Every Dollar Matters - Conservative Personal Finance

Choosing a Credit Card

This page is for those of you out there that have not or are not prone to racking up big balances on your credit card. It is also for those of you that have good credit and a credit card balance of $5000.00 or less that are looking to payoff your balance.

There are so many credit cards out there. Most of us just get one and this is what we use. Yet with a little homework you can actually get a card that is more appropriate for our needs and lifestyle.

Some for sure Do's and Dont's

• Do not have cards that have an annual fee. There are just too many comparable cards out there to be paying an annual fee.
• Stay away from instant approval deals. These usually come with high interest rates and almost never are a good deal.
• If you have bad credit stay away from credit card deals. You will only end up getting sucked deeper into debt.

Low Interest Rate Cards

If you have good to excellent credit you might want to consider getting a low interest credit card. There are a number of deals out there that offer rates less than 8%.

Simmons Bank (in Arkansas) if offering a Visa card at 7.25%.

Capital One is offering their Platinum Prestige card at 7.9%. They also have another deal at 8.9% that guarantees this rate for 3 years.

Both the Simmons Bank and Capitol One deals require that you have excellent credit.

Also, if you have good credit but find that your card is charging you 16% or higher give them a call to see if they will lower your interest rate. Chances are they will as they want to keep your business.

Credit Cards that Pay Cash Back

As a consumer making purchases on your card offers you an added degree of protection for your purchases. If you are very disciplined with your money and do not carry credit card debt you may want to consider a credit card that pays you back cash. There are a number of cards that will pay you back as much as 3% for gas and grocery purchases and 1% for all other purchases. This can translate to a few hundred dollars a year, though might require you in some cases to change how you pay for your purchases.

Researching Credit Card Deals

Here is good site that can can help you evaluate a card that is right for you.

http://www.creditcards.com/