Whether you’re applying for your first credit card or looking to upgrade to a card that better meets your requirements, it’s essential to make research! With plenty of good credit cards to apply for, you’re sure to find one, but there are a few factors to consider before you make a final choice. Today, you can get a useful personal credit card that offers you more than a simple payment tool.
Inevitable pluses of the credit card still remain convenient and safe. It can be checked via personal application online in a minute. The point is choosing the best credit card as there are a lot of good options nowadays; you just need to find out what perks are preferable for you. There are a lot of services that provide you with all the information about credit card benefits, and the best one is Effectify, where the useful credit card features are explained in a clear way. You can also check the overview of cards on The New York Times or another source that is based on CreditCards.com rates (others like Chase Ultimate Rewards Citi ThankYou cannot be assumed as comprehensive ones).
What perks are considered to be included in the rating system?
- Rewards value or estimated yearly value
It is considered for the sum of $1,325 (average monthly spend), including sign-up perks, average reward, yearly payment, mean redemption for reward compared to one travel card to another. The value comprises 47 percent.
- APR
The annual percentage rate places only 3% in the sum because the carriage of card balance is unimportant.
- Flexibility of reward
It is an important issue as if the redemption is not flexible in time and options, what is actually the point of it. If you care about miles redemption flexibility, explore the expiring and blackout dates, limitations, minimum thresholds, transfer included, etc. (see individual offers for the chosen card). This issue is scored as 40 percent from the total (reminder: rate is made by Credit.Cards.com).
- Features
It is about customized features and their value.
Services that the companies offer can be cashback (unlimited, 1.5%), cashback for purchase (i.e., 5% cashback on the purchase up to $1,500), gift cards and bonuses, cashback rewards for an annual fee (i.e., 5% cash back in case you spend the fixed yearly minimum, and this sum is redeemed on hotel benefits, miles, gifts).
What are the common benefits for the owners of the cards?
- Warranty
While paying with a card, you can get from 1 to 12 months of additional warranty (nevertheless, manufacturer one).
- Do you want Black Friday, not only on Friday or sales?
Yep, you have such an opportunity with a credit card a few months in advance.
- Damage or Loss
Assurance of purchase is a nice addition. It will help in case of expensive things’ loss.
- Redemption on Return
If the typical redemption usually takes up to 30 days, purchasing with a travel card can offer you up to 3 months.
Visit Effectify.com to compare these features in terms of specific card examples and choose the best one that meets your needs!