Choosing the right credit card, without getting burned

by Thomas Bedell

Choosing the right credit card can be a difficult task. There are so many to choose from. It seems that I get a new credit card offer nearly every week. So in an effort to help determine which card is for me, I start by sorting out the facts. First off, the selection begins with the type of offering. Choosing the right card is critical to getting the best deal. There are Airline Cards, No Annual Fee Cards, Balance Transfer Cards, Cash Back Cards, Business Cards, Student Cards, Reward Cards, Bad/Damaged Credit and 0 APR Cards.As you can see the list is long. To begin, you must evaluate your use of the card. If you travel, the Airline Card is a natural choice. You will receive "Miles" for every dollar you spend. No Annual Fee Cards offer no fees. Just sign up and you are ready to go. This can save anywhere from $25.00 $200.00 anually, depending on the card. Balance Transfer Cards are great if you want to move from one card company to another. Say your current card offered a very low APR for a "honeymoon" period. Now they have bumped the rate to the current market rate, often UP TO 29! Just transfer the balance to a new card and start the honeymoon all over. Cash Back Cards are great if you spen d a LOT of money. Often you can get a rebate of up to 5! A nice savings over the long term. Business Cards often have very HIGH limits of over $100,000. This is nice for those short term purchases or bridging a loan until permanent finance can be located. This works great for purchasing equipment or goods on a short term notice. Student Cards are great for establishing credit for new borrowers. The limits are often low to avoid running up high balances while your income is limited. Reward Cards often have a catalog of goods associated with them. While you spend money, you gain points good for future "rewards". Bad Credit/Damaged Credit cards are great if you need to establish credit after a bankruptcy or if your credit report contains "knicks". Establishing new credit and properly using it, can often lead to getting a fresh start. Finally the best are 0 APR cards. These are reserved for those with the best credit. It is like FREE money, that you don't have to pay pack right away. GREAT. It allows you to purchase items today, just like cash and defer payment for a time down the road.Whatever you do, beware of "hidden fees". Those nasty fees usually escallate when you "violate" a policy in your credit card terms. Like missing a payment, paying late or going over the limit. ALL nasty little events that can void your credit card and turn it into a FEE generating, 29 per year monster.Manage your credit. Choose wisely!-Thomas Bedellhttp://creditcardselections.info

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