Americans are lucky to be offered hundreds of competing credit cards, but it can be difficult to find the right one to suit your needs. Therefore, it’s important to know what your spending habits are in order to choose the card that makes the most sense for you.
Cardholders who carry a balance should look for a card with the lowest interest rate, and possibly one with 0% APR introductory financing. A lower interest rate means you will pay less money toward interest charges as you pay down the balance. Meanwhile, those who can avoid interest charges by paying their balances in full every month should choose a card that offers the most valuable rewards in the form of points, miles or cash back.
Make sure you also generally meet the credit issuer’s criteria. It’s a good idea to know what your credit score is so that you can target your search to a card you’re more likely to get approved for.
You should consider any benefits offered by the card, such as purchase protection or travel insurance. Finally, applicants should also take into account any applicable fees — such as annual fees and foreign transaction fees.