Choosing A Credit Card
We all know that the huge and harsh competition between credit card companies is in full swing nowadays. On the one hand, it is good since due to the variety of available options you can choose the most suitable card for you. On the other hand, it is bad, because you are faced with the problems of choosing and the most difficult question – “which is best?” And this can completely confuse you. Do not be scared, in this article we will tell you how to compare and choose a credit card.
If you have a good credit history, then you have the opportunity to choose any card from among the offered by different banks. There are different types of credit cards. These can be credit cards that return cash, gift certificates, and bonuses to you (they are also called bonus miles (frequent flyer miles). The best way to get a good card is to choose the card that best suits your cost style and your needs.
Since there are different types of cards, first of all, you need to choose the type of card:
-prepaid credit card,
-business credit card,
-student card or
-permanent customer card, etc.
Then choose the most favorable rate, it depends on how you will use the credit card. If you completely pay off the balance every month, then prepaid cards are the best option for you. If you use the card to transfer funds, then you should choose a card with a low-interest rate to transfer the balance.
For people who often travel, for example, a card that provides miles for people who fly frequently or points are the best choice. In this case, it will be good to choose a card that pays a high percentage of travel expenses, such as plane tickets or room rates at the hotel.
Familiarise yourself with the annual interest rate. Most credit cards have a different annual interest rate for balance transfers, purchases, and cash withdrawals. Make sure you know the annual interest rate for each action. Also, you need to know the commission charged by ATMs, shops or when you pay the credit card bill late.
When choosing a card, you need to understand that this is not a one-time bonus, but a long-term source of money when they are urgently needed. Therefore, you choose your credit card, not only because it offers a bonus when you register, or because it gives you a discount at your favorite store. You need to focus on the Terms and Conditions of the card.
There are 2 world leading payment systems – Visa and MasterCard (take them as an example). These cards are accepted all over the world. It is difficult to find a payment terminal that supports Visa cards only and does not accept MasterCard or vice versa. If you want to pay with your card abroad, there are some differences that you need to know about and you decide which is most suitable for you.
You probably heard a lot of times that “Visa is an American payment system, and MasterCard is a European payment system.” It’s absolutely wrong. We can confirm this by comparing the names of payment systems – VISA International Association Service and MasterCard Worldwide. The main currency of the Visa payment system is the U.S. dollar while the main currency of the MasterCard payment system is USD or EUR, respectively. This is the difference between these payment systems.
Banks, concluding agreements with payment systems, usually open one or more relevant accounts. Often banks open USD accounts for mutual settlements with Visa and EUR accounts for transactions with MasterCard.
The conversion will take place in the event that you want to repay in a currency that is different from the one in which your card account is opened. If you pay abroad, part of the conversion is carried out in accordance with the tariffs of the payment system and the part in accordance with the tariffs of your bank. Moreover, conversion is often carried out more than between two currencies. For example, you have a Visa card, the account is opened in Japanese Yen (JPY). You want to pay this card at a restaurant in France. The conversion will be made as follows JPY-USD-EUR. The same situation if your MasterCard account is opened in Japanese Yen (JPY). The conversion will happen in this way JPY-EUR. You can pay attention that in the second case the conversion is less. To avoid conversion, use different cards in different countries. For example, in Europe, Cuba, Africa it is preferable to use MasterCard, in the USA, Canada, Latin America, Australia – Visa.
A credit card gives you the opportunity to make purchases instantly, without taking money from your bank account. It is impossible to refuse this kind of amenities, even if we understand that we actually “borrow” money. Just be extremely careful when choosing a credit card, read all information about the commission, rates and any other important information.
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