Thursday, April 22, 2010

We all want to pick the best credit card. Who ever says, 'yeah, I want a pretty good credit card, but not the best one I can get.' And now that it's so hard to get credit cards and maintain your economic status, that type of decision is more important than ever.

Tips on choosing the best credit card

If you want to choose the best credit card, there are some absolutely essential steps you can follow:

1. Stay informed. The credit card world is changing, and if you're not up to date, you can't make the best decision possible. Find a reliable source of information, such as Credit Card Whiz Kid and stick with it.

2. Go for a mainstream credit card. You want a Visa, a Mastercard, an American Express -- one of the cards accepted and known throughout the world. Choosing a department store credit card, for example, can in some cases instantly lower your credit score. In this climate, you don't want to mess around with the possibility of lowering your credit score.

3. Watch the regulars above the bonuses. The best credit card is the one with a high credit limit, a low interest rate, and no annual fee. If it doesn't offer 1% cash back or something, who really cares? The bonuses aren't nearly as important as the basics. Of course, if you can find a card that offers both, more power to you -- but the basics have to be there first.

4. Only apply for a few credit cards. The very best cards require a high credit score to obtain, and if you know you can't get them, don't bother applying. If that sounds defeatist, keep in mind that every credit check makes a black mark on your credit score.

It's not a big mark, and most people won't even notice it. But if your score is already on the low side, you don't want more credit checks than necessary. And even a high credit score can suffer if you have dozens of credit checks in a short time. Only apply for a few cards, and make sure you have a good chance of getting them.

Remember, in this day and age, you have to make all decisions wisely. Find the best credit card available and do your best to make it yours!

For more tips on the best credit cards, saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources.