How to Choose a Credit Card

posted in: Blog, Financial Tips 0

It was reported in 2020 by Wallethub that the number of credit cards taken out by Americans was over 1.12 billion, with that number growing annually. That means on average each American has over three credit cards for personal use. 


With all of these credit card accounts, and seemingly endless options in terms of credit cards available for you to apply for, how do you choose a credit card to apply for and ultimately open an account with? There are a few things to consider and compare before filling out a credit card application.

credit card illustration
There is no shortage of options when it comes to credit cards that you can apply to carry in your wallet. Consider things like annual fees, who the issuer is, and other basics before applying.

Annual Fees 

Some credit card companies require you to pay an annual fee to have and use the credit card. Typically these credit cards that come with fee, brand themselves as more “exclusive”  and can come with extra benefits like a higher percent cash back or free airline miles to use toward travel. 


These credit cards with annual fees may be a good fit if you can afford the fee (sometimes $100-500) and like the added benefits. If you don’t see yourself using the credit card enough to earn the added benefits, then opting for a credit card with no annual fee may be a better fit. 


Consider the Issuer

Some of the top credit card companies in the USA are Visa, Mastercard, Citibank, Chase, Capital One, Bank of America, and Discover. Each of these providers has millions of accounts for their credit cards. This high number of accounts means that nationally (and even internationally) these credit cards are likely to be accepted by merchants. 


Opting to take out a credit card with a well-known, large issuer can come with other benefits like fraud protection, the ability to easily dispute transactions, online or app account access, and 24/7 customer service. 


Compare Other Basics

All credit cards will come with credit limits and set interest rates, but sometimes credit cards will offer incentives to open accounts, like 18 months interest-free or rewards. Additionally, most credit cards will look for a certain minimum credit score to qualify for the card, so determine if you meet the requirements before applying. 


For instance, Camino Federal Credit Union offers the Visa Platinum with Rewards credit card. With this card, you’ll have access to higher credit limits and an extensive list of platinum perks, like 1 point earned for every $1 spent, meaning that you can get more from each purchase.


When comparing credit cards, consider visiting the website for the credit card so that you can read and fully understand all of the terms and conditions before deciding if it is the right choice for you. If you think that a certain credit card would make a good addition to your pocketbook, fill out an online application or call to apply for that account. 


Interested in the Visa Platinum with Rewards credit card? Apply today!


It can be challenging to balance your savings, loans, and other accounts all in one place. However, we offer many ways to help manage your finances at Camino Federal Credit Union through online banking and mobile banking app. Please give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us online at for more information.