How to Pick the Best Credit Cards |
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| There are many factors to take into consideration when choosing new credit cards. They offer a wide variety of benefits and features and are geared towards many deferent uses. Depending on how you intend to use your new credit cards will determine the one that will best fit your needs. Would cash back credit cards or frequent flyer miles credit cards be best suited to your lifestyle? Will you be needing business credit cards or are you in college looking for student credit cards? Will you carry a balance on your new card or pay it off each month? These are all things you need to consider when selecting new credit cards. Below are brief explanations of each type of credit card to help in your selection. There are several cards out there, make sure the cards you choose will benefit you. |
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| Credit Cards with a Low intro APR |
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| An intro APR is a temporary APR that will usually go to a higher rate once the intro period expires (usually 3-12 months). Many people opt for these cards to make large purchases, which they can then pay off in a few months. Some unsecured credit cards offer a low intro APR for purchases only, whereas others offer a low intro rate on balance transfers. Yet others offer a low intro APR on both new purchases and balance transfers. Look them over carefully and pick the ones that best fits your needs. |
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| Low Interest |
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| These credit cards usually have a low, fixed interest rate which will stay low as long as you keep your card in good standing (pay on time). These credit cards are great if you carry a balance on your card. If you have a habit of paying your balance in full each month, you may benefit more from Cash Back Credit Cards or perhaps a Frequent Flyer Credit Card. |
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| Balance Transfer |
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| If you have a balance on a credit card that has a high interest rate, and you can qualify for a balance transfer card, this might be the ticket. If the balance on your old credit card is fairly high, and the new balance transfer's interest rate is considerably lower, you could save quite a bit of money. |
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| Fixed Rate |
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| Fixed rate unsecured credit cards offer a fixed interest rate that will usually last as long as you keep the card in good standing. You might consider one of these if you have balance on a credit card that has a higher interest rate that you can transfer over. Make sure they allow balance transfers with little or no fee. |
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| Cash Back |
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| Cash Back Credit Cards give cash rewards to cardholders as an incentive for making purchases with the card. It's a small percentage so you won't get rich, but it is nice getting a check in the mail every now and then. |
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| Frequent Flyer Miles |
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| Frequent Flyer Miles cards reward cardholders in the form of airline miles for making purchases with the card. Points, which can be redeemed for free airline tickets, accumulate based on the dollar amount used on the card. |
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| Student |
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| For the most part, students have little or no credit history and it can be quite difficult for them to get approved for a credit card. Some banks offer Student Credit Cards which, in most cases, are easier to qualify for and designed to help the student establish good credit. |
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| Credit Cards for people with Bad Credit |
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| Some unsecured credit cards are specifically geared towards individuals who, for some reason or another, have let their good credit slip away. These unsecured credit cards will usually have a higher interest rate and a lower credit limit, but they are an excellent way to reestablish damaged credit. |
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| Pre-Paid |
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| Prepaid Credit Cards are exactly like a checking account's ATM debit card. They have a limit that is equal to the amount you deposit. They are an excellent way to manage your money and avoid debt. Some even offer cash back incentives. If you are interested in managing your money, staying out of debt and making a little extra cash, you might want to check these out. |
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| Online Shopping Cards |
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| Online Shopping Cards, or membership cards, are another great way to reestablish bad credit. There are usually no credit checks, job verification or good credit requirements. They offer generous unsecured credit lines which you can use to purchase name brand products from their online catalogs. |
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| Our advise is... |
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| Once you have determined which type of unsecured credit cards that will best fit your needs, look them over and pick out a couple you think will work. Remember, offers and promotions can change without notice, so be sure and check them out carefully before applying. If you are satisfied with your selection... charge in! |
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