As far as credit cards go, there is no one “best” card. The best credit card is the one offering you the lowest rate for the longest amount of time with no additional fees. Never accept the first credit card offer you receive. Usually, you can find better. You will want to gather information on several cards that you think suit your purposes. As a first card, most people choose either Visa or Mastercard. American Express is good if you already understand credit cards and you have a substantial income.
Credit card rates are by an annual percentage rate, or APR. Most cards will not charge any interest on purchases for the first 21 to 30 days. Check the grace periods on the cards you are interested in. If you can pay off your purchases in full within that time, you will save a lot of money in the long run. In this case, it may be more important to have no or a low annual fee. Check for any fees associated with the card.
If there is a possibility that you will not pay off your purchases in full within the grace period, then look for a low APR. There is also a higher fee for cash advances on a credit card. If you plan on using the credit card for cash, check to see that the cash advance fees are reasonable. You will also want to check the time period on the APR and any fees. Many cards will sucker you in with a low or even 0% introductory APR. This APR ends after a designated time period, which can be anywhere from 2 – 12 months in the future. After this, the rate increases dramatically and far above the normal rate offered by other cards.
The best advice I can give is to read all the fine print about several cards and compare the fees and features of each.
Posted 1199 day ago