The Best Credit Cards

The best credit cards all have the same great credit card features that set them apart from the rest. Although there are hundreds of credit card offers available, there are only maybe 10-20 credit cards that you should seriously consider as the best credit cards. Here are three important features to look for when applying for credit cards:

1) No Annual Fee - You should always choose a credit card that doesn’t charge you an annual fee unless the credit card has an amazing feature/offer that you can’t live without (this very rarely happens). Why should you pay the credit card issuer to use the credit card when they make money every time you use it?

2) Interest Free Days - These are the maximum amount of days that you will not be charged interest on your credit card purchases. This is normally listed from statement date – usually 25 days.

In other words if you make a purchase on the first day of the month and receive your credit card statement at the end of that month (say on the 30th) you will have until the 25th of the next month until your will be charged interest on that purchase. If you use your credit card for every-day purchases, this feature is a must and will save you hundreds of dollars per year in credit card interest payments. Be sure to read the fine print carefully as they might add up all of the interest if you’re a day or two late.

If using a credit card that offers an interest free period, it is important that you pay-off the credit card in full, because interest is usually incurred from purchase date if you do not pay the credit card balance in full before the end of the interest free period.

3) Low APR (Annual Percentage Rate) - The annual percentage interest rate is another important feature that you must consider when selecting a credit card offer to apply for. The credit card industry is very competitive so you should be able to get a great APR. Try to get the lowest APR possible.

It is best if you can get the first year or at lest 6 months at 0% APY. Usually, this will be for credit card balance transfers or cash advance checks. Be sure these don’t cost you a large amount. Also, some of the better cards will give you this low interest rate on purchases as well for the promotional period.

This advice may not apply if you plan to pay your credit card balance in full, every month. But, if you plan to make bigger purchases you should be apply for a credit card that offers an APR that is roughly the same as what you would receive for a personal loan.