Choosing A Credit Card

Some days it really does seem like money makes the world go ‘round. But, when you need money to keep your world spinning, it can be hard to know which credit card works for you. That’s where financial search engines can help you find a card that suits your needs.

No matter your current credit status, there are likely credit cards available to help you manage your finances and pursue your financial goals. You’ll need a few things before we get started. 

First, you’ll need to know your credit score. Next, you’ll decide what features are most important to you. Do you need a 0% balance transfer? Or a 0% interest for the first 12 months of the card? If you’re taking out the card to purchase travel, maybe rewards and points are the most important features.

We’ve organized some typical credit card types and feature below by credit score, so you can start to see what options are best for you.

If you have a limited credit history and have a bad credit score, you may feel like there’s just no options for you. That’s just not true!

Some cards are available to those with limited credit, even ones that offer cash back. Cards like these are great to introduce borrowers to responsible credit usage. There are even cards that increase their percentage of cash back if you make your entire first year of payments on time. Plus, if you’re an Amazon Prime user and a student, there are even cards that provide an annual subscription to Amazon Prime as part of their perks.

Cards with features like these are both great for young and/or inexperienced borrowers who are looking to establish credit history and prove their creditworthiness.

Borrowers with a credit score of less than 620 generally fall into the poor credit category. But don’t stress—there’s a card for you too! You’ll want to aim for a card that help borrowers build credit quickly. Secured cards are typically good options with that purpose in mind. 

On top of working with borrowers without the best credit history, some lenders offer tips on how to build credit on their credit education page. Financial education is important, and a card that comes with it can certainly prove its value. Don’t undervalue offers that include access to financial education resources like guidelines and advisors. 

For those with poor/fair credit scores, 600-640, the feature options are similar. They often don’t require a credit history or a minimum score. While this helps people with limited or no credit, this is especially helpful for borrowers with low credit scores.

If your credit score is in the range of 620-659, there are several options for you. Many cards in this category offer online account access from your desktop or mobile device. Some even offer “$0 Fraud Liability”. Features like these protect borrowers in a time where so much of our data is online and potentially susceptible to hackers. While these cards are not available to those with no credit, they are good choices for those looking to build up their credit.

Borrowers with good to excellent credit generally have scores in the range of 660-720+. Borrowers with good credit usually have more favorable rates and terms, so some planning their financial future may find it’s better to build up credit before applying for a large line of credit. 

Some cards in this category offer up to $150 in statement credit when you spend $1,200 in the first 90 days after opening the account. Some offer 0% APR on purchases and balance transfers for the first 12 months. Cards with features like these are great for those who might want to carry a balance on a card for a few months before paying it off in full.

Other cards offer cash back on travel, entertainment and restaurants, as well as credit limits up to $10,000. These types of cards are a great fit for those who plan to spend big on the types of purchases that earn cash back, and for those who know they can pay their card back in full and on time. 

The credit card features above are just some of the opportunities you can find when you search with Fiona. Fiona makes it easy and simple to see which cards match your needs, and which cards offer the features you need. The best advice is to make the choice that works best for your needs, and research all you can before you decide.