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How do you find the best credit card?

A guide to personal finance

How do you find the best credit card?
How do you find the best credit card? Image: Pixabay

If you’re thinking about making some changes to your personal financial affairs, then one of the things likely to be at the top of your list is credit cards.

Whether you’re looking to extend your available credit facilities by applying for a new card, or looking to simplify things by consolidating your existing credit cards into a single credit card account, your credit card is a key part of your day-to-day finances.

However, there’s a huge range of credit cards to choose form, and it can be a bit overwhelming and confusing trying to work out which are the best credit cards for you.

Here’s a quick guide to some of the things that you may want to consider:

Review your credit score

Before making an application for a credit card, it’s useful to know whether the application may throw up any issues with your credit score. If you apply and are declined, then this can have a negative impact on your credit score. There’s a number of free credit check services that will give you confidence that you have a strong enough credit history for your application to be successful.

Decide which type of credit card would suit you best

There’s three main types of credit card: A card that can help you improve or repair your credit score; a card that will give you low interest charges; or a card that will maximise shopping rewards.

Think about your needs and your objective for applying for the credit card, this will help you narrow down which card would be most suitable for you.

Know which questions to ask

It can be difficult to compare different credit offerings, so make yourself a list of some of the key questions that you’ll need answers to. Your questions could include: Is there an up-front cost to open the account? Is there an annual fee? Is there an initial interest-free period? What is the interest rate? Can I transfer existing balances onto the new card? Is there a reward scheme linked to the card? What is the maximum credit limit available?

Credit cards can be a powerful tool to ensuring you are effectively managing your personal finances. Make sure that you choose the card that is right for you.


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