How To Choose a Credit Card: It’s Not As Complicated as You Might Think
Frequently Asked Questions
How Do I Choose the Right Credit Card for Me?
To choose the right credit card for you, determine what features and perks you want the most. Are you simply looking to build credit, or are you focused on earning high-level rewards? If rewards are your focus, what types of purchases do you want to earn rewards on? Are you interested in additional card benefits, like statement credit opportunities or complimentary lounge access. Once you know what you want, narrow your list to the cards you qualify for and then compare their rates, fees and card benefits.
Which Credit Card Type Is Best?
The best credit card type is going to be different depending on the person, their financial situation and preferred perks. If you have a low credit score, a secured card may be your only option. And if you need to pay off credit card debt, a balance transfer card is going to be your best bet. Determine which card type will offer you the most value and go from there.
Is It Better To Have One or Three Credit Cards?
Assuming you are able to maintain a low balance on each card, it’s often better to have a few credit cards. However, pay attention to your score. Opening too many credit cards within a short amount of time suggests you are having financial difficulty. To avoid this, wait around six months between credit card applications.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.