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Best Credit Card

September 13, 2018

The best credit card for you might be the one with the highest interest rate, if you don’t carry balances from month to month.  If you do carry balances from month to month then of course the best credit card for you might be one with one with a lower interest rate or better repayment terms.

Consumers tend to get credit cards from the institution where they bank, but that is not always wise.  If you owe money to the bank where you deposit your salary the bank can invoke a right of set off (or off set) to any funds you have on deposit.  On the other hand, if you have credit cards at banks other than where you bank you may have lower limits because they do not have set off rights.

People recently discharged from bankruptcy are often surprised at how quickly credit cards become available to them.  The best credit card for discharged bankrupts or people who have completed proposals seem to be pretty much any card that will take a risk and advance credit.  Quite often newly discharged bankrupt’s find that secured credit cards are the more available than unsecured ones.

If you pay your credit cards in full each month, a good rewards credit card may be the best one for you.  That way you can save up for travel or other rewards.  Credit cards are increasing in number year over year and are unlikely to be replaced any time soon.  The most likely replacement will be a unified card that allows you to store all your credit and debit cards on one card rather than carrying a wallet full around.  It may never catch on, but several versions are in the works.