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What Type of Credit Card is Right For You?

With the wide variety of credit cards to choose from selecting the type of credit card(s) that is right for you can be quite confusing. Do you select the credit card with the lowest interest rate, with the best rebate, or a secured credit card?

The answer inevitably depends on your lifestyle. If you pay your credit card bills in full every month then the interest rate is irrelevant and you should use a reward or cash rebate credit card that gives you something you will use in return (e.g. cash back cards such as Discover or reward cards such as airline mileage cards).

On the other hand, if you carry a balance every month the interest rate is extremely relevant. When selecting which credit card is best for you, make sure to choose a low interest credit card.

A secured credit card should be obtained for the following reasons:

  1. your poor credit doesn't permit you to obtain any other type of card, or
  2. you are obtaining a card for a friend, relative or child and want to limit your liability risk, or
  3. you fear you may be unable to control the amount you spend and want to instill some self-discipline.

In todays credit card market, depending on your credit, you should be able to obtain a secured credit card or a standard credit card with no annual fees.

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