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(4.80 out of 5) (4.67 out of 5) (4.50 out of 5) (4.50 out of 5)Credit card and finance computations can make your head spin, we have developed common calculators to assist you.
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The criteria for choosing the best credit card depend on the needs of the person using it. When applying for a credit card, take some time to think about what it is you really need the card to do for you. If you are trying to consolidate your debt, then you will likely choose a different card than someone who is looking for fuel rebates.
With that being said, there are some general tips which can help select the best card for you:
Modest spending limit: Keep a spending limit that is large enough to cover the kind of purchases you anticipate, but no larger. By having a higher balance on the card than you really need, you risk finding yourself buried in debt in the event of financial straits, such as job loss or injury.
Low interest rate: This may seem obvious, but it can't be stressed enough. Less interest means less money paid to the credit card company. Keep in mind that if you pay your balance in full each month, you won't pay any interest at all!
Targeted rewards: Choose a card with a reward program that you know you will use. If you travel often to visit family, then airline miles would be the way to go, or perhaps you have found a card that gives you 20% cash back on any purchase at your three favorite stores.
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