Trout Associates Weigh in on How to Determine Which Credit Cards Are the Most Beneficial

A credit card can be an excellent financial tool for those who don’t have an emergency fund or who are looking to increase their credit score. Furthermore, airline miles, cash back and other rewards can make your next vacation or dinner date less expensive. With so many different cards and rewards to choose from, how do you know which one is best for you

Which Card Is the Least Expensive to Use?

Your top priority when borrowing money is to pay as little in interest to a lender as possible. Therefore, you want to choose a card that has the lowest interest rate, and it can also be a good idea to find one that doesn’t have an annual fee. You should also check to see if there are late fees, cash advance fees or balance transfer fees associated with a given card. In some cases, a lender will waive these charges if you have good credit. Working with a financial expert from a company such as Trout Associates or others in your area may make it easier to analyze your options.

Which Card Has the Perks That You’ll Use the Most?

If you don’t travel, using a card that gives you airline miles may not make a lot of sense. If you don’t have a car, it probably isn’t worth applying for a credit card that offers cash back at gas stations. Instead, you should apply for a product that offers rewards that you will actually make use of. However, it is worth noting that you shouldn’t accrue a debt balance simply to get points or cash back. This is because the interest that is owed on the balance will be much more than the value of any perks that you receive.

Can You Keep Track of Your FICO Score?

If you are using a credit card as a means of improving your credit score, it is important that you can track your progress. Many credit card companies will update your FICO score once a month. This is the score that would appear to lenders if they were to do a hard pull of your credit report. In some cases, you will receive a rough estimate of your score and ways that you can increase it over time. Companies such as Trout Associates may be able to talk more about why your credit score is important and how it is calculated. 

Does a Card Offer Identity Protection Services?

While you hope that your identity is never stolen, there are a myriad of ways for people to gain unauthorized access to a credit account. It is not uncommon for credit card companies to offer identity theft or other types of proactive fraud protection. As a general rule, you are not responsible for any charges that you dispute until the case has been resolved.

With dozens of credit cards on the market today, it can be hard to decide which one is right for you. Therefore, it is important to consider why you are applying for a card and what perks you would be most likely to use. From there, you can choose the product that offers the most favorable terms both now and into the future.

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