Finding The Best Credit Card For You

One of today’s most common forms of loans are credit cards, which are used virtually everywhere. They provide convenience and an easy means to build credit. But with so many credit cards out there, how do you figure out the best option for you and your lifestyle.
 
Here are five credit card features to consider before deciding what card is best for you.

Rate
Will you be paying off your balance every month? If so, card features such as rewards and fees may be more important to you versus securing a low interest rate. If you plan to revolve, a low rate can lead to major cost savings on your credit balance.

Fees
Fees can be costly and unexpected. Be sure to find out if the card you are looking at has any fees associated with it including - annual, over-the-limit, late payment and any additional card fees. These fees vary from card to card, and may be negotiable. It may make sense to select a card with as few fees as possible, to save yourself money.
 
Rewards
There are tons of credit cards out there with reward options. Cards may offer cash back or points toward airline or other travel, merchandise, etc. Consider the type of rewards offered. Do you travel frequently? If so, a points system reward credit card may be of great value to you.
 
Fraud protection
Most cards offer zero-liability policies. Be sure to ask the credit card company you’re considering to explain what protection you have in the event of fraudulent charges.
 
Online access
For many of us online access to credit card statements, bill pay and rewards is important. Ask if you will you be able to view transactions and rewards and pay your bill online. Being able to manage your card online can be very convenient.
 
Most importantly when applying for a credit card, read the terms and conditions, avoid late payments and overspending (stick to your budget!). Opening a credit card doesn’t have to be intimidating. Do your research and you’ll discover what card is best for you.

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In celebration of its 75th Anniversary, NEFCU, a leading Long Island credit union, is offering a special introductory rate of 1.75% APR for 12 months of purchases and six months on balance transfers when you open a new VISA credit card by September 30, 2013. For information about NEFCU’s low interest rate credit card with rewards, call 1-888-773-1457 or visit www.myNEFCU.org.