Compare Credit Cards

Finding the right credit card can be stressful, with so many offers to consider and so much jargon and fine print to decipher. But as long as you follow these simple pointers, you’ll be fine.

1. Compare credit cards before applying. Otherwise, there’s no way of telling whether you’re getting the best deal. Marketing can be deceiving, after all. 
2. Make sure your credit is match. You should only consider applying for a credit card if it matches your credit standing. For example, don’t apply for an excellent-credit credit card if you have fair credit. Getting turned down will only make it harder to get approved the second time around.
3. Don’t apply in bulk. You should not submit more than a couple credit card applications within a short period of time, as this can lead to a roughly six-month dip in your credit score.

For more tips, check out WalletHub’s guide on finding the right type of credit card for your needs. And for your convenience, here are some benchmarks to consider as you wade your way through the credit card comparison process:

Market Snapshot: 1,000+ Credit Card Offers

You can learn more about the average terms offered by credit cards in popular categories from WalletHub’s latest Credit Card Landscape Report. 

We believe most people should have a credit card. It’s simply the easiest way to add positive information to your major credit reports on an ongoing basis. That, in turn, will help you build credit history and improve your credit standing. And credit improvement can save you a ton of money on loans and lines of credit as well as open doors to opportunities such as a new job or apartment.

Actually using your credit card to make purchases is another story, though. Whether that’s a good idea depends on if doing so will cause you to spend more than you would otherwise.

If it won’t lead to bad habits, you’ll be able to take advantage of a credit card’s many other benefits. They range from the ability to earn rewards on everyday spending or pay for big-ticket purchases over time to assorted travel perks and the convenience of shopping online.

And if a credit card would lead to overspending, you can still benefit from its credit-building capabilities. As long as you make sure to pay any fees that are assessed, you can simply lock your card in a drawer and watch positive information flow into your credit report on a monthly basis. After all, your credit utilization will be zero and you’ll be classified as having paid on time.

Yes, authorized users do build credit. You can actually build a good or excellent credit score just as an authorized user on a credit card. When you become an authorized user, the account is added to your credit report, which means on-time payments by the primary cardholder will help you build good credit history. But because authorized users are not responsible for paying the bills, credit scores don’t give authorized user accounts as much weight. So you won’t build credit as fast as an authorized as you would with your own credit card account.

Still, the fact that most credit card companies don’t have a minimum age for authorized users, means becoming one is a great way to build credit before you can get your own account. But there are a few positives and negatives you should know about before becoming an authorized user.

Here’s how authorized users build credit:

1. A friend or family member adds you to their credit card account as an authorized user.
2. The credit card account gets added to your credit reports, just like if it were your own account.
3. The issuer gives updated account information to the credit bureaus on a monthly basis.
4. Your credit standing improves if the account owner has on-time payments, low credit utilization and other signs of financial responsibility.
5. Your credit gets hurt if the account holder behaves irresponsibly.
6. You can get an account with negative information removed from your report, since you aren’t responsible for making payments.
   

Authorized users do build credit, but that credit can be good or bad, depending on how the primary accountholder manages balances and bill payments. So you only want to become an authorized user on an account owned by someone responsible.

But in the event that an authorized user account does end up hurting your credit, you can dispute the account to get it removed from your credit report. That’s because any mistakes made won’t be your responsibility.

Finally, you’ll build credit faster if you also have your own credit card account that you use responsibly. You can get a starter credit card once you turn 18 years old, as long as you have enough money to pay the bills.

If you have bad credit and are worried you won’t get approved, try applying for a secured credit card. Secured cards require security deposits, but they have the highest approval odds of all credit cards and accept people with bad credit.

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.

1. If you have trouble garnering credit card approval or have bad credit history, your best bet is a secured credit card.
2. If you are a student, you should obviously get a student credit card.
3. If you need some extra time to pay off a big-ticket purchase, ignore rewards and get the best possible 0% APR credit card.
4. If you have existing credit card debt, a balance transfer credit card will help you save money and repay what you owe faster.
5. If you pay your bill in full every month, focus your credit card comparison efforts on finding the best rewards card for your lifestyle.
6. 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.

Hi!  Yes!  It is definitely worth calling and asking them.  You may need to make more than one call until you get a person who has the authority to make that change, but it can't hurt to call and ask. I'd do a bit of research first to see what the interest ranges are that the credit card company operates in so that you know where you might fall.  You could also send an email or letter to ask.

You also might want to see if there is a format or form provided online by your credit card company to request a lowered interest rate – that site will provide specific information to help you succeed in your request. 

I feel as if it never hurts to ask for discounts and good deals.  Many of us shy about doing this - I often am - but if you can get your courage up and try, you may be successful.   Good luck to you!