Choosing a credit card is a decision that should be researched so that you can get the best card for your situation. Credit Cards are not one size fits all, there are a number of factors to be weighed that can vary from person to person. Here are some of the most important things you should consider when applying for a credit card.
Why are you applying for a credit card
There are a number of reasons to apply for a credit card. Some people may find themselves applying for credit to finance a large purchase, while others may choose to open a credit card account to build credit. When choosing a credit card, determining the main use of this credit card can help you choose. There are many different types of credit cards, from secured to unsecured, to store-backed cards, and cards meant for multiple purchases.
Research different incentives
When deciding on what credit card works best for you, research different credit card offers and incentives. If you are planning to put a large purchase on a card you may be attracted to a 12-month no interest offer. If you are looking to build credit, you may be looking for a card that has a decent grace period. Cards like our Camino Visa® Platinum Rewards Card has an extensive list of Platinum Perks, like points for every dollar you spend and no annual fees.
What are the payment terms
One of the most important things to understand when choosing a credit card is the payment terms. You’ll want to choose a credit card that doesn’t become a bottomless money pit that is difficult to pay off. Is there no interest charged on the card if you pay within 30 days? How high is the interest rate, and are there any annual fees? You’ll want to research cards with the best payment terms for your situation.
Choosing the right credit card will save you headaches in the long run. Not sure what card is a good fit for you or just have questions about our available credit cards? Contact a Camino Team Member at 800-835-3400 or stop by a branch. We are here to help you on your financial journey.