April 19, 2007, 4:09 pm

Finding the Right Credit Card

by: The Financial Blogger    Category: Personal Finance
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They are your closest friend; always following you and ready to pay for you. Financial institutions are giving them away. They cost nothing on a monthly basis. But, their interest rate could drain all your money away. The credit cards may be part of your worst nightmare. However, with a balanced budget, you might benefit from a ton of advantages and gain free gifts with them! Actually, credit cards can be your best friends… and worst enemy at the same time. Here are some tips to put them on your side.

Who are you? Are you traveling on a regular basis? Are you a student? Do you need to re-establish your credit history? Look at your overall situation by determining the following points:

Nature of your credit history (look at

the factors that influence your beacon score)

Nature of your income (high, low, recent, stable, etc.)

Nature of your employment status (permanent, temporary, student, etc.)

Nature of your debts (no outstanding debts, small balance due on credit cards, several unpaid balance on credit cards, etc.)

Once you know where you’re at, you will be able to establish your needs. There are so many credit cards that you can barely have one custom made. Here are some of the most popular features:

Low rate on balance transfers

Low interest rate

Credit cards for bad credit

Airline mileage

Cash back and other point system rewards

Auto and gas credit cards

Business credit cards

Student credit cards

As you can see, you don’t necessarily need all these credit cards features. However, some of them might be very useful and make you save big money. Go and shop around, you will find the right credit card that suits all your needs.

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