2007-01-19 07:55:44 · 15 answers · asked by Anonymous in Business & Finance ➔ Credit
Depends on how you're going to use it, here's some general advice on choosing a credit card.
Look at the financial pages in the papers for the best deals and shop around, also look on-line for some cracking on-line only deals..
Try to avoid cards where you pay a montly fee, IMHO their not worth it for the extra gimmics
If you are going to pay it off every month in full, don't worry too much about the interest rate and get one with a good rewards scheme giving you cashback or airmiles, also look for benefits like free purchase insurance, or holiday insurance, but don't pay extra for these.
If you intend to run up a bill, not that I'd recommend it, and pay it off over time, go for one with a low interest rate where the cost of borrowing will be lower, there are wild variations in rates between the worst and the best deals. The most well known cards tend to have the highest interest rates in my experience.
Also try to pay off as much as you can afford each month, these are not cheap ways of borrowing cash. Paying the minium amount will hardly dent the balance and will result in you racking up high amounts of interest charges.
If you intend borrowing a lot on the card, a loan from your bank will be cheaper and may be a better option for you.
Finally avoid payment protection insurance, its a rip-off and has so many get out clauses its next to worthless. It will also delay you paying off the balance on your card as money you pay to the credit card company will be allocated to insurance and intersest payments first before the balance is reduced.
2007-01-19 08:13:50 · answer #1 · answered by Mike 4 · 0⤊ 0⤋
It is always good to establish credit, as long as you can use it wisely. A good credit score will take you far in life. Believe me on this. I used to not care so much about my credit score when I was younger, but OMG, was I wrong not to care!!
Anyway, go to www.bankrate.com to research the best cards out there right now. Advanta offers a very good card with low interest rates, no annual fee, and a 6-9 month grace period when you open up your account, where you won't get charged any finace charges.
Credit card companies stay in business by the tremendous finance charges they stick you with. Most people carry a balance month to month, and the credit card companies LOVE THAT!! If you don't feel the need to carry a balance, try and American Express Card that requires you to pay off the balance every month.
I have had a Platinum Discover Card and a MBNA Mastercard for many years. The interest rates are reasonable, but I prefer to use my Advanta Visa card instead.
Anyway, degfinitely do your homework. Make sure you know which one you want to apply to once you go for it. You will want to avoid applying for many cards at the same time. This lowers your credit score and flags your credit report as having too many recent inquiries.
Lastly, every year you are entitled to a free credit report. Once you get a card and have other credit established (car loan, mortgage, cell phone, school loan, etc) you will be wise to check your credit report every year.
Good luck and best wishes!
2007-01-19 08:05:25 · answer #2 · answered by Singthing 4 · 0⤊ 0⤋
There are many out there to choose from. Find one that offers a low APR with no increase. Also try to get one that has no annual or start-up fees. Stay away from Capitol One credit cards since these report your credit line as "maxed out" to the credit bureau all the time (no matter what your balance is) and this will have a negative affect on your credit score.
2007-01-19 08:06:00 · answer #3 · answered by Cookie 2 · 0⤊ 0⤋
A Discover card or a credit card through a credit union.
2007-01-19 07:58:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
NONE! And that comes from someone who has learned their lesson.
I would get a DEBIT card through your bank or credit union. If you feel you NEED a credit card, also just do one through your local bank or credit union and request a small manageable credit limit you could pay off in a few months if needed such as $750. or $1000. Always pay off yoru charges every month too. If youc an ont pay something off in a month or two TOPS, then don't buy it on a credit card.
2007-01-19 15:14:15 · answer #5 · answered by Kris 3 · 0⤊ 0⤋
The Man wants you to get a credit card and drive yourself into debt, but the smartest thing is live off what cash you have.
2007-01-19 08:03:48 · answer #6 · answered by Ghapy 7 · 1⤊ 0⤋
dear if you wish to compare credit card services, you may check with New Horizon Business Services Inc, they have a wide array of credit card services and companies,most people with bad credit go to them to get a cc
and that includes me.....blush
all the best!
2007-01-19 08:48:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The best card for you is one that pays you the most rewards for your spending. (I'm assuming that you pay off your balance every month -- which is the only really good way to use credit cards.)
To find the card that will pay you the most rewards for your spending, use the rewards calculator at http://www.creditcardtuneup.com/ .
2007-01-22 15:43:08 · answer #8 · answered by moviegoer_j 3 · 0⤊ 0⤋
Discover, Mastercard or Visa are all about equally accepted. Choose the one with no annual fee and the lowest interest.
2007-01-19 07:57:25 · answer #9 · answered by Anonymous · 0⤊ 0⤋
a bank linked 'credit card' or better yet, none.
2007-01-19 07:58:34 · answer #10 · answered by Anonymous · 0⤊ 0⤋