Credit cards are not one size fits all. Not only does your credit standing dictate what offers you’ll be able to get approved for, but different people require different terms and features from their credit cards, depending on their spending and payment habits. Below, you will find some general guidelines that will help steer you toward the best credit card for your particular needs.
If you have trouble garnering credit card approval or have bad credit history, your best bet is a secured credit card.
If you are a student, you should obviously get a student credit card.
If you need some extra time to pay off a big-ticket purchase, ignore rewards and get the best possible 0% APR credit card.
If you have existing credit card debt, a balance transfer credit card will help you save money and repay what you owe faster.
If you pay your bill in full every month, focus your credit card comparison efforts on finding the best rewards card for your lifestyle.
If you’re a small business owner, use a personal credit card for company purchases that you won’t be able to pay off in full by the end of the month. This will help protect you from surprise changes to your interest rate. And small business owners are held equally liable no matter what type of card they use, according to a WalletHub study.
You should also use a business rewards credit card for everyday company expenses. This will give you access to enhanced expense tracking features and centralized rewards for all account users.
Unfortunately, if you’re already in financial trouble (e.g. late on payments, in collections, etc.), getting access to credit could be difficult. That’s problematic because using credit responsibly is the best way to rebound from such mistakes. So if you can’t get approved for a secured card, you might want to explore these other debt solutions to figure out what your next step should be.
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