Which Credit Card Is Best for You?

Source: http://www.flickr.com/photos/59937401@N07/

Source: http://www.flickr.com/photos/59937401@N07/

Have you ever personally cut up a credit card? That is a really great feeling — seeing all the little pieces float down into the trash can is a freeing experience. Credit cards carry with them the opportunity to spend way more money than we have, and because they give many consumers huge buying power, they can be very dangerous to a person’s finances. Still, credit cards have many benefits, and are especially helpful in emergencies. While there is no specific number when it comes to how many credit cards you should own, if you use them correctly (meaning, don’t spend more money than you can easily pay back except in an emergency), they can be a potential lifesaver in emergency situations, as well as a great way to improve your credit.

So, which card is the right one for you? That depends on what exactly you want in a card, and perhaps on your interests. Since there are so many credit cards out there, it really can be an exhaustive list for every person. However, the list below should help you get started in your search.

1. If You Want to Transfer a Large Balance to a Different Card

If you are hoping to consolidate various credit cards onto one single card in order to reduce your debt, you will want to look into cards that make this easy and affordable. One of the first cards you should consider is the Discover it card. It has a 0 percent intro APR on balance transfers for 18 months (and 6 months for purchases), after which the variable purchase APR applies (currently 10.99-22.99 percent.) The fee for balance transfers is 3 percent.

The card also offers cash back on purchases, and has no annual fee. You could also consider the Citi Simplicity card, which also offers a 0 percent intro APR on balance transfers (and also purchases) for 18 months (after which the variable APR is 12.99-21.99 percent). The balance transfer fee for Citi Simplicity is whichever is greater between $5 or 3 percent of the amount of each transfer. If you don’t feel that either of these cards is right for you, you also might consider BankAmericard, Visa Card, or Slate from Chase.