Find The Second Credit Card Perfect For You
Second Credit Card
People can become very attached. They become attached to a whole range of items, like sweaters, jewelry, and items of furniture.
People can also become attached to a credit card. A card that you have used for many years can become a reliable friend.
It might have seen you through the good times and the bad times. Your card may have been there on your university trip. It might have bought your future spouse their first drink when you met at a bar. That same credit card might have helped your purchase sentimental items for your kids.
Despite this attachment, you should not be afraid of finding a second credit card.
Your credit card needs change as your lifestyle changes. As people get older, their relationship with the credit provider can change.
Making regular payments, paying off old debt, and being a loyal customer can be of benefit to your credit score. If your credit scorechanges you can have access better credit limits which can assist your short term cash flows.
If you have recently been promoted or changed jobs, you might be reaping the benefit of an improved income. Not only will your paycheque look a lot healthier, but your bank may reward you for your hard work. An improved income could mean that you are entitled to a premium credit card, where you can enjoy better benefits.
Your spending habit may have changed. Previously, you might have used your credit card to help purchase your weekly groceries. Now you may use your card on trips or vacations. Different cards are designed for different uses and a second card could help your reap better rewards for your spending habits.
If you are consistently carrying a monthly balance, you could be suffering the consequences of high-interest rates. You can move that debt to a card with a lower interest rate by carrying out a transfer balance. This might allow you to make significant savings.
Important To Note
When looking to find a second credit card, there are a number of things that are important to research.
High Reward Earning
Find a card that has high reward earnings. Try and find a card that offers a 2% reward earning. These are often cards that have an annual fee. So be sure that the rewards will outweigh the fee.
Match Your Spending Habits
Find a card that matches your spending habits. Whether it is travel, utilities or groceries, certain card offer rewards on what you buy. If you are a frequent traveler, getting a second credit card to use for your business trips or vacations could witness your points adding up.
Many cards offer unique benefits such as insurance coverage. While nobody likes to think that they could be subject to credit card fraud, having insurance coverage is a fantastic benefit. There are loads of other great benefits that financial providers offer.
Monthly Balance Warning
If you regularly carry a monthly balance, it would be wise to look out for the following:
Low Interest Rates
Find a second credit card with low-interest rates. Nobody wants to pay more than necessary every month. Finding a card with a lower interest rate could help you make savings.
0% Balance Transfer
A balance transfer is a serious tool in helping you tackle credit card debt. However, it is important to be wary of balance transfer rates. Find a card with a 0% balance transfer that will allow you to make the savings that you desire.
If you consistently carry a monthly balance then you really need to avoid annual fees. No matter how tempting a reward system of a credit card may seem, there is no reward that will be greater than the annual fee.
A second credit card can be a brilliant way to make a breakthrough in your personal finances. There are some great options for you to take advantage of. Be sure to follow the steps above when making the choice about which card to apply for.