For anyone who is trying to sort out there finances, “What credit card should I get?” is one of the most common questions and considerations that you need to work through. In this article we are going to take a look at a range of different scenarios in order to offer you some advice and hints and tips to make it a little bit easier for you to select the credit card that is right for you.
We will not get into the detail of specific products or deals that might be currently being advertised, these change so frequently that any discussion of these would quickly become irrelevant. Instead we will be looking at some universal rules, or principles, that you can apply to whatever credit card products that you might be considering.
Ask the right questions
If you are just starting to think about your finances, the question what credit card should I get? probably isn’t the best place to start – you need to think about your objectives and your personal circumstances. So instead of asking what credit card should I get? you would be better by starting with the question: “what are my financial objectives?” This will enable you to think about your strengths and weaknesses, to think about how you should structure your finances, and also to think about how much personal credit that you might be able to commit yourself to.
What credit card should I get with no credit?
If you are perhaps a student or rebuilding your credit record after a bit of a shaky financial period, or perhaps if you are not the best at budgeting, then a really popular product are the credit cards that are not really credit cards. Banks and other financial institutions can issue cards from such major companies as Mastercard or Visa but instead of working as a line of personal credit, any transaction simply debits from your own existing funds. If you don’t have the funds in your account then the transaction won’t be accepted.
What credit card should I get to start building credit?
Being able to effectively manage a credit card account is a sensible way of starting to build your credit history with financial institutions. Choose a credit card that only has a small credit limit. This will enable you to demonstrate sound credit management while minimizing the risk that you might get yourself into financial trouble.
What credit card should I get if I have bad credit?
If you have bad credit then the odds are that it was probably credit cards that got you into this situation in the first place. If you are looking to rebuild your finances and your credit rating, then you should probably start off by opting for a credit card that doesn’t utilize credit but is linked directly to your own funds. Avoid the temptation of getting into trouble again.
What credit card should I get as a college student?
It is often surprising just how eager financial institutions are to sign up college students to credit cards and all sorts of other financial services that they really don’t need. If you do think that you need a credit card as a college student, make sure that you get something with a small credit limit or something that works by debiting off your existing funds. Do not try and pay your student loan with a credit card. It is easy to see your debts spiraling out of control.
What credit card should I get to improve my credit score?
A credit card is certainly one aspect that is taken into consideration when financial institutions are assessing your credit score. If you are concerned that your credit score may not be as strong as you like, opt for a credit card with a low limit – all you need to show is that you can effectively manage personal credit and pay your bills when they are due.
What credit card should I get as my first?
If you are just starting out in your financial affairs then getting your first credit card is a big step. Make sure that it is a step that you are taking carefully, that you are not over-extending yourself. Choose a credit card that is offered by your main financial institution – keep your affairs simple and easily within your oversight. If you have lots of different financial products from different countries it is easy for your affairs to become fragmented and things forgotten. Choose a credit card that has a low credit limit. When you are just starting out you need to get used to how the payment cycle works and matches up with your income or salary payments.
The world of credit cards can seem a bit overwhelming at first. When you are asking, What credit card should I get? The answer definitely depends on your personal circumstances and your financial objectives and expectations.