The world is so full of companies that offer the best credit cards that one can become confused and not know which one is the best. Before a consumer conducts research for the best credit cards, he or she should have a firm understanding of the various card types and how they benefit a consumer in a certain way. The following are the four main types of consumer credit cards.
Best Credit Cards for Rewards
Rewards credit cards are some of the best products for consumers of all types. These special credit cards offer the cardholder a multitude of benefits. Three main types of rewards cards exist: cash back rewards cards, points rewards cards and travel rewards cards. When trying to find the best credit cards for rewards, the consumer should take the time to think about what he or she would appreciate the most.
A person who likes the idea of earning cash for every purchase will find the best credit cards in a cash back rewards product. Someone who travels frequently may insist that the best credit cards are ones that offer rewards miles for flights. A person who likes to buy electronics and other prizes will swear that the best credit cards are the ones that issue points for future online purchases. Hundreds of rewards cards are available for the debtor’s comparison.
Best Credit Cards for Balance Transfers
Balance transfer credit cards are cards that allow the debtor to carry over balances from other lenders and combine them into the new card’s balance. Some people who have multiple accounts with high interest rates will feel that these are the best credit cards. Balance transfer cards often have zero interest introductory periods. The consumer can take advantage of this introductory period to pay down the balance of the merged account. The best credit cards for balance transfers will offer low or no introductory annual percentage rate for an extended period.
Best Credit Cards for Poor or no Credit
Whether a person is newly established in the credit world or has a negative payment history, a card is available that can help. Poor credit products and no credit products have lower qualifying criteria. These cards may have a higher annual interest rate than traditional cards. However, the companies that offer these products give consumers a chance when other companies will not.
Generally, the initial credit line for these types of credit cards is not high. The idea is to give the debtor a chance to establish or reestablish himself or herself, without causing the lender much harm if the person defaults. The more timely payments the cardholder makes, the higher his or her credit limit will be.
The Best Credit Cards with no Annual Fee
Many of the best credit cards that have no annual fee also have other appealing features. The consumer should always pay attention to whether the card attaches an annual fee, because such a charge will diminish the value of the total credit line.
The key to finding the best credit cards is to make a list of every desired feature and then use a comparison tool to find the perfect one. Ideally, the selected card will have no annual fee, a low interest rate and a high credit line.
It’s Simple. Read. Apply Today! Click Here! Live Happy!
Comments and Facebook Likes Appreciated! Share Them With Us!