Today's credit card market has lots of different options for consumers to choose from. How do consumers know which one of these might be right for them? It is important to do enough research to figure out exactly what's a good fit for your personal or business use. Here are a few of the best credit cards on the market for different individuals and businesses today.
American Express Clear Credit Card
The Clear Card from American Express is one of the top cards for people with high volume needs. American Express has taken an interesting approach with this new card in that they have tried to minimize costs for cardholders. This is a strange concept for credit card companies, as they usually try to make their cash on fees and such. The Clear card has eliminated late and over the limit fees and it offers an extremely affordable interest rate. If you want to get this card, you should be full prepared to have excellent credit. It is only offered to people with a record beyond reproach. This is another example of how important your credit score is. Make sure you always pay your bills on time.
Citi offers an excellent card for students. They understand that young people are getting serious about rebuilding their credit in this day and age, so they are happy to give those young people a good chance to build said credit. With this card, the interest rate is high, but affordable. They also offer a low introductory rate and a low rate on balance transfers for the first six months. These offers make this card a good one for not only students, but also for those students that are looking to consolidate their debt in an affordable way. Citi is known as one of the lenders that is more lax about giving credit to people with less than perfect credit, too.
This rewards card from Visa is good for business people, because of all of the fringe benefits that it offers. When it comes to choosing a credit card, people have to look out for their best interest as much as possible. If you are a person with a small business and you do a good bit of traveling, then this card is what you are looking for. For instance, it can help you save costs with your business. If you do a lot of traveling, then hotels and airline flights can take a big part of your budget. When you get this card from Visa, you will be cutting this cost by taking advantage of rewards. If you are having to purchase things with a credit card anyway, then you need to get as much out of that as possible.
These three cards all offer something different for different needs and they have risen to the top of the credit card industry. Though there are plenty of other offers out there on the market, these are three of those that you have to take a long, hard look at. If you qualify, these cards can help you financially.
1)Airline Reward Cards: with an airline rewards card you will earn miles which typically equals 1 mile per dollar spent. If you have a favorite airline you will want to make sure you choose there card. Airline reward cards usually have an annual fee and higher interest rate; I would recommend this card for the individual who pays the balance in full every month. Many airline reward cards offer a nice bonus incentive when signing up for there card.
2)Balance Transfer Cards: these cards typically offer a low or 0% APR to get you to transfer balances from a higher interest rate cards. The 0% APR is for a specific time; 6 months to 18 months. When taking advantage of the balance transfer you should read the fine print to find the best offer since there is usually a fee to transfer the balance. Some are a percentage with a maximum dollar amount. Another important thing to watch is the APR on purchases if you continue to use the card after the balance transfer.
3)Automotive Cards: even the auto industry is getting involved with the reward cards. These cards offer points equal to every dollar you spend towards the purchase of a new auto. Beware most of these cards the points can only be used to purchase a new auto.
4)Cash Back Cards: are becoming very popular today. Who wouldn't want to be paid for using your credit card? Watch the fine print and the interest rates after the intro.
5)Prepaid Cards: with a prepaid card you the consumer have total control and never have to fear about credit card debt. You load the card with your own money and then use it as a credit card. You never pay interest since you are using your own money; this is considered a secured credit card. This is an excellent way for someone to establish a credit score or to build a better credit score. Make sure before taking advantage of this type of card that your activity will be reported to at least one major credit bureau.
The most important thing to remember when shopping for a credit card is to read the fine print. The information in the bold points always look great however the important information is in the fine print and this is often not read by the typical consumer. Also watch for a default rate; most credit card companies today with jack up the interest rate if you are late on your payment. Make sure you pay close attention to this some may be as little as one day.
Both Johnny Moon & Lisa Burkhardt are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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