Credit Cards with cashback, low interest, and incentives

             Do you want your credit card to work for you?  Credit card companies aren't stupid, and they know how to make the most money off of you.  With a little willpower and the knowledge presented herein, you can take full advantage of all the offers that they present while avoiding the fatal pitfalls.

 

 

             When deciding on what type of credit card to apply for, ask, "what's in it for me?"  If the answer is nothing much, then do not apply.  I realize some people might want to get any card they can get for the purpose of building credit / repairing bad credit - this might not be the best option.  I personally obtained my first credit card when I was 17 years old, an American Eagle store credit card; it has a $200 credit limit.  There are other ways to obtain credit, however - renting an apartment, paying a phone bill, purchasing an item using a payment plan (never use payment plans that charge interest), keeping your banking accounts in good standing, etc.  Credit cards present a real opportunity but also present a real challenge.  The challenge is for you to be responsible and respect the trouble that they can get you into.

             What should I look for in in a credit card?  Something that pays you.  Promotional interest rates are good, but be sure to check that the interest rate and incentive program after the promotion is over.


The Miles by Discover Card offers 12,000 bonus miles during the first year, one thousand per month. 

              Some people get different types of credit cards for different types of purchases.  For example, one card might offer a great cashback percentage on gas, another on restaurant purchases, and another on travel.  If you have good credit and can obtain them all, you might do well to get all three and use them for their respective purposes.

              When using credit cards, you just need to use common sense.  Also, look at the tips below.

  • No annual fees - for most customers, there is nothing a credit card can offer that will justify an annual fee.  The incentives would have to be exorbitantly high, which they aren't currently, to justify paying $50-100 a year just so a credit issuer can charge me interest.  Make sure your credit card has no annual fee. If a credit card decides at a later time to impose an annual fee, tell them that you will not remain a cardmember if they do.

  • Low interest rates are a must - generally speaking, a low interest rate is 10% or lower after any promotional period.  Unfortunately, if you have low credit, you might not be able to get an acceptably low interest rate.  If this is the case, you probably shouldn't use credit cards much at all.  Another rate to look out for is the default rate, which happens when you entirely miss a payment for a month.  The default rate is always extremely high, going as high as 35% and averaging out around 28%.  Don't miss a payment ever.

  • Find high incentives - A credit card absolutely must have incentives, whether it be in the form of a percentage cashback or points earned per purchase.  Also, bonuses are nice.  The Discover Miles Card offers 1,000 bonus miles per month just for using the card once per month.  American Express also often gives points bonuses. 

  • Read your cardmember agreements - not only will you be aware of all the bad things that can happen to you, you will also learn some of the benefits that each card brings.  Many cards offer travel accident insurance, lost luggage insurance, extended warranties, global assistance, concierge service, VIP booking services and more just for having their card.

 

 

excellent credit card choices

 Below are some prescreened credit card offers that offer great benefits and incentives.


  1. American Express Blue Card - offers high points and point bonuses.  I rarely spend a lot of money with this card, but I always seem to have thousands of points.

  2. Discover Miles Card - Get 1,000 miles per month just for using the card once per month.  Offers bonus miles as well.  Also, cashback percentage.

  3. Chase PerfectCard Rewards - high cashback percentage and low interest rate.

  4. Citi Dividend Platinum Select Card - offers virtual account numbers - these are randomly generated account numbers that expires within a month and can have spending limits placed on them.  They are designed to make your shopping experience safer.  Also, low interest rate and cashback.

 

 

 

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