Credit cards are a convenient part of the financial lives of many individuals. They also are the subject of intense marketing campaigns from all types of financial organizations. Your mailbox is probably often filled with offers. Choosing the right credit card and using it wisely are important, and can make big differences in your finances.
What to Look For
The marketing materials in your mailbox can be confusing and sometimes misleading. Choosing the card that is right for you should be dependent on several factors—fees, rates and benefits—for using it. Few credit cards will rank highest on each of these factors. You should choose the card that ranks highest based on how you use it. You should also consider the organization providing the card.
Many cards are offered with no annual fees while others charge up to $50 or $60 per year. Ideally, you would want to choose a card with no annual fee. There are also fees companies charge for late payments. Be sure to check the terms of the credit card agreement, especially if you are occasionally late with a monthly payment.