When you’re ready to choose the right credit card for you, the Mastercard logo may not be the most important factor. To find the card that best fits your finances and lifestyle, follow these steps:
Check your score
Your credit score is one factor that determines your eligibility for different credit cards. If you have good-to-excellent credit (FICO score of 670 and above), you’ll have an easier time qualifying for a number of great cards with some of the best features available. But if your score falls below 670, you’re likely looking for credit-building cards which may not have as many perks.
Know what type of credit card you want
To help you sort through the thousands of cards available, you’ll want to know the type of credit card you’re looking for. Whether you’re looking to earn rewards, take advantage of low interest and balance transfer offers or focus on building credit, you’ll have an easier time finding your card if you know the category that best lines up with your goals and spending habits.
Know the features that matter most to you
Once you know the type of credit card you’re after, it helps to know the features that will give you the most value. For example, if you’re looking for a rewards card, not only will you want to decide what type of rewards matter most to you (cash back versus points versus miles), you’ll also want to decide which additional perks would enhance the card’s short- or long-term value for you. From sign-up bonuses and intro APR offers to travel credits and enhanced redemption options, deciding which features matter most and looking out for them can make it easier to find which rewards credit card is right for you.
Keep narrowing down your options
Now that you know what you’re looking for, you’re ready to narrow down your search even further and compare credit cards. To make your search easier, consider using an online comparison tool like CardMatch. This can help match you with credit cards you may be eligible for using a soft credit pull, which won’t impact your credit score. It may also find cards with special offers and welcome bonuses you are likely to prequalify for and be approved for.
Look at the rates and fees
Finally, before you choose the card you want to apply for, make sure you know the various costs of the card. On top of an APR, your card may have a number of other common credit card fees, which include an annual fee, balance transfer fee, foreign transaction fee, and late payment fee. Some cards even charge a penalty APR if you make one or more late payments, which could last six months or longer. If you’re worried about this added charge, the best way to avoid it (besides paying your bill on time) is to pick a card that doesn’t charge a penalty APR. Once you know the card’s rates and fees, you’re ready to apply for a credit card.