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  • MoneyVerbs Team

Looking Into Credit Cards? Consider This.

Credit cards have many benefits, especially when it comes to building your credit! They are one of the main tools you can use to demonstrate to institutions that you’ll pay back borrowed money; once you can do this, up goes your credit!



The catch is that many people hop into getting their first credit card without understanding what they should be looking for. Whether you’re getting your first credit card or your fourth, there are four essential things to consider when determining the best option.



1. The interest rate.



Your interest rate, or APR (Annual Percentage Rate), is a very important number to pay attention to. This is the interest you pay for borrowing money; however, you don’t get charged interest as long as you pay off your balance in full and on-time.





2. The credit limit.



Your credit limit is another thing that you should take into account. This is the maximum amount of money that the credit card issuer will allow you to borrow. Limits will vary a bit depending on factors like your income, credit score, and payment history. Keep in mind that you don’t want to ever use your entire credit limit — most professionals advise to use around 30% of your limit each month.




3. The fees and penalties. 



Different credit cards have different fees and penalties; fees or penalties on balance transfers, late payments, going over your credit limit, or increasing your credit limit are common. There are many other fees that credit card companies can tack on as well to get your money — be mindful of all possible penalties or fees when picking. 




4. The rewards and benefits.




Just as credit cards can have various types of fees and penalties, they can also have some amazing rewards and benefits! Whether it’s a sign up bonus, cash back, or travel points, make sure you’re finding one that allows you to maximize on benefits.






Be sure to choose wisely and consider these four tips to find the credit card best suited for you! 


Feel free to comment or reach out with your personal experience and any questions you have about choosing a credit card — we’ve got you.




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