Finance Globe
Don’t Make these Mistakes when Searching for a Credit Card Online
There used to be a time when applying for a credit card meant waiting for a good offer to arrive by mail. While you may still receive these offers from time to time, the industry has changed quite a bit.
In today’s day and age, the best way to find and apply for a credit card is online. As convenient as it may be, there are a few things you need to keep in mind. More importantly, there are three common mistakes you must avoid at all costs:
1. Sticking with one company and one company only. The best way to find the perfect offer is to keep an open mind. This means seeing what every credit card company has to offer. It may take more time, but that is no reason to hold yourself back. This is a big decision, so you might as well put yourself in position for success.
2. Getting caught up in the rewards program. Many people search for a rewards credit card, as they want to get something in return for the money they spend. There is nothing wrong with this, but you must also consider other details that are every bit as important. Answer questions such as:
• What is the purchase APR?
• What is the annual fee?
• What types of other fees could cost you at some point?
3. Neglecting to read reviews. This is one of the biggest benefits of searching for a credit card online. You can read reviews, both from experts and other consumers, before making a final decision. The information you find will point you in the right direction.
If you avoid these mistakes, if you stick to what you know, it is easier to find and apply for the right credit card online. In the end, you should only care about one thing: securing the credit card that is best for you and your money.
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Comments 3
It is very important to research thoroughly before getting a credit card. One additional thing you need to consider is if you are financially ready for a credit card. Credit cards are a great tool if used correctly. If you are getting your very first credit card, it is important to use the below recommended guidelines:
1. Always pay off your credit card each month. Credit card interest is outrageous, and you should limit those interest charges and late fees as much as possible
2. I would recommend getting your first card without an annual fee, just to slowly get into the “Credit Card” game.
3. Do not open/close a lot of credit cards at once as this will hurt your credit score.
In my opinion, the ideal scenario is to get a cash back card (1.5% ideally) and only use this for purchases you would make anyway. Use it like you would cash. Examples are utilities that do not charge credit card surcharge fees, gas, groceries, etc. A no fee card that gets paid every month is critical!
I agree cash back is great, and especially if you do not want to get in what I would call the "credit card game". I also really like an airline credit card and/or a hotel credit card if you travel or want to travel a lot. These rewards can be more complicated, but it can be worth it if you spend the time on the research.
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