How to Choose the Right Credit Card

Not all credit cards are created equal–they come in different shapes and sizes so that everyone can find the right card to suit their needs. 

You might choose a card based on whether it's for personal or business use. You might want to pay your balance off in full every month or carry it over. Read on for handy tips about how to choose a credit card.

Choosing a Credit Card–Quick Questions to Ask Yourself

To evaluate your credit card options, it's a great idea to take a moment and ask yourself some easy questions. Your answers will point you in the right direction so you'll choose the best credit card for your financial situation.

Do You Like Collecting Rewards?

We all know a credit card is a convenient way to buy things now and pay for them a little later– but why stop there? With a Rewards Visa, you can get 1% cashback on many of your purchases. 

The money will be stockpiled throughout the year then deposited into your Greater Texas Credit Union savings account. The best part is, you don't need to do anything extra to get your rewards. You'll be automatically enrolled when you sign up for your Rewards Visa.

Qualifying purchases include:

  • Point of sale
  • Online 
  • Over the phone 
  • Recurring bills charged 
  • Mobile wallet

Do You Plan to Carry a Balance Month-to-Month?

Many people do just fine paying the minimum balance due and rolling over a small balance on their card from month to month. If that sounds like you, then you'll benefit from a no-frills card with a nice, low interest rate. 

Cards like the Visa Classic come with:

  • A low annual percentage rate (APR) so the interest you pay will hardly add up to much, and you can rest easy knowing you've got everything covered.
  • All-purpose transaction capabilities so you can use your card to pay for just about anything, anywhere, anytime! 

Do You Want to Build Your Credit Score?

We all need to start our credit journey someplace–and some of us need help getting back on track after taking a few wrong turns. Whatever the case for you, a Shared Secured Visa could be just the ticket. 

Here's how you can make a secured credit card do the work for you:

  • Put up some of your savings as collateral for your secured card.
  • Your credit union will hold your savings while your secured card is active.
  • Make all your monthly payments on time and your credit will start improving.
  • When you're ready to graduate with an unsecured card, you'll get your savings back and be set to take the next steps in your journey!

Do You Want a Card for Business Purposes?

Running your own business can be stressful, but a Visa Business Card is here to make your life easier. Having access to a generous credit line means you can focus on everything else you've got on your plate, without sweating the small stuff.

Features of a business credit card may include: 

  • A fixed APR so you'll always know what to expect.
  • No foreign transaction fees so you can do business all over the world.
  • Options to cater for small businesses

Do You Want Fraud Protection?

Whichever credit card you choose, they all offer enhanced protection from fraudulent activity. 

Safety features may include:

  • Falcon Fraud detection is an automated fraud detection service that monitors plastic card purchases.
  • Visa Account Updater is a system that verifies your transaction information before ever sending a payment. 
  • Verified by Visa® gives you online purchase protection.
  • Visa Zero Liability is just like an insurance policy. If your card is ever lost, stolen, or compromised you won't be liable for any fraudulent charges, and you'll get a full refund as long as the transactions meet certain criteria. 
  • EMV chip technology makes it easier and safer to use your card at a chip-activated terminal.

Compare the Fees on Different Cards

As well as comparing credit cards, you can also compare financial institutions. Be sure to find a lender who offers no annual fee on whichever card you choose. 

Weigh up how you plan to use your credit card and then make sure you'll be charged zero or low fees on what's important to you, including:

  • Cash advances 
  • Balance transfers 
  • Foreign exchange fees 

Choose a Credit Card That’s Right for You

Understanding the common features of popular credit cards is the first step. The next step is to take a look at the nuts and bolts of different card offers from various financial institutions. 

Remember that your local credit union is likely to offer highly-competitive rates because their goal is to give back to you instead of taking it in as revenue. Click below for details!

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