Finding the best credit card can be a daunting task. At Go Bank Cards, we show you offers from our credit card partners that may save you money based on your spending habits. There are some preliminary questions you should ask when starting out your search.
Standard credit cards usually have lower credit limits and fewer benefits from premium cards. These cards are designed to provide basic credit card services.
Premium credit cards (e.g. Platinum cards) offer higher credit limits and typically include extra features, including, but not limited to, product warranties, purchase protection, travel services and emergency services.
Rewards credit cards offer rewards based on your spending. Such rewards can include cash back, travel miles and gift cards. Some rewards credit cards even offer a combination of these. Standard and premium cards can both offer rewards.
Private label, or retail, credit cards typically offer special deals which are only usable at one or a few stores.
Secured credit cards require a security deposit that becomes the credit limit for the account. They can be used like any other credit card, and can help build your credit score since they report to major credit bureaus.
Rates and fees are very important in the decision-making process when looking for a new credit card. Here's what you should know:
If you're planning to use your card for everyday purchases, try to narrow your search down to rewards-based cards. This will give you the best return, earning you cash back, travel miles or gift cards!
If you're going to carry your balance instead of paying it off each month, a low interest card will end up saving you money.
If you're big on travel, a travel-centric rewards card will be beneficial to you. These cards allow you to rack up airline miles, travel upgrades, and even credits for cruises!
If you're planning on using your card for emergencies only, consider a card with no annual fee. This will save you money in the long run if you never, or rarely, use the credit card.