Finding the best credit card offers |
By Ryan Levin on November 10, 2011
.jpg.aspx) There are dozens of different kinds of credit cards—maybe even hundreds—and sometimes it can seem like credit card companies are falling all over each other to get you to try them all. Even though it’s true that many people fall into debt by using credit cards carelessly, they can be useful and even helpful if you’re responsible with the way you use them. Credit cards often have some excellent offers attached that consumers can really take advantage of. Read on to find out more about the best credit card offers available.
- Low interest. Most top-tier cards have a variable APR that can be as low as 11.99%, or about 1% each month. A few can be even lower though, like the Capital One® Platinum Prestige card (10.99% APR) and the Chase Freedom® Visa $50 Cash Back card (9.99% APR). In order to even qualify for these cards, though, your credit needs to be outstanding, and to get the lowest rates it had better be off the charts.
- Low introductory rates. Lots of credit cards carry an extra-low APR for the first few months you own the card—they can sometimes be as low as 0%. Credit card companies do this because they want you to get in the habit of using your card all the time, and they want you to rack up lots of debt that will last beyond the introductory period. On the other hand, if you play it smart, stay on top of your balance, and make sure your account is paid off by the time the interest kicks in, then you can really take advantage of these low-rate offers.
- Cash back and rewards. Credit cards can reward you for using them in a variety of ways. Some, like the Citi® Dividend World MasterCard®, offer a one-time cash back bonus if you use it enough during the first few months you have it. This is another gimmick that credit card companies use to encourage you to put yourself in debt, but like most of those tricks, you can be rewarded simply for not playing the game their way: stay on top of payments and don’t let your balance pile up.
Other cards offer cash back based on where you spend your money; some travel cards, like the Discover® Open Road give you 2% back on gas purchases, while others give rewards on different categories every quarter.
Rebuilding Credit
To get the rewards above, credit card companies often require you to have great credit, which is much easier said than done. There are a lot of credit cards that help you get there, by reporting to credit bureaus monthly and offering secured credit cards (that you pay a deposit for ahead of time). The downside is that these have higher APRs or annual fees, but if your credit is bad, these can be worth putting up with to get your credit where it needs to be.
Also see ratings of popular credit card products.
References:
Creditcards.org
Creditcards.com
Cardratings.com
Bankrate.com |
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