How To Choose The Best Credit Card - FAQs

What is the difference between a secured credit card and an unsecured credit card?

What are the best low interest rate unsecured credit cards for personal and business use?

Which credit cards are best for cash rebates?

Which credit cards are best for high school students and college students with low interest rates or 0% interest rate APR?

What is an introductory 0% APR interest rate?

What does APR stand for and what does it mean?

Which credit cards do not have an annual fee and have a 0% interest rate?

Which credit cards have a 0% interest rate that is not an introductory rate?

Which credit cards are best for gas rebates?

I have very bad credit, what is the best low interest rate credit card for me?

I have no credit history and want to establish a good one, what is the best credit card for me?

What is considered bad credit, fair credit, good credit and excellent credit, when applying for a credit card?

Question: What is the difference between a secured credit card and an unsecured credit card?

A secured credit card is secured by a deposit that you make to the credit card issuer's bank. Deposits usually range anywhere from $200 to $5000. You get to use 100% of the funds available on your deposit. Secured credit cards are best for people who are having difficulty getting an unsecured credit card because of bad credit or no credit history. An unsecured credit card is credit extended to your with no deposit. You spend the money and then make monthly payments.

Question: What are the best low interest rate unsecured credit cards for personal and business use?

The Small Business Micro Loan Visa® Card is a good option. It is exclusively for business owners. You can have the name of your company embossed on your card. This is a great way to impress clients and advertise your business whenever you use your card to pay for services, merchandise, supplies, etc.

Question: Which credit cards are best for cash rebates?

The best cash rebate cards are those that offer high percentage rebates, no annual fees, bonus points, double points and platinum member benefits such as auto rental insurance. Here is the list of the best cash back rewards cards.

Question: Which credit cards are best for high school students and college students with low interest rates or 0% interest rate APR?
Here is a list of secured/prepaid and unsecured credit cards for teenagers/high school students and college students.

Question: What is an introductory 0% APR interest rate?

A 0% introductory interest rate is a dangling carrot that credit card merchants use to make credit cards more attractive. Should you fall for it - Yes! You pay no interest on your purchases for 6 to 12 months. The alternate is paying interest from day one. Pay attention to the credit card terms for details about the standard interest rate after the introductory period is over.

Question: What does APR stand for and what does it mean?

APR stands for Annual Percentage Rate. It is the interest rate that a credit card merchant charges for the unpaid balance on your credit card. For example, if you owed $500 on your credit card witn a 20% APR and did not pay it off, the interest charged on the account for the year would be ($500 * .2) = $100. Thus at the end of the year, you would owe $1100. Of course, no credit card merchant will keep your account opened after a few months of non-payment. Let's not forget the pesky debt collectors.

Question: Which credit cards do not have an annual fee and have a 0% interest rate?

If you want a no annual fee credit card that also offers a 0% APR, you will have to get a prepaid or secured credit card. Almost all unsecured credit cards have an interest rate after their 0% APR introductory rate. If you are a student, here is a list the best student credit cards.

If you have no credit history or have bad credit and you are having trouble getting an unsecured credit card, your best option is to get one of these no annual fee, 0% interest rate secured credit cards. Here is a list of credit cards for bad credit or no credit history.

Question: Which credit cards have a 0% interest rate that is not an introductory rate?

There are number of unsecured and secured credit cards with 0% interest APR or no APR. Here is a list of 0% balance transfer and 0% introductory rate credit cards.

Question: Which credit cards are best for gas rebates?

Here is a list of the best gas rebates.

Question: I have very bad credit, what is the best low interest rate credit card for me?

People with bad credit can still get a secured/prepaid or unsecured credit card. Here is a list of credit cards for low credit scores or no credit history.

Question: I have no credit history and want to establish a good one, what is the best credit card for me?

Establishing credit history, now, allows you to have a strong credit history when you are ready to purchase a car, house or other valuable assets. Here is a list of credit cards for people with no credit history or very low credit scores.

Question: Will getting a credit card that rebuilds your credit, raise my FICO score?

There are unsecured and secured credit cards available to people with no credit history or poor credit. These cards report your account activity every 30 days to the three credit bureaus: Equifax, Experian and TransUnion. Getting an unsecured or secured credit card such as the xxxxx will allow you to establish positive credit and in turn raise your FICO score. 35% of your FICO score is based on payment history and 15% is based on the length of credit history.

Some of cards in this category carry higher interest rates and fees, but they may be worth the initial cost, in order to build good credit and get a better overall credit card in the future. In addition, better credit will give you access to auto loans, home loans, etc.

Question: What is considered bad credit, fair credit, good credit and excellent credit, when applying for a credit card?

Bad credit - credit scores 350 to 6150 (350, 360, 370, 380, 390, 400, 410, 415, 420, 430, 440, 450, 460, 470, 480, 490, 500, 510, 520, 530, 540, 550, 560, 570, 580, 590, 600, 610, 615.

Fair/Average credit - credit scores 620 to 660 ( 620, 625, 630, 635, 640, 645, 650, 655, 660)

Good credit - credit scores 670 to 740 (670, 680, 690, 700, 710, 720, 730, 740)

Excellent credit - credit scores 750 to 850 (750, 760, 770, 780 790, 800, 810, 820, 830, 840, 850)

Credit score qualifications Cash Rewards Credit Cards
If you are applying for a cash rewards or cash back credit card, the best deals are available to people with good credit scores of 700, 710, 720, 730, 740, 750, 760, 770, 780, 790 and up.

Student Credit Cards for High School Student, Undergraduate Students and Graduate Students
If you are applying for a student credit card and you have an excellent or great credit score of: 750, 760, 770, 780 790, 800, 810, 820, 830, 840, 850, you will have no problems applying for a getting any of the credit cards above.
If you are applying for a student credit card and you have an average, fair or a credit history that is not too strong or long, a credit score of: 620, 625, 630, 635, 640, 645, 650, 655, 660 will be sufficient to get a credit card.
If you are applying for a student credit card and you have bad or poor credit history with a low credit score of: 350, 360, 370, 380, 390, 400, 410, 415, 420, 430, 440, 450, 460, 470, 480, 490, 500, 510, 520, 530, 540, 550, 560, 570, 580, 590, 600, 610, 615, 620 will be sufficient to get a credit card.

No Credit History or Bad Credit History - Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure, Auto Repossessions, Chargeoffs, etc
If you are applying for a credit card and you have no credit history because you are just relocating to the USA or you are just starting out, you do not need to have a high credit score. Apply for any of the No Credit History Credit Cards reviewed.
If you are applying for a credit card and you have bad or poor credit history with a credit score of: 350, 360, 370, 380, 390, 400, 410, 415, 420, 430, 440, 450, 460, 470, 480, 490, 500, 510, 520, 530, 540, 550, 560, 570, 580, 590, 600, 610, 615, 620 - Apply for any of the Bad Credit History Credit Cards reviewed.