Quiz: How Much Do You Know about Best Credit Card?

What is the best credit card? If you are new to credit, it may seem like an easy question. You know that you need to make payments each month and that they must be made on time. You've heard about the great benefits offered by credit cards and you've probably applied for one or more. But what exactly is a credit card and what do you need in one to truly enjoy the benefits of credit?

Intro APR Offer: Perhaps the most frequently asked questions about credit cards is what exactly is the introductory offer? It is essentially the interest rate offered at the start of the card's coverage period. Most credit cards offer a zero percent intro APR offer, but you should check and see if the particular credit card you're considering offers a higher interest rate. This means that as soon as your card issuer has received your application, they will begin charging you interest on the balance of the account. In many cases this interest rate is much higher than what you would receive if you were to go with a lower interest rate card, so it is important to find the best credit cards with the best intro APR offers.

Rewards and Other Programs: Another area that new consumers are curious about when it comes to credit cards is the variety of rewards programs offered. Simply put, the best credit cards come with the variety of rewards and incentives to help you better finance your purchases. Some credit cards will give you cash back on virtually any purchase and some will provide air miles to use for travel. The best credit cards will also offer you the security and peace of mind that comes from using a reputable credit rating bureau such as Trans Union, Experian or Equifax to monitor your credit scores.

How You Can Earn Cash Back: One of the best credit card perks available today is the ability to earn cash back on every dollar you charge to your account. Whether you use your card for business travel, or to make everyday purchases, cash back rewards are becoming more common place in credit cards. Different companies are giving out different rewards programs, so it is important to compare them side by side. You can earn cash back on the balance transfer of your credit cards, as long as you cancel your accounts before the end of the grace period. Or, if you have several cards, you may be able to combine the points you earn to receive a greater cash back reward.

Annual Fees: Another area of credit card interest that consumers are confused by is the annual fee associated with their preferred rewards program. Even some of the best credit cards come with an annual fee, because the company needs to make their profit. But the best credit cards generally offer no annual fees, because the money they save by not charging annual fees can then be used to add-on extra features and benefits. And many times these extra features and benefits will save you more money in the long run than even the annual fees you'll pay during the year. Plus, cash back credit cards often have better incentives than their annual fee counterparts.

Annual Percentage Rate (APR): This is a price that includes a number of different fees that are assessed on any amount of money you charge on your card. You need to be aware of the APR, because it's one of the most frequently asked questions by consumers. The APR is usually the most important thing when comparing the many offers for any credit cards. You'll want to look for the best credit cards with the lowest APRs, so you can make sure you're not paying more than you need to.

Double Cash Card Bonus: If you plan to charge a lot of purchases with your card, you need to know if the credit limit will be increased after you make your regular APR payment. Some cards increase the limit immediately, while others only increase it when you apply for an additional credit or if you meet certain requirements. It's very important to look for a credit card with a double cash card bonus. With this perk, you'll get twice the amount of cash back on purchases that you make during your introductory period. Make sure you read all the details to make sure you get exactly what you're looking for.

Rewards: Most introductory APR periods have rewards programs. These rewards can either come in the form of air miles or cash back when you make your purchases. Some credit cards offer a credit card with no annual fee, which allows you to earn interest-free status for five years on your purchases. Other rewards come in the form of cash back on any amount of spending you make. Find out exactly what kind of reward program the credit card you're looking into has before you apply. You don't want to waste money, so find the best rewards programs available.

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