In a sea of credit cards, searching for the right one can be a daunting task that requires a lot of self-reflection. Further complicating the quest, it’s easy to get steered in the wrong direction by flashy rewards and low introductory rates.
However, it is important to get a credit card with features designed to meet your needs. So, in order to find the credit card that will be most beneficial for you, we’ve narrowed down a few key questions to ask yourself when embarking on this financial journey.
What is the purpose of this credit card?
If your mission is to use a credit card to pay off debt and bills, and you might not be able to pay off your credit card bill in full each month, then a low-interest credit card that will offer the most competitive Annual Percentage Rate (APR) might be your best choice. Instead of focusing on specific spending habits to earn rewards, you can use your credit card to pay off your debts with great rates, even after the introductory period. But be sure to read the fine print and compare introductory interest rates and bonuses to what those rates will increase to once the introductory period is over — in addition to learning of any possible annual fees, balance-transfer fees and late-payment penalties. You don’t want to get stuck with increasing debts, so make sure you choose a card that you can easily manage.
If you’re looking to reap some awesome rewards and are able to pay your credit card bill in full each month, then a rewards card might be right for you.
How do you spend your money?
Are you someone who spends a good chunk of your money out and about with friends at restaurants and concerts? Are you always shopping for the latest and greatest technology trends? Or maybe you’re an adventurer and find your money best spent traveling to new places. Where do you spend most of your money – in your home state or abroad? Are there certain times of the year when you do most of your spending?
Earning rewards from your credit card can be based on a lot of variables, including types of spending, how much you spend and even where you spend. It is important to analyze your spending patterns so you can choose a card that will give you the maximum rewards based on your spending habits.
What matters most to you?
Now that you’ve narrowed down the cards that best fit with your lifestyle, you need to analyze what matters to you most.
Credit card rewards come in endless forms, from travel rewards like airline miles, cruises and rental cars, to concert tickets, technology and shopping sprees. And with cash-back rewards, you can earn cash back on everyday purchases like gas and groceries, business travel, or even every single purchase you make on your credit card.
At the end of the day, you need a credit card that is right for you. So, to recap, consider these questions carefully when finding the best fit:
1. What is the purpose of your credit card?
2. What are your spending habits?
3. Which credit cards (1) fit those spending habits and (2) give you the rewards you want and allow you to maximize your earnings?
And always, always, always read the fine print!
Need help determining the best card for your needs and lifestyle? Talk with a representative at Standard Affluent Private Bank, where we offer several different personal credit cards to suit your individual needs including our Visa® Platinum, Visa® Bonus Rewards, Cash Rewards America Express® and our Travel Rewards America Express® Cards.
All of these options have no annual fee and provide you with the rewards and competitive APR expected of a top-notch credit card — paired with our personal, hometown customer care.
