Getting the best credit card rates is one of the most important factors to get out of debt.. Lower rates mean that you will save a lot money so, you want to make sure that you have the best one that gives you the most savings.
The better the rates, the better for you, which is why you always need to pay attention to not only interest rates being charged, but also any other perks, such as cash back and rewards, so that you can get out of debt and build a better financial future.
These are some of the things you should take into consideration when finding the best credit card:
Cash back rate
The most important thing to review when choosing cards is the cash back rate the card is offering you. You should choose one that offers a higher rate, and as they usually come between 1–5%, the higher, the better.
Although it may be more difficult to find a card that offers 5% rebate, you may still be able to find a card that offers this depending on your spending habits. Being able to find a card that offers the most cash back will help you get the most out of your savings.
When you own a cash back card, you should also consider the fact that there might come a time when you decide not to pay your bill in full. In this case, what you want is to make sure that the interest rate being charge is something that is acceptable in your terms.
Today, the average interest rate being offered is 1–3%. Anything higher than these rates is something that you should stay away from because it would be too high.
Late payment fees
Another thing that you should consider is the fact that there is also a possibility that you will pay your card bill later than usual. Sometimes there is nothing that we can do but pay our bills late, especially if finances are a bit tight. On the positive side of things, there are cards that offer acceptable late payment rates, but it would depend on the card company that you are applying for.
Take note that most card companies request for an annual fee to be paid for services rendered. The most logical way around this is to find a company that waives these fees so that you can maximize your savings. If they do not allow this, you should find out whether they offer promos on waiving the annual fees.
As you can see, there are many different rates that have to do with credit cards. So, before applying for one, make sure you have a look into these rates so you can be sure that you are applying for the best credit card of all. If you follow these pointers, you will be sure to get great savings.
Stay Focused
Whether you’re in a committed relationship or married, with or without kids, the chances are likely that demands on your time are greater than ever. Not that you need a recap, but let’s examine some of the challenges you may be experiencing or observing weekly if not daily: Your employer is demanding more productivity from each employee, and that translates into longer hours, tighter deadlines and more overall pressure on you at work.
Because banks have been nervous about their balance sheets, you may have had some of your credit lines frozen, or cut, reducing your family’s ability to access financing without applying for new credit cards. You want to buy a house because of the low prices in the current real estate market, but higher credit score requirements have you temporarily ‘locked out’ as a potential buyer.
Or, perhaps you have excellent credit scores, but being self-employed, you take every tax write-off available, and cannot document enough net income to qualify for a mortgage without a 30%-40% down payment (currently 23% — 25% of potential homebuyers in the U.S.) Mortgage interest rates are the lowest they have been in over 50 years, but you cannot qualify to refinance your home because your credit scores are too low and/or you don’t have enough equity.
Each one of the external factors listed above is another variable that can further complicate your life, and many of the examples are completely out of your control. This doesn’t include the fact that if you have children, the number of responsibilities you need to juggle feel like they are multiplied by each child.
However, it is important for you know that regardless of what’s going on in the world around you, you still have the ability to navigate your family’s finances through the chaos. As you may already know, the more external variables/factors that you need to manage, the more challenging it is to feel like you have some control of your life.
The best way to offset this dynamic is to maximize every factor YOU can control by increasing the depth and breadth of your knowledge, understanding, and experience while increasing your efforts through self-discipline, continuous learning, and hard work.