![]() ![]() Let’s say you carry a balance of $10,000. If you don’t pay off your balance every month, switching to a low-interest card could save you thousands. If you carry a balance, switch to a low-rate credit card When it comes to choosing a credit card that is best for you, the most important issue to consider is why you need one. Those with high card balances often take out low-interest credit cards to reduce the interest they pay. With the growing popularity of cash-back and rewards cards, more and more people are using their credit cards to save money, get a wide range of free items or travel more often. Without a good credit score, getting any loan can be difficult or mean a high interest rate. Getting a new credit card or a first credit card are effective ways to establish a credit history or rebuild a bruised credit score. Why would you consider getting a new credit card? On this page is accurate as of the posting date however, some of our partner offers may have expired.It’s stunning to think that there are over 38 million active credit card accounts in Canada.īut why are credit cards so popular? And should you consider getting one? Most importantly, how do you go about choosing a credit card that is best for you? NewsĪnd have not been previously reviewed, approved or endorsed by any otherĮntities, such as banks, credit card issuers or travel companies. Chase Sapphire Preferred® CardĬomparative assessments and other editorial opinions are those of U.S. The Platinum Card® from American Express vs.Capital One QuicksilverOne Cash Rewards Credit Card Capital One Quicksilver Cash Rewards Credit Card vs.Capital One Quicksilver Cash Rewards Credit Card Capital One Venture Rewards Credit Card vs.Blue Cash Preferred Card from American Express Blue Cash Everyday Card from American Express vs.Capital One Spark Cash for Business vs.Capital One QuicksilverOne Cash Rewards Credit Card vs.Capital One VentureOne Rewards Credit Card vs.The Business Platinum Card from American Express vs.The Platinum Card from American Express: Which is Best? Blue Cash Preferred Card from American Express: Which is Best? Gold Delta SkyMiles Credit Card from American Express vs.Chase Sapphire Preferred Card: Which Is Best? ![]() Blue Cash Preferred Card from American Express vs.Does the card offer perks? Some cards offer travel insurance, price protection, travel rebates and even a free night at certain hotels.Do you understand how the fees work? Make sure you look at the card's foreign transaction fee, balance transfer fee, cash advance fee and penalty fees.Does its rewards redemption options suit your needs? If the card only allows you to redeem for miles on an airline you don't fly, it might not be the right choice.Does the card offer rewards? If so, is its rewards program what you're looking for? Perhaps you want to earn at a higher rate for the purchases you make the most, or maybe you want a simple rewards program that lets you earn at one flat rate.But if you can't reach that threshold, the card might not be a good fit. Will I spend enough to earn the sign-up bonus? Some cards offer lucrative sign-up bonuses if you spend a certain amount of money with the card.Take time to understand how long the intro period lasts, what APR you'll pay when that period ends and what your balance transfer fee will be. But plan to zero out your balance before the introductory period ends. If you need to make a big purchase you can't immediately afford or if you're trying to pay off your credit card debt, this can be a good option. Does the card have a 0% APR offer? Some cards let new cardholders pay 0% interest on purchases and/or balance transfers for a certain period of time.Does the card charge an annual fee? And if so, is the annual fee worth the card's other perks?.Keep in mind: Many of these cards provide an APR range, and you have no guarantee that you'll receive the lowest possible rate. What is the APR? The annual percentage rate is what you'll pay if you need to carry a balance.Am I likely to be approved for this card? Issuers may require applicants to have good or even excellent credit to qualify for certain cards.
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