With a wealth of credit cards available, it's hard to know which deal to go for - and which will cater for your needs best. But here are a few helpful tips to point you in the direction of getting the best deal and also the right card to suit your needs:
Know your credit score:
Checking out your credit score is important when applying for a credit card. With each loan you apply for, you effect your credit score as when you apply for a credit card, the lender will review your credit report to see whether you pose as a high or low risk to them. Things that can impact on this can be how much credit you have borrowed and how timely you are with repayments.
Lenders are looking for evidence that you are reliable and conscientious in handling your finances, as they will consider it carefully when deciding whether you are a suitable applicant for a credit card. So the healthier your credit score is, the better, as it is likely to determine whether you obtain a credit card or not after your application.
Low interest rates:
The interest rate is a measure of how much it'll cost you to lend on your credit card. So if you have a lower interest rate, it'll mean you have less to pay back for the privilege of being able to in effect, borrow money using your credit card. Because the perk of having a credit card is it means you don't have to wait until you've saved up to be able to buy or pay for what you want; so in order to enjoy this, you will have to pay interest as well. This is why shopping around for those with the lowest interest rates is the best approach.
Rewards for you:
There are many rewards and privileges available through credit cards, and with each card issuer having their own unique rewards, you will need to shop around to see which suit you best. From cash back to free flights, hotel stays, car hire, rewards points to pay for things such as cinema trips, and much more, there's lots on offer just for using your credit card. Some cards give you discounts when you're shopping and even offers on golfing packages - and all just for using your credit card when making purchases and transactions.
A mix of credit is good:
If you are worried that your records will show you have various credit in existence, then don't be as this isn't necessarily a bad thing. Having a variety of credit available, such as a mortgage, a personal loan shows that you can handle a mix of financial resources (as long as you manage them well!).
Likewise, if you have a credit card with a certain limit (say, Â£1000) and you have only used a fraction of that (say, Â£500) then this is a good position to be in, as it shows you're not just maxing out your cards but being sensible where you can. It is best to keep your lending on the lower end of your limit if you can.