Many factors need to be taken into consideration when you choose a credit card, such as the card’s features, including the APR, the length of the grace period, annual fees, the credit limit, cash advance fees, late fees, balance transfer fees, fees for having a balance above your credit limit, and any other fees, and whether or not the card offers any rewards.
What is Your Financial Situation Like?
What is your credit history like? How much will you likely charge each month? Can you pay the bill in full, or will you need to carry a balance? Do you have any existing credit card debt or any other significant debts?
Your answers to these questions will help you determine which card is the right one for you.
As an example, if you know that carrying a balance on your credit card will be necessary, then you will need to make sure you find a card with a low ongoing APR.
If you are looking to make a large, one-time purchase and then pay it off over six months to a year, finding the card with the lowest introductory APR would be a smart idea.
If you always pay your bill in full and on time, then a rewards program may be what you’re looking for.
