For the past five years or so, I’ve been getting by with just one credit card to my name. At the time I got the card, I had just paid off a mountain of debt and was worried that I might dig myself into another financial hole if I got a bunch of new credit cards right off the bat.
But now that my finances are more stable, I think I’m ready to look through credit card comparisons to find something that fits my needs. For example, I’d like a card with a rewards program attached to it so I can earn points or cash back every time I make a purchase. My family travels a lot, so airline credit cards that offer frequent flyer miles would be perfect for me. With gas prices as high as they are, I might check into cards that offer discounts on fuel purchases as well.
At any rate, I’m just glad that I don’t have to limit myself to prepaid or secured credit cards anymore. I think my credit rating is good enough that I can obtain cards that will actually be beneficial to me in the long run!
May 18th, 2007 at 11:39 am
Just an additional info. about your credit card comparison.
This is an important difference between an unsecured and a secured credit card. With a secured credit card, the card holder deposits a designated amount of money into their account with card holding company.
They will then draw off this deposit when purchases are made. The credit card company is not required, by contract, to supply any of the funds for any transaction that is made, so they are not at risk of loosing the costs of purchases.
As your account runs down, periodical deposits allow you to have more funds available and secured credit cards would be the best amongst the two.