How to Choose the Right Credit Card for You

Rewards credit cards, low interest rate credit cards, secured credit cards—there are a lot of options out there, but knowing which one will benefit you and your finances the best can be tricky. The financial experts at BHCU are here to help you choose the credit card that’s right for you, so you can get on the road towards financial independence.

Determine Your Wants and Needs

When it comes to choosing the right credit card for your lifestyle and financial goals, it is important to be honest with yourself. Here are some things to ask yourself to ensure you pick the best credit card for you:

  • What will you mainly be using it for? (e.g. groceries, gas, dining out, etc.)
  • How sturdy is your financial independence? (e.g. Are you able to make payments on time, or do you need a card that waives late fees?)
  • Which benefits will you use the most? (e.g. cashing in cash back perks, accumulating airline miles or hotel points that you’ll use to book a trip, etc.)

Once you’ve determined which features mean the most to you, as well as what is realistic, it’s time to apply for the credit card that best suits you!

Opt For a Card That’s Equipped With NO Balance Transfer Fees

Ohh the beauty of being able to transfer your credit card balances without a fee. If you’ve never had a credit card that is equipped with this feature, getting one that allows you to do so is a perk worth having. Let’s say you have a credit card that has a high interest rate, but you’re top priority right now is to gain more financial independence. Rather than paying your minimum payment plus the high interest rate fee, you may want to consider applying for a credit card that has no balance transfer fees and a low interest rate. This way, you can transfer your balance from your card with the high interest rate fee to this new card, helping you pay off your credit card balance faster.

Choose a Card That Does Not Have Annual Fees

Annual fees on credit cards may be common, but they don’t have to be! Typically found with rewards, premium and secured credit cards, annual fees can range in price and they only benefit the credit card company. The fact is, annual fees aren’t necessary, which is why it’s best to search for a credit card that has no annual fees, regardless of whether it’s a rewards credit card or not!

Find a Card That Has It All

With BHCU’s iSAVE credit card, you CAN have it all! You’ll enjoy the perk of 1% cash back on all purchases every month deposited right into your iSAVE Savings account, helping you to SAVE even if you have to spend. You can even transfer those high interest balances to your new iSAVE credit card without a balance transfer fee making this choice a no-brainer, not to mention NO annual fee, EVER!

Are you ready to stop struggling to pay your credit card bill down and ready to start improving your financial independence? The team at BHCU is always here to help you choose the best credit card for you and answer any questions you may have about steps you can take to improve your financial status. Contact us today!