The average consumer uses their credit card on a regular basis. Not all credit cards are created equal. Each card has unique features; these features are as unique as the individual who is using the card. Since each lifestyle demands a different type of card there are three main things to check when looking for a new card.

Interest Rate

For the consumer who does not pay the credit card bill in full each month, it is crucial to check the interest rate before applying for any credit card. While the average credit card has an APR of approximately twenty percent, it can vary up to ten percent or more. Interest rates on certain cards are as low as fourteen percent; other credit cards can be as high as twenty four percent. Credit cards for individual stores tend to have a higher interest rate than a credit card that is accepted at any store. For the individual who transfers balances, check for a credit card that offers a zero percent interest rate for a promotional period. The best way to save money is to pay off the transfer in the allotted period of time.

Rewards

Some cards are tailored towards consumers who prefer cash back; other cards have perks for those who prefer to travel – when it comes to rewards, it is really important to research what card is ideal for your spending profile. No matter what kind of reward is offered, most consumers agree it is nice to be rewarded for loyalty. Credit card issuers are picking up on this; more and more cards have rewards attached. The most popular rewards are: cash, travel perks, merchandise, and gift cards. Credit cards with rewards attached are no longer exclusively for the consumer with immaculate credit. Many cards with rewards are now offered to individuals with fair credit.

Annual Fees

Be sure to read all the fine print before signing up with any credit card issuer. Some cards carry an annual fee; these fees can range from nominal to quite hefty. Annual fees are most often seen on credit cards that are meant to rebuild credit. Credit rebuilding cards often have a small credit limit, high annual fee, and through the roof interest rate. However, although typical, this is not true in every case. Annual fees can also be found on credit cards that have a stellar reward program. These cards are great for the consumer who uses the card often and will reap more in rewards than what was paid in an annual fee. Annual fees can be hidden in fine print. Occasionally a credit card will also have a free year before an annual fee sets in.

Disclaimer: This is a sponsored post for which I was compensated.