If you’re looking to expand your credit portfolio with a new credit card, there are three things you should look for in a new card. Changes in the way credit companies do business has created some unique rewards for card members, so shopping around to maximize your rewards can have a huge payoff.
Choose Visa or Mastercard
Look for a card that is accepted everywhere. Don’t choose the smaller credit card companies, no matter how good their rates are. Mastercard and Visa are two of the most widely accepted credit card brands so your credit card must be from one of these two companies. Stay away from the smaller companies like Discover and American Express because you’ll find some retailers will not accept them due to high fees imposed on retailers.
The next time you head out, pay attention to signs on doors, windows and cash registers showing which cards are accepted at the places you shop and visit the most. The point of credit cards is to offer a convenient method of paying for the things you need and it’s not convenient to realize your AMEX isn’t accepted. You’ll want something convenient that can be taken at your favorite locations, so noting which cards businesses take can help you make a smart choice.
Look For A Card That Rewards You
With the increased competition to get the best cardholders, many credit card companies are now offering rewards including airline miles, gift cards and more. How long it takes to earn the reward varies on each card but most start you off with bonus points to give you a head start.
When you’re shopping around for a new card, be sure to ask how points are accumulated. You may find that increasing the initial reward amount given with each purchase is common practice for new card members while old card members accumulate rewards much slower. Some companies like Discover offer a different bonus category each week, making it easier to accumulate points and get rewards.
Get A Card With Great Protection
There’s nothing worse than having your credit card stolen, other than finding out that the thief racked up hundreds of dollars of purchases. If this ever happens to you, you’ll want to have a credit card that offers plenty of protection options so you’re not liable for the damage done by the crook.
Credit protections vary widely amongst different credit card companies, so shop around to find one with good terms and considerable safe guards. Popular measures include zero reliability for fraudulent purchases and instant notification of suspicious activity.
If you look for a credit card with these three features, you’ll be well on your way to finding a card that works for you. In addition to the items mentioned above, you should take any fees and interest rates into consideration before making your final decision.