Two Good Sites To Search For Credit Cards Are CreditCards. Com And ConsumerCardReport. Com

Category: Finance, Credit.

Two good sites to search for credit cards are CreditCards. com and ConsumerCardReport. com.

CreditCards. com lists the most offers, but none of the extra cards seemed worth recommending. ConsumerCardReport. com specializes in providing insightful guidance to consumers. There are a few fairly simple precautions that consumers should take when using rewards cards: Pay it off each month. Avoid late fees. The interest rate on rewards cards is usually higher than on other credit cards, so make sure you pay the balance in full every month. These can be as high as$ 39, so make it a habit to pay the credit card bill soon after receiving it- - don' t procrastinate. Some people are tempted to buy more stuff with their rewards card in order to increase their rebate, which can pile up unnecessary expenses.

Don' t overuse it. If you don' t think you can control your spending, don' t get the card! This encourages excessive credit card spending, which is why we don' t recommend such cards to most people. Some rewards cards will pay you a higher percentage as you spend more money, for example a card may pay 5% for the first$ 5, 000 you spend and 5% afterwards. Make few applications. So the more cards you have applied for in the previous six months, the more your credit score will be decreased. If you apply for one credit card your credit score will be fine, but as you apply for more cards lenders become more concerned that you may be having money problems.

After six months, your credit score returns to normal. But if you plan to get a mortgage or major loan in the next six months, make only one application. Our recommendation for most consumers is to make no more than two card applications. Be aware that the number of credit cards you actually possess won' t harm your credit score. In particular, it's wise to maintain your card balances at less than half of your spending limits for those cards. More cards may even improve your credit score by increasing your credit- to- debt ratio.

Check the terms. Although terms can sometimes change, major changes are usually rare. The most reliable description of a card's terms is listed alongside the card application. While the best ways to save money will always involve old fashioned cost- cutting, obtaining a rewards credit card is still a good way to give yourself a virtual raise.