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How do I choose the Best Credit Card for me?

Best Credit Card
Best Credit Card
Today's consumers are presented with a wide array of credit card choices -- cards with low annual percentage rates, cards with no annual fees, rebate cards, gold cards, platinum cards, etc. So, how do you choose the right card?

Here are some factors to consider:

Your Credit History: This is the most important factor in determining whether or not you will receive a credit card. If you have excellent credit, it is likely you will be approved for any credit card you apply for. But if your credit is 'so-so', or poor, you must be more careful in your credit card selection.

Platinum, Titanium, Gold, or Classic?

As a rule of thumb, Platinum and Titanium cards are normally reserved for individuals with excellent credit. If you have good credit, you may be able to qualify for these offers, but you are more likely to be approved for a Gold or Classic card. With increasing levels of status, individuals receive increased benefits such as and higher credit limits and lower APR's.

Secured vs. Unsecured

For individuals with poor credit, or no credit, several types of credit cards are available. These cards are an effective way to establish and improve your credit history. Secured credit cards are available to most individuals. They require a security deposit (normally between $150 and $300) to receive approval. Unsecured credit cards, on the other hand, do not require a security deposit. Both normally have higher rates and additional fees as compared to standard cards.

Prepaid cards are also available as an alternative for those with poor credit. They operate on a 'pay as you go' basis and boast Guaranteed Approval!

Tip: Apply for an unsecured credit card first!

Your Spending Habits: When choosing a credit card, consider how your will use the card. Will you pay off the outstanding balance in full each month, or will you carry a balance? If you carry a balance, you'll probably be more interested in a low APR credit card. On the other hand, if you always pay your monthly bill in full, and reward offers such as frequent flyer miles don't interest you, your best choice may be a card that has no annual fee and offers a longer grace period.

Your Specific Interests: Do you do significant amounts of traveling, use a specific brand/service, or shop at a specific chain of retail stores? Many credit card issuers will allow you to earn rewards for your devoted service.

Travelers: If you are a frequent traveler, many companies allow you to earn bonuses to benefit you. Frequent Flyer cards also known as travel reward cards allow individuals to earn free air travel with every purchase. Other offers such as gas credit cards allow you to earn free gasoline, or earn credit towards automobile purchases. Shoppers: If you are a frequent shopper, or prefer a certain retail store or brand of products, many companies allow you to earn cash rebates when you make purchases. Cash Rebate also known as cash back credit card offers allow individuals to earn cash back on all purchases made. In some cases, they offer increased incentives for purchases on certain products or brands.

Below you will find a sample of the best credit cards available in the industry today.

Discover® More® Card

Discover More Card
  • Overall Rating Five Stars
  • Benefit Rating Five Stars
  • 0% intro APR on balance transfers for full 12 months, than the Regular APR
  • 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
  • Up to 1% unlimited Cashback Bonus® on all other purchases
  • Discover Card
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
0% 12 full months on Balance Transfers; 6 full months on Purchases* 11.99% - 20.99% Variable* None* Yes* Excellent Credit

Blue Cash® Everyday from American Express

Blue Cash from American Express
  • Overall Rating Five Stars
  • Benefit Rating Five Stars
  • No annual fee, flexibility to pay over time
  • Get 3% cash back at supermarkets, 2% cash back at gas stations and department stores, and 1% cash back on all other purchases
  • NO spend minimum, NO enrollment, and NO rotating rewards categories
  • Get a $25 Referral Bonus for each friend or family member who is approved for the Card
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
0% For up to 12 Months 17.24% to 21.24% Variable* $0* Yes* Excellent Credit

Simmons First Platinum Card

Simmons First Platinum
  • Overall Rating Five Stars
  • Benefit Rating Five stars
  • Excellent Credit Required - Applicants that do not have excellent credit will not be approved
  • Low 7.25% variable standard purchase APR and platinum benefits
  • No balance transfer fee for balances transferred in response to this online offer
  • No Annual Fee
  • Simmons First Platinum Card
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A 7.25% Variable* 0$ Yes Excellent Credit

IBERIABANK® Visa® Classic Card

Iberiabank Visa Classic
  • Overall Rating Five Stars
  • Benefit Rating Five Stars
  • No annual membership fee
  • Low variable rate of 7.25%, 10.25%, or 13.25% (Prime + 4.00%, Prime + 7.00%, or Prime + 10.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $1.00).
  • Low Introductory APR on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
  • Online access to credit card account information
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
1.99% 6 Months Balance Transfers As low as 7.25% Variable* None* Yes* Excellent

Platinum Card® From American Express

American Expess Platinum Card
  • Overall Rating Five Stars
  • Benefit Rating Five Stars
  • 25,000 Membership Rewards(R) points bonus, redeemable for one domestic round-trip Coach-Class airline ticket, when you spend $1,000 during your first three months of Card membership
  • New GLOBAL Travel benefits: Priority Pass select airport club access, No Foreign Transaction Fees, Global Entry expedited U.S. immigration pass
  • Up to $200 in Airline Fee Credits annually to cover incidental charges on your airline of choice, including checked-baggage fees
  • Complimentary Companion Airfare with purchase of qualifying First- or Business-Class international ticket
  • 24/7 Platinum Card(R) Concierge service for assistance with reservations, travel, gifts, and more
  • FINE HOTELS & RESORTS Program: exclusive upgrades and amenities at over 700 boutique, resort, and luxury hotels worldwide
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A N/A $450* N/A* Excellent

Orchard Bank® Visa® Card

Orchard Bank Visa
  • Overall Rating Five Stars
  • Benefit Rating Five stars
  • Reports to 3 major credit bureaus monthly providing you the opportunity to rebuild your credit score!
  • Acceptance at millions of locations including website purchases and reservations
  • Your account information is updated and at your fingertips 24/7 so you can manage it your way
  • Email and text messages to remind you of your upcoming payment due date with online enrollment
Intro APR Intro APR Period Ongoing APR Annual Fee Balance Transfers Credit Needed
N/A 7.90-19.90% 7.90-19.90% based on credit worthiness $0 - $60 the first year; $35-$79 per year thereafter, based on credit worthiness Yes* Bad Credit - No Credit

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American Express Blue Cash