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How to Find the Best Credit Cards

There is no one Best Card for Everyone

There are many individuals who are looking to find the best credit cards. There's no easy answer as to which is the ideal card. The good news is that there are a vast number of choices, so while the same line of credit is not ideal for everyone, there are definitely certain cards that are the best for a particular type of individual. We'll cover the basics in this article, and then you can go on to do further research once you've evaluated your financial needs.

The Best Credit Cards for a Student or Teen

For college students and teenagers, getting a first credit card can be a tough choice. Often, a parent or guardian will be needed to help steer the way and ensure that finances are properly handled. Because of the lack of a credit history, young adults often find themselves with a limited number of choices when shopping for a credit card. Many banks will try to charge an application fee, they'll tack on an annual fee, and in many instances will set a very low limit for the card.

Before agreeing to these terms however, you should know that there are plenty of cards that don't charge for the application and won't ding you each year with excessive fees. A low limit is usually going to be the case, since it takes time to demonstrate a good credit history. Also, consider the minimum might not be such a bad thing, since it also keeps a young person from spending too much too quickly. Within a year or two, a good repayment history will result in higher limits without even asking for it.

The Best Credit Cards for a People Saving Money

Once individuals are further along in terms of their credit card history, they can start putting their good scores to work for themselves. How do they do this, you might ask. Well, there are a number of ways, depending on what is most important to the person. There are cards that offer free airline miles, free gas, cash rebates, and other attractive rewards. All of these are available without annual fees or service charges.

In order to take full advantage of these bonuses, however, it goes without saying that you must pay off your balance each month. If you don't, then none of these perks really amount to anything. So, if you're not the type to pay the balance in full, then stick to cards with fewer benefits that have lower interest rates.

The Best Credit Cards for Middle to Upper Class

Once you've attained a higher level of financial success, saving money on your credit card might not be foremost in your mind. There are a number of cards that offer exceptional service in exchange for annual fees and membership dues. Some of those amenities include exclusive vacations (including hotels, time-shares, free flights) along with special access to VIP clubs, waiting areas, and concierge services.

You don't have to be rich to enjoy these benefits, as long as you're approved by the bank and credit card sponsors. For some, it's not worth it to spend the extra money, but if you're in a foreign city and need help, the services can be a lifesaver. Like all paid offers, make sure to understand what you're committing to before you agree. Many will have a contract for at least a year, so if you find something not to your liking you'll be able to get out of it, just not right away. In summary, there's no best credit card for everyone out there, but there is a best card for you. Good luck finding it.

photo of credit cards in wallet