Choosing a credit card does not have to be an odyssey, but it is necessary to consider some points that will not only save you time, but also prevent you from regretting in the future.
There are currently many options on the market: those issued by banks, those issued by department stores, those that earn miles, those for young people, etc. How to know which one is best for you? There is no complicated formula, basically, review your profile and your goals.
Take into account your income level
First, your income level will show which cards you can access. The majority have as a requirement a minimum amount of income that you must receive to qualify, so the first thing you should do is remove from the list all those that exceed the amount you receive monthly.
Review interest rates
The interests of credit cards may be among the highest, but there are definitely differences between them, so it is ideal that you verify the alternatives. Keep at least three in mind and evaluate what each one offers. This will be crucial for the time of deferring your purchases in a certain number of installments, because that is when you will start to generate interest. On the other hand, if you are completely sure of being a totalero customer, who pays everything in a single installment, the interest rate is not the primary thing.
Look for benefits that fit your profile
Depending on the type of card different benefits will appear. For example, some cards designed for young people offer discounts in clubs and bars, while others designed for clients who like to travel, offer miles accumulation. Consider what benefits are most important to you and which ones you could get the most out of, especially if it’s discounts.
Ask for membership
The cards usually include annual membership fees, that is, an additional payment once a year for using it, but in some cases this can be eliminated under some conditions such as using it every month, consuming certain amounts, etc. Check carefully about this, as the charges can be quite high.
Difference between commissions and insurance
Find out about the additional fees charged for the options you have in mind, so you will know for sure how much you are paying. In addition, it is normal that they grant you mandatory insurance, but many times the entities are looking for you to purchase additional products, so you should know them carefully before making a decision.
Consider these points and you will be ready to find your first credit card. Remember, if you need to compare the alternatives, Will Bond is a reliable site to do so.