that; you will stand a chance to apply for a Credit Card and get approved if you have an Excellent or Good Credit Score.
2 Select a Credit Card that Suits your Needs
After knowing your Credit Score, the next step to take is to search for a credit card that meets your needs. Generally, there are 3 basic types of credit cards and include; Credit Cards that improve your credit score, Credit Cards that help you earn rewards, credit cards that help to pay off a purchase without interest, and the ones that help you save funds on credit card debt. Below is a comprehensive analysis of each card.
Get a Credit Building Card to Improve your Credit Score
This type of credit card is often used by people with bad or fair credit Score and who needs to improve or build their credit score. Using this card responsibly can help you build up or rebuild your credit score thereby providing you the opportunity to apply for loans with ease. Note that; this type of card comes in secured credit cards, unsecured credit cards, student cards, and credit building cards. You can search online for companies that offer this card.
Select a Credit Card to Earn Rewards
To earn rewards from all your purchases, you can get a Credit Card that allows you to earn rewards. Generally, customers that can get this card are people with a good credit score. You can earn a lot of rewards and redeem your rewards in form of cash, travel, merchandise, and more. Also, these cards are available in two categories; some offer a flat reward rate on your spending and others offer bonus rewards in categories like groceries shopping and more.
Apply for a Low Interest Credit Card if you want to carry a balance
If you have outstanding debt and you need to carry the balance with a low-interest rate, you can apply for this card. There are two major types of cards under this category and they include; Cards offering a lower ongoing rate than the average credit card APR. Or if you need to pay off a high-interest debt rate; you can make use of this card.
3 Compare your Credit Card Options
After deciding on the type of credit card you need, you will need to start comparing your credit card options. For instance, if you have decided to apply for a Building Credit Card; search for the best Building Credit Card and compare it with others in the credit card market. You can read reviews online and also read about the benefits that come with the card. Once you have been able to compare; you are ready to move to the final stage.
4 Apply for the best Credit Card that offers you most value
The last stage to picking the right credit card is by selecting the Credit Card that offers you the most or highest value. You don’t want a credit card that does not meet your standard or requirements. So you need to apply for the best out of the list. Also, make sure to check out for interest rates and fees. For Instance, most credit cards charge you for late payment fees, balance transfer fees, foreign transfer fees, and more. Make sure to be fully aware of these fees before applying for a card.
Now that you have learned how to pick the best credit cards, and maybe you have applied for your credit card; don’t stop there. Make sure to make use of your credit card responsibly. If you haven’t gotten your credit card yet; take your time shopping for the best credit cards. We recommend you check out Wells Fargo Active Cash Card, Chase Freedom Flex, Capital One Venture X Rewards Credit Card, and The Platinum Card from American Express to get started.