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You are therefore looking for a new credit card, but there are many options and you do not know how to start your search. Well, you are in the right place. Buying a new card is not an easy task. There are so many things to consider, from fees to flexible rewards. In the paragraphs that follow, I will describe some of the main areas you should think about when looking for a new plastic (or metal).
Determine your payment capacity
There are many good reasons to get a new credit card. You may be thinking about making a major purchase, such as holidays or furniture. Maybe the winter holidays are coming and you have a lot of gifts to buy. Or maybe you want it just for the sake of urgency. Whatever the reason, make sure you know how to pay it back. If purchases on the new card are limited and you know that you can probably repay in full each month, then the interest rate does not matter. If you want to have a balance, you want to look for the lowest possible interest rates or perhaps cards with a 0% introductory period. If it 's an emergency, just choose a no – charge card with the best interest rate.
Which issuer currently offers the biggest bonus?
Credit card issuers are constantly adjusting their bonus offers and creating new promotions. They offer these incentives in different ways, the most common being a flat-rate refund (usually around $ 500) and tens of thousands of hotel miles / points. Usually, you will have to spend an amount of money in the first three months (usually $ 2,000 to $ 5,000). So, determine the type of bonus you want, then look for a card with an introductory offer increased and limited in time. For example, the Chase Ink Business Cash Card currently offers a $ 500 discount when you spend $ 3,000 in the first 3 months and the American Express Platinum® Card offers 60,000 Membership Rewards® points when you spend 5 $ 1,000 in the first three months.
Align your spending habits with your card's Gain Accelerators
Current cards usually allow you to earn a base of 1 point or 1 cent per dollar spent. However, many of these cards also allow you to earn a higher multiple of 2x, 3x, or even 5x the number of points or cents per dollar on certain expense categories. Make sure your purchase types match the increased multiples of your card. For example, if you spend a lot of money on flights, you should strongly consider American Express Platinum® because it offers 5 points on airlines. Or, if you like to travel but frequently use public transit and Uber rides, consider the Chase Sapphire Preferred® card, which earns you 2x points on a variety of travel purchases.
Do not forget the benefits in progress
Often, credit cards offer a range of other benefits that can create a lot of value in the long run. Travel cards often include a type of lounge access. For example, the United Explorer card offers two unique United Club pbades per year. Other cards offer varying degrees of travel or purchase insurance. Still others offer a 0% APR and balance transfers for the first twelve months or so. Finally, one of the benefits that I appreciate the most is the automatic bump of status. For example, the Marriott Bonvoy Brilliant ™ American Express® Card automatically gives you the Marriott Bonvoy Gold Elite status, which offers you benefits such as 25% bonus, priority late check-outs, welcome gifts and more.
Whatever your drinking habits or tastes, there is probably a map for you. Do not forget these four main areas to get the most out of your next credit card.
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