What are the Best credit card deals?
These days, there are a lot of types of credit cards available to anyone eligible to get a line of credit. And a lot of them are not simple, straightforward lines of credit as well; you can gain a lot of perks and benefits if you get the right kind of deal for your use and needs.
There are essentially four types of credit cards. Of course, there are other types beyond these four, although this list covers the more basic ones. Here’s a rundown:
Low-interest credit cards
If you tend to carry debt month to month on your credit card (or if you won’t be able to pay your credit card debt in full monthly), you can get the best credit card deals from low-interest rate cards.
As the name suggests, this card has low interest rates or annual percentage rate. Apart from people who maintain debt month to month, this is also the best option for people who use their cards for large purchases.
However, the devil is in the detail when it comes to low interest rate cards. A lot of times, the low interest rate is available for an introductory time period only; when this expires, you will end up with the standard APR.
Some low interest credit cards also have variable rates, which means the interest rate of your credit will change depending on certain conditions (if you reach a certain limit for your debt, for instance).
A balance transfer credit card is a line of credit that will allow you to shift or, as its name suggests, transfer you existing credit card debt to a new account. The new account will tend to give you a grace period to pay off your debt, usually at low or no interest rates.
This is a good option for best credit card deals if you have debt you are having a hard time paying off. However, it does have balance transfer fee, usually at around five percent.
The secured credit card is a line of credit for people with no credit history or for people with bad credit history (usually, those who are recovering from bankruptcy or foreclosure). The card works like a normal credit card — except it is used against a deposit that’s equal to the card’s credit limit. The deposit is not used when the holder uses the credit card; rather, it works like a collateral.
This card is the best option for people who want to rebuild their credit history since the requirements for this line of credit is less stringer than the requirements for unsecured credit cards.
This kind of card is best for people who pay off their monthly credit card debt in full.
Basically, the user of the card gets points every time they use the card. The points, once accumulated, can be redeemed for certain rewards, depending on the card type — it be converted into cash, or used to buy plane tickets, for instance.
This seems like an attractive deal, but it works best for people with excellent credit history and for people who pay off their monthly credit card bills in full.
Enjoy the best credit card deals but make sure you also arm yourself with knowledge. Learn more about credit cards at https://www.usa.gov/credit-cards.
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