by Wesley Deans

Created on: March 05, 2009   Last Updated: March 31, 2009

Credit Cards Abound

There are literally hundreds, even thousands of different credit cards to choose from. How can an individual know which is the best credit card? The search for the "friendliest" credit card on the market takes time and requires the ability to filter through the irrelevant. For example, are you going to allow a credit card company to win you over with the color or design of their plastic? Instead we are in search of a card with low APR financing, a fixed rate, no annual fees, and leniency for infrequent missed payments.

There are many cards that offer initial 0% APR only to bump up their financing to astronomical heights. A key to finding the right credit card is self-control and research. Self-control is necessary in our spending habits because credit card companies allow for better financing to an individual who has honored previous payments. A high credit score translates into excellent credit card rates and benefits. For an individual who has strayed with previous payments all is not lost, but a concerted effort is necessary to regain credit trust. Research is important because many people simply choose the first credit card offer that pops up in the mail. This is not a wise decision, as most credit card companies are merely out to make money. Companies like MasterCard and Visa will approve applications from almost any person with a blood pulse.

Perks and reward cards are usually a sure sign of a misfire when searching for a credit card. Some credit card companies offer frequent flyer miles, or cash back reward programs. These programs are usually just a way of covering the fact that they have ridiculous fees and terrible financing penalties for an unpaid monthly balance.

Credit cards are not for the absent-minded or the spend freak. The fact that a credit card company allows a high credit limit to an individual does not entitle them to spend up to that limit. When a person begins thinking their credit limit is a free pass to unlimited spending, they are in for a rude awakening. Digging out of a credit hole is stressful and can even take years. The years a person takes to repay their credit card bills could have been replaced with retirement or home ownership savings. Not only are years of savings lost, but the peace of mind of a clean credit statement is lost. Stress results anytime you owe money to another business or individual.

Recent figures from March 5th, 2009 show what kind of credit card a person should be looking for to get the best

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