Finding the Best Credit Cards
When looking for a credit card, always try to get the best credit cards for you and your family. Of course, what may be the best credit card for one person may not be the best for another. A lot has to do with where most of your money is spent and when you’ll most often want to use your credit card. There are many credit card deals being offered every day, each offering different features and benefits. You’ll find Visa credit card offers, MasterCard credit deals and offers of credit cards from almost every department store you shop at regularly.
Many department stores will ask you if you want to apply for their store’s credit card as well as offer you a discount on your purchases if you apply and are approved on the spot. While these credit card deals sound appealing, especially if you shop in these stores frequently, these are not the best credit cards. While they’re perfect for helping pay for purchases at this particular store, it’s the only store where these cards can be used. If this is going to be your first credit card, don’t limit yourself to a department store credit card.
Many consumers are excited about getting a discount on their purchases that day and don’t take the time to ask any questions about these department store credit card deals. The APR on these credit cards may start at as high as 21% or even higher. It’s not unusual to see a department store credit card with an introductory APR of up to 28%, so always ask before you accept any credit card deals. You may have spent $500 on merchandise that day so the special discount they’ve given you for applying for the card sounds great. However, the high APR will eat up that discount very quickly.
Some people get these cards for the discount and then close the account, which is not a good idea. Lenders view an account that shows up on your credit report as closed negatively. They are not sure why the account was closed so it is not adding anything positive to your credit report. If you continue to use the card, the issuing company will continue to increase your spending limit because you’ve never been delinquent on your payments. When you apply for credit elsewhere, this credit limit will show up as more credit you could use if you wanted, which will affect their approval of your application.
If you want credit cards that can be used in department stores, consider some of the great Visa credit cards available such as those offering cash back or rebates as well as low introductory APR. One of the better credit card deals is the Chase Cash Plus Rewards Visa. This card has no annual fees, offers a 0% APR on purchases and balance transfers and a 12.99% APR after this. It also gives you 5% cash back or many other rewards you can use for merchandise or travel. These are also the best credit cards because they can be used in any store.