How to choose the correct credit card for you
Choosing the best credit card for your lifestyle can have a considerable impact on your overall financial health.
In an Ohio Credit Union League 2018 consumer survey, 73 percent of respondents stated they use at least one or two credit cards every month. Of those who regularly utilized credit cards, 39 percent carried up to $1,000 in credit card debt. Another 30 percent owed between $1,000 and $5,000. According to the Ohio Credit Union League’s Quarterly Performance Summary (2nd Quarter, 2018), the average credit card balance held at Ohio credit unions was $2,142.
Ohioans are right in line with national trends as 71 percent of Americans have at least one credit card, according to The Motley Fool. About 18 percent of Americans have three or four credit cards in their wallet, and those cards tend to carry debt.
With the possibility that their credit cards could carry significant debt, it’s not surprising consumers want to shop around before choosing a card.
The majority of respondents in the Ohio Credit Union League consumer survey, about 44 percent, said they look for the best interest rates and lowest fees in their credit cards. According to Experian, most Americans shop for credit cards with a similar mindset; 54 percent seek out a card with no annual fee, while 40 percent look for a low-interest rate. It’s not all business, though. Another 45 percent of Americans and 32 percent of Ohioans said perks, including points for travel, discounts, and other rewards, could influence them to apply for a card.
Americans might have clear motivations for seeking credit cards, but that doesn’t mean they’re easily finding the cards that suit their needs. Although consumers know they should shop for the best deals, according to the Experian survey, 69 percent of Americans said they feel researching the correct card is too time-consuming. Another 61 percent said they become overwhelmed by the number of options available, and 57 percent said it’s too difficult to tell which card would work best for them.
Still, the majority of respondents in the Experian survey, 64 percent, said they believe their perfect credit card is out there, they just haven’t found it, yet.
Don’t let stress over choosing the best credit card deter you from using plastic to pay. Here are tips for finding the perfect credit card.
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