Which are the Best Credit Cards?

With so many credit cards available, it is hard to determine which credit card is the best credit card for you. There are numerous legal and technical terms .Deciphering the cardholder agreement can be a daunting task. Credit card banks capitalize on their cardholders' confusion and this often ends up costing the consumer more in the end.

Who are the major credit card issuers?

With hundreds of credit cards available, finding and selecting the right one can be challenging. There are several well known and reputable credit card issuers who offer credit cards. Few of the major credit card issuers are as follows:

• Chase Manhattan Bank - Chase Manhattan Bank offers numerous Master Card and Visa cards for various credit situations. They have credit cards for businesses, small businesses, students, and individuals with good credit histories. Chase also offers cards that support non profit groups, earn rewards and cash back rebates, have low interest rates and no annual fees. There are a number of store specific cards that are available through Chase.
• Bank of America - Bank of America also offers a vast selection of Visa and Master Cards. They also offer an American Express rewards card. Bank of America offers cards that support different groups, college and professional sports teams, cards that are connected to a reward or cash back bonus program and have low rates and fees. Like Chase, Bank of America also issues store specific credit cards. Business cards are also available.
• Citibank Financial - Citibank also offers a substantial amount of Master Card and Visa credit cards. Like Chase and Bank of America, Citibank has a number of programs available. Their cards offer rewards or cash back rebates, low interest rates and no annual fees. They can support various organizations and also do the functions of store specific cards. Citibank also offers business credit cards.
• Discover Financial - Discover offers an exclusive brand of Discover Credit Card. Discover offers a range of credit cards including cards with cash back rebates, rewards, student cards and cards for those that have excellent credit histories. Business credit cards are also offered by Discover.
• American Express - The American Express brand of credit cards are usually available through the American Express Corporation. American Express offers a variety of credit cards including rewards or cash back cards, cards that do not have a set credit limit, cards for students and cards that have low fees and interest.

How can I choose a card that is best for me?

The process of choosing the best credit card for your situation, can be a lengthy process, but can help you maximize your time and money.

The first step in attempting to select the best credit cards understands your credit habits.

• Do you pay your balance in full each month? If you do you may want to select a card that offers rewards or cash back. Since your balance is paid off, you will usually not incur any additional charges. This makes the interest rate less important. Take note of any special bonus rewards they may be offering to new cardholders.
• Do you carry a balance? If you carry a balance each month, obtaining a card with a low or no introductory interest rate is a main concern. There is little point in earning rewards if you will be paying more charges. Be sure to check if the company is offering any specials on balance transfers or low introductory rates.
• What will you use this credit card for? Consider which stores you will be using this credit. Some cards offer lower interest rates if used at specific stores while others offer high rewards for specific purchases or use in certain stores.

• What is the state of your credit?
  • If your credit is good, you have a vast array of credit cards available to you. Capitalize this by comparing rewards, interest rates and annual fees. Many credit card companies offer cards that are targeted toward individuals with good credit and have no annual fees, but offers competitive rewards and low interest.
  • Offers will be far more limited and expensive if your credit is poor.
• Compare available cards and credit card companies that have programs tailored to your needs. For example, don't get side tracked by low interest credit cards if you plan on paying your balance off in full each month. Instead focus on higher rewards and cards with no annual fees.
• Once you've decided on a card or cards that are right for you, apply to those credit card banks.

Now that you have got your card, take proper care to manage it appropriately so that you maintain or build credit history. This will ensure that you continue to be eligible for the best credit cards.

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