Excellent Credit Reports Qualify For:
If you are among the elite few who have managed your credit cards and other loans responsibly the bank will reward you with added perks such as airline points cards or low interest credit cards. There are many card offers that will reward your good financial habits with low or no annual fees, some great reward points as well as introductory rates of 0% APR with ongoing low interest rates. Typically the interest free period is 6 months but in some cases will be awarded to you for a full year. Since your credit is in excellent standing the interest free period might not be of concern to you as you are probably the type that pays your credit card balance in full every month. If this is the case you should make your credit card comparisons based upon the rewards and extra perks offered by the bank – if you are paying your balance in full a 0% APR is really of no value to you.
Good Credit Reports Qualify For:
The good credit range is where the majority of people are with their personal finances. You will still qualify for a card offer that provides some great perks such as airline or gas rewards. You may also qualify for credit applications that have an attractive introductory rate, with some credit cards you may get a 0% APR for a few months however the ongoing rate will be a bit higher than what you could get with an excellent credit rating.
Before you select which credit card applications to review for yourself you, need to be honest with your spending and bill payment habits in order to make the best choice. If you know that you are likely to carry a rotating credit card balance, you should select your card based upon the ongoing APR. Having a low interest credit card is much more important than seeking a rewards program as the interest charges will likely offset the rewards. Another cost you need to take into account is the annual fee. Several banks will try to lure you into applying for a card that offers rewards and lower rates but they will charge a hefty annual fee.
Poor/Fair Credit Reports Qualify For:
If your credit is in bad shape, I recommend staying away from credit cards completely. It is likely that you need to learn how to manage your spending first and come up with strategies to get yourself back on track. The last thing your personal financial future needs is another credit card.
If you do legitimately need a Visa or MasterCard I highly recommend only prepaid credit cards. Why? Again, get your finances and money management in order otherwise you may end up in a worse situation than you already are in.