Tips for Choosing the Right Credit Card for You
Choosing the right credit card can be difficult, but it doesn’t have to be! Here’s a quick guide to help you find the right fit for your financial goals and summer plans:
Know your spending habits
Before diving into your options, take a deep dive into your spending habits. Track our monthly expenses and see where your money goes. This will help you identify what you spend the most on and where you can potentially earn the most rewards. Here are some examples:Â
- Travel: Flights, hotels, car rentals
- Groceries: Daily essentials
- Gas: Filling up your tank
- Dining: Restaurants, cafes
- Entertainment: Movies, concerts, theme parks
Consider your financial goals
Having a credit card can help you save in more ways than you think. Just to give a few examples, a credit card is a great tool that lets you earn rewards on all your spending. Got a statement balance that makes you lose sleep at night? A balance transfer might be right for you. A balance transfer allows you to move debt from one credit card account to another, if your balance is victim to high interest, moving debt to a credit card with 0% APR (or zero interest for a certain length of time) can be a big money-saver. Finally there’s cashback credit cards which offers cash savings for your spending. When you use this card to make certain purchases, you earn a cash credit for a percentage of the purchase.
- Earn More Savings: Do you want to travel more? Get cashback on everyday purchases? There are cards specifically designed for each goal. Our Platinum Cashback Mastercard is one example which lets you earn rebates everytime you use your card, giving you more savings over time.Â
- Build Credit: If you’re new to credit or have a limited credit history, a secured credit card can be a good starting point. Consider applying for a Fast Track Secured card which comes with a savings account to help you better manage your savings.
- Simplify Budgeting: Look for a card with no annual fee if you prefer a straightforward option, our Wave Mastercard lets you enjoy no annual fees forever.
Related Blog: 5 Questions to ask yourself before getting a credit card
Choose your card type
Rewards Cards – Rewards credit cards typically give you points and commonly come with extra savings for dining and travel like discounts for specific restaurants or travel promos. Rewards cards also tend to offer a variety of ways to redeem your points, including options for airline miles, cash rebates, gift certificates, and merchandise.
Secured Card – Most credit cards are unsecured, meaning you don’t have to put down any money upfront for collateral. With secured credit cards, on the other hand, you’re required to put down a cash deposit in order to secure a small line of credit, usually for a similar amount which is why secured cards tend to be stricter when it comes to eligibility and approval. However, this also means that you won’t be able to spend more than the amount you currently have in your account, which is perfect if you’re just starting out, you’re applying for your first credit card, or you need to control your spending.Â
If you’re just starting out — or starting over — getting a secured credit card is a great way to build your credit history and credit score.
With our Fast Track Program, you’ll get a secured credit card with a credit limit that’s 80% of your holdout amount (or the amount you deposited on your dedicated Security Bank savings account).
You’ll also enjoy quick and easy credit card approval. Plus, you can choose to get a Gold, Wave, or Platinum Mastercard, depending on your preferred holdout amount.
Cashback Cards – Cashback credit cards allow you to earn rebates on certain types of spend with special perks that vary by card. Some options in this category offer a flat rate on your spending, while others extra savings for specific categories. Some even offer bonus rewards in rotating categories each quarter, as well as a flat rate of rewards on all non-bonus purchases and bonus points in popular categories like groceries, gas and dining out
Travel credit card – offers you the opportunity to earn rewards designed for frequent travel, such as exchanging your points for airline miles and getting free access to airport lounges.
Related Blog: How to maximize your credit card reward points
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Compare and Choose
Once you’ve narrowed down your options based on your needs, it’s time to compare specific cards. Here are some key factors to consider:
- Interest Rates: This is the cost of borrowing money on the card. Aim for a low APR (Annual Percentage Rate).
- Annual Fees: Some cards have annual fees, while others don’t. Weigh the fee against the potential rewards to see if it makes sense for you.
- Welcome Offers: Many cards offer bonus points, cashback or free gift certificates when you get approved and meet the spend requirements.
- Rewards Programs: Understand how the rewards program works, including earning rates and redemption options.
Compare credit cards
Card |
Card Type |
Benefit |
Gold Mastercard |
Rewards Card |
|
Platinum Mastercard |
Rewards / travel Card |
|
World Mastercard |
Rewards / Travel Card |
|
Complete Cashback Platinum Mastercard |
Rebate Card |
|
Wave Mastercard |
Rebate Card |
|
Fast Track |
Secured Card |
|
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Once you’ve chosen a credit card that’s perfect for you, don’t just stop there. Use your card correctly to get the most out of your money. If you want to build your credit history, pay your bills in full each month and don’t use up all of your available credit. Take advantage of 0% installment plans to make big purchases lighter on the pocket. And go the extra mile and learn about the fees and charges that come with your credit card to better plan out and be aware of what penalties and costs may come to better avoid or minimize their impact. The credit card you use should help you reach your financial goals in the most cost-effective and efficient way possible, whether you’re looking to build credit, borrow money, or earn rewards. Do not settle for less.Â
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