Credit cards come in so many varieties that it can be hard to know which one is the best choice for you. Some people like to earn cash back or other rewards while they shop, while others need help avoiding more debt as they pay off their balance.
If you're not sure which type of card you need, we're here to help! Here's a brief guide to low-interest credit cards and rewards credit cards to help you choose the best card for your needs!
Low-Interest vs. Rewards
A low-interest credit card is exactly that: a credit card with a low interest rate. While some of these cards have other perks, their biggest appeal is a lower APR, which makes it easier to pay off debt from month to month.
A rewards credit card, on the other hand, offers special benefits for using your card, such as cash back, points, or travel miles. These cards tend to have higher interest rates and fees, but for many people, the rewards are well worth the investment.
Why choose a low-interest credit card?
If you tend to carry a balance, a low-interest credit card may be the better option for you. Lower APRs make paying off debt easier by lowering your potential balance every month, so you can pay back what you owe sooner.
Knowing how long you expect to be paying off debt will help you decide what type of low-interest credit card you need. If you only need a short-term solution for saving on interest, try to find a credit card with a 0% intro APR period. However, if you tend to carry a large balance from month to month, a lower ongoing interest rate will be a better choice over the long run.
Why choose a rewards credit card?
If you're good about paying off your balance every month, a rewards credit card is the way to go. With less debt to worry about, you'll be able to cover the higher fees while earning a bonus for every purchase you make. Think of it as a reward for always paying back what you owe!
The main rewards you can earn from credit cards are cash back and travel miles. Cash back means you'll get a percentage of every purchase back. Travel miles can be used toward either any travel expense or a specific airline or hotel, depending on the credit card. Both options are valuable, so the best card for you will depend on what type of reward you prefer!
Do you carry a balance and need help paying down debt? If you're looking for a low-interest credit card, find out more about the credit card we offer at We Florida Financial. We'd be happy to help you get the best credit card to get your finances on track!