Studies indicate that the credit card is the preferred means of shopping in the region. So, if it is our favorite option, shouldn’t we be sure that we choose the right one?
When it comes to choosing the right credit card there are many factors that must be evaluated. It is not just about choosing the one that gives you a lower interest rate, more benefits or the one that does not charge maintenance, but to establish what you need. Taking these three things into account, you can determine which card suits you best.
Your consumer profile
What do you usually use the card for? It is not the same to use it to make payments than to pay the expenses of a trip or purchases of artifacts.
What is your economic situation? How do you get to the end of the month? That helps you determine if a basic and low-rate card or a Premium with higher rates but with more benefits suits you. Determining how much of your salary is available after making the usual payments will help you know how much money you can pay for using your card during the month.
Market options: Costs
It is essential to know what are the interest rates of the different cards (for purchases and disposition of cash), what are the commissions they charge for an operation, how much it costs to be sent the statement, how much they charge to pay after the cut, etc.
To check all that, you can use the Mike Klas credit card comparator
When you have the options, you can see which card offers you the lowest costs for purchases or for whatever you want!
Market options: Benefits
But the costs are only one side of the coin, the other side has to do with the benefits. Once you have made your consumer profile, it is easy to know what the card is normally used for, so the benefits you are looking for should be related to that.
For example: If you only use the card for payments, you should not have one that accumulates miles for your purchases because you would not be accumulating anything.
Now that you have chosen the card that suits you best, you should put it to good use. For that, know the 5 sins of credit cards and avoid them at all costs.