FEATURED CREDIT CARDS

Milestone Gold MasterCard®

Milestone Gold MasterCard®
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  • All credit types considered
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Capital One® Platinum Credit Card

Capital One® Platinum Credit Card
  • Pay no annual fee
  • Platinum Benefits
  • For people with limited credit
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CreditSoup® Best Credit Cards

Indigo® Platinum MasterCard®
  • Low Interest Credit Cards
  • Rewards Credit Cards
  • Balance Transfer Cards
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How To Choose A Credit Card

Choosing the right credit card can be an important step to building good credit. When you choose the right credit card with Gettingacreditcard.com, there are several things to think about, such as APRs, finance charges and fees, bonuses, and credit limits. If you understand the features of a credit card and what you are looking for in a card, choosing the right credit card won't be difficult.

APRs

The APR of a credit card is the Annual Percentage Rate. This is a percentage that a credit card user will pay if the user carries over a balance, uses a cash advance, or transfers a balance from another credit card. This rate can change depending on the conditions of the credit card, which include:
  • Different rates on use of the card, such as one rate for purchases, another for cash advances, and another for balance transfers.
  • The amount of the remaining balance can effect the APR in rates called tiered rates. There is a certain APR until you hit another tier, then it may go up or down.
  • The APR may also go up if you are late on making payments, depending on the card.
  • Some cards have an introductory APR, which is a rate that goes up after a certain amount of time.
  • Other cards have a delayed APR, which doesn't go into effect immediately.
Obviously, choosing the lowest APR is in your best interest if you do not intend on paying off the balance at the end of every month. But you should also keep the finance charges and fees in mind as well when choosing the right credit card.

Finance Charges and Fees

Finance charges and fees are the amount a person is charged for using a credit card. When you are choosing a credit card, you should consider what types of finance charges and fees the credit card company is offering. These fees can include:
  • A minimum charge just for having the card.
  • How much an overage charge is.
  • Separate fees for cash advances, balance transfers, and late payments.
  • Extra fees which can include return-item fees, credit-limit-increase fees, and over-the-limit fees.
Bonuses

Of course, the bonuses offered by a credit card are not the only reason to choose which credit card is right for you. Yet, if there are two cards in question, the bonuses a card offers, such as frequent flyer miles or cash rebates, might be the deciding factor in which card you choose.

Credit Limits

The credit limit of a card is an important factor when choosing a credit card. Of course, choosing a high credit limit could lead to trouble, primarily in the form of over-spending. As a general rule of thumb, you should never have a credit card limit over 20% of your gross income. And really, no one should have a limit over $10,000. But of course, a credit card with a very small limit isn't worth the amount of interest and fees that you will pay to use it. The best advice is to find something in the middle, so that you can be secure in having the credit you need, while not having too much to pay back.

As long as you make your payments on time and have a fixed interest rate, you can always choose the right credit card for your needs, as long as you understand the features.




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FICO Credit Scores

A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.

What is a Credit Score?

A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.

Credit Score Facts

  1. Credit Scores range from 300-850, the higher the better.
  2. Most lenders base approval on your credit score.
  3. Higher Scores mean lower payments and better deals.
  4. Higher Scores mean Lower interest rates.
  5. Scores are determined by 5 main categories:
    • Payment History
    • Amounts Owed
    • Length of Credit History
    • Type of Credit Used
    • New Credit

Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.

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