Taking out a credit card can have a huge impact on your finances, so it’s important to choose one that suits you and your financial situation. Our guide can help you find the ideal credit card. Credit cards are an easy way to help you manage your finances. They allow you to borrow money up to a set amount, which you can either repay before the interest-free period is over or in instalments each month. Each type of credit card has its own benefits, and each one is suited to different situations. Some of the credit cards available are: · Low rate credit card · Balance transfer credit card · Reward credit card · Platinum or gold credit card What should you consider when applying for a credit card? Applying for a credit card shouldn’t be done on a whim. In fact, you should do your research before making any decisions. There are many factors to consider when applying for a credit card, including: ·Credit limit: Your credit limit will determine how much money you can borrow. It is the amount of liability against your name, which will impact any future credit you wish to take out ·Credit score: Your credit score is a numerical rating lenders use to determine the risk of lending you money. It considers how much debt you currently have and how often you miss repayments, among other things ·Interest rate: The interest rate is the amount of interest you’ll pay on each charge on your credit card. The interest rate is usually per annum, but you’ll likely be charged each month ·Interest-free period: Some credit cards come with an interest-free period. You won’t pay any interest on charges repaid within this time frame ·Minimum repayments: The minimum repayment is the amount of money you need to repay each month to cover the total amount owed plus any interest charged. Paying off more than the monthly minimum will reduce the amount of interest you pay overall ·Income: Lenders will consider your income in order to confirm you can afford the minimum credit card repayments ·Fees and charges: Keep an eye out for the different fees and charges on your credit card. Aside from annual fees and interest charges, you might also be charged an insurance fee, a late repayment fee or a fee for going over your credit limit ·Reward programs: Some lenders offer reward programs with their credit cards. These loyalty programs often provide discounts on certain products and services, including cheap airline tickets Make sure you consider each factor carefully before applying for a credit card, as a credit card will impact your finances and any future loans you apply for. If you're looking for a credit card, start by comparing credit cards today.