How to Find the right Credit Card for you

Knowing how to find the right credit card for you is absolutely imperative for two reasons. It will allow you to maximise any rewards available on the card and it will allow you to minimise the amount of interest or charges you are likely to pay on the card. These factors will be determined by the way in which you intend using the card, so it is important that you establish this quite clearly in the first instance, prior to looking around to find the right credit card for you.

If you are looking to apply for your first credit card, you will naturally be most likely to have the biggest selection of available options. What you therefore have to consider in this instance is whether you intend using the card merely for convenience and paying the bill off each month as it is received, or whether you are intending using the card almost as a miniature form of personal loan and intend to build up a balance on it, at least in the short to medium term.

If you intend using the card only for making purchases and clearing the bill off every month, the best credit card to look for is one which operates a reward system. These rewards can include everything from air miles to supermarket vouchers and the value of them is determined by the amount of money you spend on the card on an ongoing basis. The interest rate on the card is not something which you have to overly concern yourself with as you will be clearing the balance before interest payments fall due.

If you intend to use the credit card as a form of unsecured credit, the interest rates and any other charges which may apply are of course of paramount importance. Try to find a card which offers an interest free fixed period on purchases. These periods generally range from six to eighteen months and can represent a substantial saving in the long term if a sizeable balance is likely to be accrued.

If you already have a credit card with an outstanding balance and therefore are looking to find a credit card which charges a lower rate of interest, try searching in the first instance for one which offers a similar interest free period on balance transfers. It may even be possible to find one which offers the interest free period on purchases as well. Transferring to such a card is likely to allow you to reduce your debt capital at a much higher rate as it will not be accruing what may be substantial levels of interest on a monthly basis.

There are a great many credit card comparison sites available online. Google for same within your country, have a look at what is available and decide on the right credit card for you by taking in to account the factors described above.