5 Things To Consider When Choosing Your Next Credit Card | Refresh Financial

Official blog of Refresh Financial

5 Things To Consider When Choosing Your Next Credit Card

 Choosing Your Next Credit Card

Deciding to grab a credit card is a great way you can continue building your credit score. However, sifting through all the available credit cards in Canada can be a daunting task. How do you determine which card is right for you? If you're looking at picking up a credit card for yourself, don't feel overwhelmed! In the interest of making your choice easier, we’ve put together a list of factors that you should consider when choosing your next credit card. They are in the order of importance.

1. Secured or unsecured?

- If you are currently struggling with poor credit, your only option when it comes to credit cards could be a secured credit card. That's okay, though. A secured credit card is still a fantastic way to start building your score! If you're looking for a secured card, check out Refresh Financial's secured credit card. With a low-interest rate and annual fee, the card comes with access to an entire course on money management. So, not only will you be able to improve your credit, you'll know how to maintain your progress with all the great learning resources at your disposal! Click here for more information on the Refresh Financial secured credit card.

2. Interest rate

- Every credit card has an interest rate attached to it. The higher the interest rate, the more it will cost you if you carry a balance. Depending on where your credit score is at will determine what types of interest rates you qualify for. People who have excellent credit scores will always get access to the best interest rates, so it definitely pays to improve your credit before taking on a new credit card.

3. Annual fee

- Many credit cards have an annual fee associated with them which can run from a couple of dollars to hundreds. Just because a card has a higher annual fee, it does not necessarily mean that it's a better card. It goes without saying, but search for cards with a low annual fee. If you can find a good one that has no annual fee, that's even better. Before you make a decision, ask yourself: will the annual fee cut into money budgeted for other important things? And, will you be able to pay off the annual fee right away so it doesn’t collect interest?

4. Rewards

- Rewards are great if they come with the card that’s best for you. They can range from free groceries at your favorite grocery store to points towards travel and transportation. Although they can make a sizeable impact when it comes to your budget, they shouldn't be the sole reason you choose a new card. You have to make sure that all the financial specifications are things you can still live with.

5. Perks

- Perks that accompany your credit card can come in the form of discounts or access to special events, but like rewards, these should be considered a happy bonus. They shouldn’t be the sole reason you choose your new card.

In short, your card should be something that's affordable and won't get you into any financial trouble. It should be there as a tool to help you build your credit and pay more conveniently, so long as you are living within your means.

What are some of the factors you consider before choosing a credit card? Let us know in the comments!


Leave a Reply

Your email address will not be published. Required fields are marked *


69 − = 63

    What Canadians are saying about Refresh

    I would like to thank Refresh Financial for helping me get out of a bad spot. I never thought it was possible and almost gave up on things and then I saw Refresh Financial and and gave it a try. At first I was unsure of things but to see my credit score now makes me a believer in this program.

    – Aaron A

    “It hasn’t even been a year yet, possibly only 6-7 months, and my TransUnion score has gone up over 100 points. That was only the tip of the iceberg as recently I was able to get a consolidation loan from my bank that allowed me to move forward and make things easier for me. Talk about second chances!”

    – Angelica M

    “I am now in a position where I am able to obtain credit (just bought a brand-new car and refinanced my mortgage for a fantastic rate) and it took little to no time at all. I would 100% recommend Refresh to anyone looking to rebuild credit with as little hassle as possible.”

    – Cathy M

    “I had not heard of a company doing such a thing before someone suggested it to me and it made sense. I am not very good at saving money and Refresh Financial helped me. I have dealt with them for years now and never had a problem. The customer service is excellent and fast.”

    – Chris C

    Refresh helped me regain credit following a nasty divorce, which left me with a very poor rating. They were able to remarkably help me go from a 480 to a 600 score, in just over a year. Thank you Refresh!”

    – Deb K

    I have watched my credit score jump since being with Refresh and I have already recommended it to friends and family. Thank you for helping me build my credit faster for my future and my children’s future :)”

    – Heather T

    At first I was skeptical because I wasn’t getting funds upfront and had to make payments when I really needed the money. I’ve been in the program a year now and have noticed my credit has improved drastically!”

    – Irene L

    I have been a client of Refresh Financial for approximately 3 years. Since being a client they have improved my credit immensely. Definitely recommend this company to anybody that needs help re-establishing credit.”

    – Jason I

    “I recommend this program to anyone having credit issues. At the end of the agreement, your money is refunded to you. There were times I found myself short on cash and Refresh, with permission, used a portion of my money to clear up my arrears.”

    – Margaret L

    “I would like to thank Refresh Financial for their professionalism, great customer service and for helping get back to a better financial situation. I have always been treated with the utmost respect.”

    – Martine B

    Refresh Financial is an amazing program to help people get back on their feet. I was rock bottom with nowhere to turn. My credit was beyond poor. I would recommend them to anyone. If I can do it surely anyone else can.”

    – Matthew S

    “Great company to deal with for rebuilding credit, very simple process to get started. Good service if you ever have questions.”

    – Mike L

    This business truly cares about its clients. The customer service is always quick to return calls or emails. Their online portal functions very well so as a customer you are always updated as you progress with your loan.

    – Phil J

    “Refresh Financial has made us more aware of how to take care of our financial situation and be more responsible, and making payments on time is rewarding in the end for credit. Thank You sincerely.”

    – Rocky M.

    “Refresh financial is great!!! They boosted my credit score, helped me save money and helped my husband and I buy our house;) I was not only a number to them, they stayed in touch and helped me out along the way. Answered all my questions and concerns.”

    – Sara B

    “Refresh Financial had been exceptionally good to me! I’ve just been out on medical leave and they have accommodated me with my payments without hesitation!! I was in a really bad spot with my credit and they have helped me to try and correct it!! Bravo!”

    – Shannon B

    This company has been nothing but fantastic. They have gone above and beyond to help me. This program has given me the relief and peace of mind I need. I would certainly go back to them and give them names of people who could use this.”

    – Shirley K

    The financial services products are excellent for new immigrants, low-income earners and small business owners. Loans, savings and credit building all in one solution is a perfect fit to help with financial goals and stability.”

    – Soraya H

    “After successfully going through a credit rebuilding loan, I was able to use my built-up equity to purchase a newer vehicle and I have since been approved through a financial institution for a loan.”

    – Tanya W

    “I made some poor credit choices when I turned 18 and have always had this lingering thought of how am I ever going to better my score. Since being with Refresh I have realized that I took the right step towards bettering my future.”

    – Taylor B

    “Thank you Refresh, and my relationship manager for giving me the tools for a better score with a secured card and two credit builder loans. I feel absolutely confident I’m on a better path to financial success. I am happy to be a long term client.”

    – Trevor P

    I’m so excited I’ve joined refresh! I’ve already seen a huge increase on my credit after the first month! The staff are a delight and make this so easy to understand. I strongly recommend Refresh Financial even if you have good credit this will give you a boost and you’re saving money with the reverse loan!”

    – Wayne B