Whether you are looking for a new credit card or trying to build credit by getting one, it can be overwhelming sifting through your options. You can use GOBankingRates to help you find the credit cards customers love most.
Why Do I Need a Credit Card?
Making good use of credit cards and managing your payments can help you establish or maintain a good credit score. A good credit score can help you get lower interest rates, whether it’s for a home or auto loan. While your first credit card might carry a high interest rate, if you are responsible with it, your second card will have a better rate.
Why Interest Rates Matter
Credit card rates are an important part of your account. If you keep a balance on a high-interest credit card, it can cost you a lot of money in the long run. A good rule of thumb for credit cards: If you can’t pay off the card each month, then you need to reconsider how much you are charging to it.
If you have a great interest rate however, then you can afford to make big purchases with your card and pay off the balance over time.
Finding a Good Interest Rate
With that in mind, you should research credit cards to find what rates you qualify for. You should also find cards that offer rewards you can enjoy. Different companies might offer different services on their cards, too. You can find a card with a limited time no-fee balance transfer or free fraud protection. These can be great services depending on your needs.