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There Really Is Almost Always A Credit Card For Your Financial Situation.
I reviewed 200 credit cards and these are my key take-aways.
Three things I used to think about Credit Cards:
- Credit Card providers only made cards for your average every day consumer, and that if you weren’t in that financially sound and stable position that it was unwise to get a credit card
- I was under the assumption that credit cards had a simple deadline, that if you did not pay your balance you would immediately be penalized (I now know that some credit cards also include comprehensive paying plans so that you aren’t penalized as heavily)
- Paying minimum payments on your credit card is enough.
Three things I know now about Credit Cards and how it fits into your financial situation:
- It’s very smart to research and apply for a credit card that fits your financials, and that there is a card for almost every financial situation whether you are just getting started in building your credit, or if you’re very financially well off, whether you travel a lot or if you’re simply looking for a card to purchase groceries with
- A decent amount of credit cards do not have a minimum credit limit, so if you’ve built a good credit score it is wise to apply for a card that fits the type of purchases you are making (ex: groceries, travel, etc.), and be careful in the purchases you make so that you make sure you are capable of paying down your balance, as they are to a degree hoping you’ll over spend
- Applying and holding multiple cards does not hurt your credit score financially in the long term if you manage them carefully, and it CAN be very beneficial, as long as you make sure you are paying your balance to the greatest degree possible instead of paying just the minimum payments, as your debt can rack up quick
Here are a few links to help you on your journey to picking the right credit card for you:
There are over 200 cards to choose from. Not sure what benefits, or how you plan on spending? See Yukon’s top picks to take some guessing work out.
When choosing the best credit card for which you are likely to get approved, it’s crucial to assess your financial standing and creditworthiness. Begin by identifying credit cards that align with your credit range, as applying for cards beyond your eligibility might result in rejections that could further impact your credit score. Consider your spending habits and financial goals to find a card with suitable rewards, perks, and APR’s.
