Forget the Rate: 7 Essentials Your Next Credit Card Should Offer

When you apply for a credit card, you know that securing the best interest rate is one important factor, but it’s not the only thing that matters. Don’t let the situation become confusing by interest rates that you forget the other key elements.

1. Using a card that comes along with an annual fee is not the best idea. Plenty of cards don’t have one at all, so no reason exists to pay to keep the card open. It’s possible that you may have poor credit scores and only qualify for cards with a fee. If that is the case, find out if the fee can be removed when your credit scores improve.

2. You should also procure a card that has the right credit limit on it. When you have too much available credit, you can get yourself into some murky situations with debt. On the other hand, if the card offers barely any credit to use, then you may as well not have it in the first place.

3. While you know that paying your bills on-time is a pivotal part of remaining a responsible credit card holder, you should be aware that if you forget to make a payment at some point in the future then you’ll be liable for a fee. Find out what the late fee is and when it is applied so you don’t get charged a large amount for a minor slip-up.

4. In modern times, many credit card companies offer reward points. In the event that you’re looking into one that doesn’t, you should evaluate it against ones that do as some rewards e.g. Frequent Flyer miles can make it worth it. You can also use rewards points to pay off debt or to make other purchases less expensive.

5. Make sure you can check the credit card account online. A credit card company without an online system of access is virtually defunct in this part of the 21st century. By accessing your account online, you have the ability to better monitor your spending and to make sure that your payments go through when they are supposed to.

6. Excellent customer service is another staple of a good credit card company. Let’s say that you know you made a payment, but it isn’t showing up on your account. You want to speak with a customer service representative who is going to work with you on the problem in a fast and efficient period of time.

7. While you may want to conduct most of your transactions online, you also want to work with a company that offers paper bills if that is what you want. The best way to avoid making late payments is to select a company that uses notifications which work for you.

Don’t forget to look into these essentials when you take out your next credit card.