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With So Many Credit Card Choices, Which One Should I Choose?

Jason Simon

Posted Jun. 19, 2008
Tagged: Money, CreditCards, MoneyTips

I have received more than a dozen credit card offers since my Too Much Shiny Plastic! post in March, and I don't plan to complete any of the forms. If I was looking for a new credit card, I would do my research online where I can easily review all the latest rates, fees, and terms. Bankrate is a good place to start.

The following tips should help make your credit card search easier:

Look for a low interest rate. There are a lot of low interest credit cards currently available on the market; however, many credit card companies do not offer the lowest rate immediately, and will only offer more attractive interest rates to customers who ask for them. Don't forget that your annual percentage rate (APR) is negotiable, so negotiate!
Look for a low introductory rate. Look for companies that have great introductory offers, such as no interest on balance transfers for six months.
Make sure there is a low interest rate after the introductory period. When you find a zero percent interest or low interest card, read the fine print and make sure that the interest rate isn't going to drastically increase after the introductory period.
Look for a card with no annual fee. Unless you have credit problems, you should be able to find a card with no annual fee.
Check out the cost of interest on cash advances if you think you might use this feature. Although it is best to avoid cash advances if at all possible due to their higher cost, you may find yourself in a situation where you need one. Know how much it will cost you before you get one.
Look for a good reward program to put your expenditures to work for you. Check out Bankrate's recently released annual analysis of credit card rewards. The company analyzed data from 30 leading cards provided by nine of the top issuers to determine the values of each card's cash-back rewards offerings. This year, I have received over $50 back from Discover. Expect to find some credit cards with gas rewards.

If you're in the market for a credit card, know what you’re getting into before you sign your name. Shop around before signing up with the first credit card company or solicitation that you come across.

My name is Jason Simon and I am your Qvisory Money Content Manager.

Money matters to me as much as it probably matters to you. I know what it’s like to feel anxious, confused, and angry while trying to figure out how much to spend on rent, where to find a job, or which credit card to use. These are the types of decisions we all must face.

I strongly believe that Qvisory is opening a space to discuss these issues, learn from each other, and creatively advocate for money, work, and health issues that affect our daily life.

I have worked for a number of nonprofits in the field of intergenerational relations and dispute resolution. I graduated from George Mason University with an M.S. in Conflict Analysis & Resolution and the University of California, Santa Cruz with a B.A. in Sociology and Community Studies. See Jason Simon's other posts and profile.

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