Choosing the Right Credit Card [GUIDE]

posted 4/27/2015 in Banking

Get the best credit card with the right rewards for you.

There are so many credit cards available today that it may seem like it would be impossible to make a good choice when selecting which card is right for you. They all have benefits, but how do you know which type fits your needs? Here, we put together some basic information to help you choose the best credit card for you!

First things first. There are four main types of credit cards available:

  1. Low APR credit cards

  2. Balance transfer credit cards

  3. Rewards credit cards

  4. Secured credit cards

Now that we have the credit card types established, let’s take a more in-depth look at each type of card and if it is right for you.

We have a variety of competitive credit cards available>> Learn more now.

Low APR Credit Cards

  • Designed for: anyone who carries balances each month or anticipates carrying over balances

  • Why it may be best for you: if you will be carrying balances each month, you want to minimize the damage done by growing interest. Low APR credit cards help keep your interest payments in check. Most often you can choose between lower ongoing rates or an introductory period of no interest.

  • Check out options.

Balance Transfer Credit Cards

  • Designed for: anyone who already has a good amount of credit card debt

  • Why it may be best for you: it can help you pay lower or no interest when you transfer over your debt for an introductory period, usually between six and 18 months. Just be aware that there may be a balance transfer fee.

  • Check out options.

Rewards Credit Cards

  • Designed for: anyone who pays their full credit card balance every month

  • Why it may be best for you: shouldn’t you be rewarded for paying your balance off each month? Rewards credit cards offer cash back, travel miles or other rewards to give you a pat on the back.

  • Check out options.

Secured Credit Cards

  • Designed for: those with bad credit or no credit

  • Why it may be best for you: if you have yet to establish a credit history or haven’t done well in keeping a good credit score, secured credit cards can help. You make a deposit that is held as collateral (returned when the account is closed), that, when combined with using your credit card wisely, can help raise your credit score and qualify for a better credit card.

  • Check out options.

Having the right credit card is key in being able to manage your personal credit well. Lincoln Savings Bank offers a variety of credit cards to fit the needs of just about anyone. You can learn more or apply for your credit card online and in person at any Lincoln Savings Bank branch.

Lincoln Savings Bank, member FDIC

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