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It is important to keep in mind that when using a 0% intro APR card, you must monitor your credit utilization ratio. The best intro APR cards offer no-interest periods of a year or more to pay down purchases. After a no-interest period ends, a regular APR will apply. 0% Introductory Purchase APR CardsĬards with introductory 0% APR allow cardholders an option to finance sizable purchases as long as you have a plan in place to pay it off before the end of the zero-interest period. You will typically have to pay a 3% to 5% fee on balance transfers, so do the math to make sure a transfer will actually save you money. These types of cards are most likely more available for those with existing credit card debt but whose credit remains undamaged.
In order to qualify for balance transfer offers and cards with 0% promotional interest or a low ongoing rate, you’ll likely need good credit. If you are trying to manage existing credit card debt, a balance transfer card may be a financially advantageous option even well after you’ve completed the balance transfer. These “intro APR periods” can vary in length from six to 20 months or more.Ĭards with balance transfer offers may also offer rewards or other benefits. After the introductory period, a standard or regular APR applies. Balance Transfer Cardsīalance transfers offers allow cardholders to finance existing credit card debt, often for little to no interest during an introductory period. If you often maintain a card balance, the fees and interest you will pay may cost more than the value of any rewards you might earn.
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Since interest rates on premium rewards cards are often high, they are best for cardholders who pay balances in full each month. Typically, premium rewards cards require excellent credit for successful application approval.
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These cards are best for those who know how to manage credit cards well. Premium rewards cards typically charge high annual fees in exchange for elevated reward earning potential and even more benefits. But if you’re trying to limit your credit card usage-either because you’re at risk of carrying a large balance or because you want to limit your spending-a rewards card may not be right for you.Įarn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months Premium Rewards Cards Rewards cards also do a good job of incentivizing cardholders.
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Travel cards offer those that travel often (or use specific airlines or hotels frequently) additional miles and points that can be applied towards free tickets or rooms, upgrades and status changes, and lounge access and certain travel protections.įor retail-branded rewards cards, the same concept applies: Frequent shoppers at certain retailers will often see the greatest benefit by earning high reward rates or deep discounts when they use the card online with a co-branded retailer or to finance purchases in-store. Welcome bonuses offer new cardholders the ability to earn a reward for spending a specified amount on a card within a certain period of time.įor people who utilize credit cards frequently or for large purchases, rewards cards can be especially profitable. When cardholders use a rewards credit card to make purchases, they can earn rewards including cash back, points or miles. What Are the Different Types of Credit Cards? Rewards Credit Cards Check out our guide below to the many types of credit cards to learn more about which might be right for you. Many credit cards are best suited for a specific purpose such as earning rewards, building credit, financing large purchases, helping businesses finance expenses while earning rewards or financing previous credit card debt via incentivized balance transfer offers. The right card will help you responsibly achieve your financial goals while providing the best possible value. Different types of credit cards fit different cardholder needs.
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