Choosing the Right Credit Card for Your Needs

You probably receive multiple offers for a new credit card each month, most boasting terms that sound too good to be true (which means they probably are). While there are excellent credit card deals out there, it’s important to shop around when choosing a credit card that works for you. Carefully review the card’s terms and conditions so you know what you’re getting into beforehand. Comparison shop for things like fees, benefits, and other features. This information is required to be listed in the credit card’s user agreement, but you have to know what to look for. It may even be helpful to create a chart to record all of this information so you can easily compare multiple cards side-by-side.

Interest Rate

You will be charged interest on your credit card purchases for every month that you carry a balance on your card. If you don’t pay your bill in full each month, you’ll accrue interest charges on the remaining balance. If you think you’re likely to carry a balance on the card, you’ll want to find a card with a lower interest rate so you aren’t paying too much in interest.

Grace Period

Some cards offer a low or even no interest for an introductory period. If you apply for a credit card during a special promotional offer, the grace period is the time during which you will not be charged interest on the balance of your credit card. In order to make the most of this type of offer, you will want to pay your balance off in full before the end of the grace period so you can avoid being charged interest.

Take note in your comparisons which cards offer a low or no interest rate, but pay special attention to what the rate will increase to at the end of the promotional offer. Be sure to confirm if any other terms may change as well. That way you will be able to plan ahead for those changes when the time comes.

Rewards Program

Some credit card lenders offer additional perks for their cardholders, so it’s wise to shop around and find a card with a rewards program and perks that will benefit you. Our Robins Financial Credit Union Visa® Platinum Rewards Credit Card is designed to offer you premium purchasing power at no additional cost. You’ll earn points on your purchases through the ScoreCard® Rewards Program, and those points can then be redeemed for a wide variety of items. Redeemable options include cash back, gift cards, unique experiences and travel opportunities, name-brand merchandise, fuel discounts, and so much more!

Consider which rewards matter most to you, and determine which card’s rewards program is the best match for your lifestyle.

Fees

There are a number of fees you will encounter in your search for the right credit card. Pay careful attention to which fees are associated with which card, and try to find a card with few and low fees.

• Annual Fee: Some credit card lenders charge a fee for using their card. Although this fee is only charged once per year, you can avoid it entirely and save that money instead by finding a card that doesn’t charge an annual fee. Robins Financial Visa® Platinum Rewards Credit Cards have no annual fees to help you save even more.
• Late Payment Fee: If you don’t make at least the minimum payment on your credit card by the due date, you will be charged a late fee on top of the minimum payment. The fee amount can vary depending your credit card balance, but this penalty can be avoided altogether if you stay on top of your payments. Set up automatic transfers for at least your minimum payment amount so you can rest assured your payments are always submitted on time. You can automate your credit card payments using Bill Pay in Digital Banking.
• Balance Transfer Fee: Transferring the balance on your existing credit card to a new card can help you pay off your debt faster with a lower interest rate. Some card issuers charge a fee for balance transfers. The fee will vary depending on the card issuer, but there are card issuers that don’t charge a balance transfer fee. If a balance transfer is something you think you might take advantage of in the future, find a card with no balance transfer fee. Robins Financial Visa® Platinum Rewards Credit Cards have no balance transfer fees.
• Cash Advance Fee: Some credit cards allow you to borrow cash from an ATM or bank, or your card company may send convenience checks you can cash. Most credit card companies will charge you a fee for cash advances. This fee is typically a percentage of the amount you borrow, plus possible ATM fees. Additionally, cash advances often have a higher interest rate than what you pay on regular purchases. Take note of the fees and rates for each card so you can be prepared before taking advantage of a cash advance.

Finding the right credit card that matches your needs will help you save money and make the most of your card. At Robins Financial, our credit cards work for you, which is why we offer the lowest rates possible and low to no fees. If you’re ready to apply for our Robins Financial Visa® Platinum Rewards card, view our rate information and credit card agreement. Apply online now or give us a call.