Best Credit Cards Available
The APR is the single biggest determinant of the fit of a credit card for a debtor. APR stands for the Annual Percentage Rate of best credit cards. This is the aggregated interest rate and other loan fees of a credit card for one whole year. You should look for cards which have lower APR. This means that you should not look solely at the interest rate, or the nature of the interest (that is, whether it is simple or compounded). You should check with their computation on how much it will cost you in a year. For instance, a 1% compound interest is worse than a 2% simple interest. This is not apparent, but the compounding will make the APR increase.
No Annual Fees Allowed
You should choose credit cards which do not cost an annual fee to use. This is because having an annual fee will put a lump-sum increase to the APR of a credit card. Most reputable cards do not have an annual fee, but some do. If ever you are forced to choose one with an annual fee, choose the one with most benefits or the one with least cost. Either way, you should be able to compensate the annual fee they charge with the services they offer. To stay clear of this, ensure that you always have a good credit rating to avail of better options. Most companies will forgo of the annual fee if you have a good credit rating.
Look for Rewards Programs
Rewards programs are part of the perks you have when you get credit cards. Whether these are rebates, freebies or discounts, you should take these things into consideration. It is best if the credit card’s rewards fit your lifestyle and needs. For instance, a credit card with discounts in a sport store is more likely to appeal to sports buffs, than, say, video game addicts. Thus, you should fit the card to your needs, not the other way around. Other benefits to look out for include rebates and other freebies which come with the card. You should check, however, the fine print before availing of the programs. In general, it is better to have less restrictive programs.
Have a Diversity of Credit Cards
Why choose only one credit card when you can have more? The diversity of plans will make it infinitely more advantageous to you. Simply, select the best plan for the best fit. It can also help your credit rating by reducing your utilization for each card, having a positive effect on your credit score.
While you may have suffered embarrassment at the hands of other credit card issuers, these companies respect your integrity and therefore help you in obtaining a credit cards for bad credit. Though the options might be limited for now but if you use the credit cards wisely, you have a chance to improve and be eligible for an unsecured type of apply for a credit card.