Choosing the right credit card can be confusing, especially if you are just starting out with your first one or if you have a low credit score. Read more for important tips to consider.
Why should you compare cards?
When you take a few minutes to compare some basic points between different credit card offers, you can save yourself a great deal of money. Some of the key features you'll want to look at is the Annual Percentage Rate (APR) and if it is a Fixed or Variable rate? The rate on Balance Transfers and Cash Advances. Are there any fees? Can you earn Rewards?
Download our free chart to help with this. Free Credit Card Comparison Chart
If you don't carry a balance month to month, than the rate won't matter because you'll never owe any interest. However, if you have unexpected expenses and can't pay off the monthly balance, you may have to carry it over, which is convenient, but can be expensive. As of November 2020, the average annual percentage rate for cards that accrued interest was 16.28%, according to the Federal Reserve. Before you decide on a card, make sure to read over its terms and conditions. Ideally, you'd like to pay off the balance each month, but many card holders don't. Typically, you'll want to look for the lowest rate, but if you don't have any doubt you'll have to carry over a balance, you may want to focus on fees and rewards.
Save money by transferring your current balance.
Review offers and look for a card that has a zero or low fee to transfer your balance. Even if you see an offer for a zero percent interest rate on balance transfers for a specified time, it may not be free. There may by a one-time flat fee or a percentage, which could be 3 to 5 percent of what you're transferring.
Cards that can help you start or re-build your credit.
At Advantage Credit Union, we offer the Credit Builder Credit Card, which has a lower limit, but allows you to establish and build a good payment history by making timely payments. You don't have a great deal of risk because the limit is low and with a fixed rate, you don't have to worry about the unexpected if you can only afford to make a minimum payment.
Earn a Cash Credit of $50 when you Open an Advantage Platinum Visa
Apply easily by starting the loan application and submitting it securely online. We will start the process and contact you when you're approved.
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