Ninja Money Masters

The best credit card for you depends on why you want the credit card, where you plan to use it, and whether you’ll pay it off in full every month or carry a balance.

The most popular credit cards are Visa, MasterCard, Discover, and American Express. But not every merchant accepts every card, so be sure to see which ones your favorite stores take before you decide which one to get.

If you plan to use your credit card for major purchases that you’ll pay off over time, then the interest rate will probably be the biggest factor in choosing your card. Bankrate.com surveys the credit card market every week and publishes the best low interest credit cards.  Be careful when you look at their web site.  The listings on the left side of the page are “popular” cards (which means the merchants have paid for advertising to be in that space).

Look on the right side of the page for a box that looks like this

If you plan to use the card as a convenience (to limit the amount of cash you carry and to simplify your record keeping) and you’ll be paying off the entire balance every month, then the interest rate on the card won’t matter so much. You might be more interested in rewards cards or cash back cards.

Choose wisely, because you’ll want to keep your credit card for a long time.  That’s one of the best ways to raise your credit score.

Questions? Leave them in the comment section below.