Choosing a Credit Card: What Matters Most? | Refresh Financial

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Choosing a Credit Card: What Matters Most?

Choosing a Credit Card

Are you in the market for a new credit card? Do you feel a little overwhelmed with all the different factors to consider? Let us help you make the choice that's right for you! When choosing a credit card, we need to look at what matters most.

Interest rate

- If you tend to carry a balance on your credit card, then this will be a very important factor to consider. The higher the interest rate, the more it will cost you.

Annual fee

- Some credit cards come with an annual fee that you have to pay each year for being a cardholder. Before you sign the dotted line, make sure you are aware if there is an annual fee associated with the card you are interested in.


- Rewards work like loyalty points that you earn when you use your credit card. These rewards can come in the form of cashback dollars or redeemable points you can use for products and services.


- Perks are different than rewards. You gain access to these perks just by being a cardholder. Some examples of perks could include front-line access to event tickets, discounts on products and services or different types of insurance on much of what you buy.

Foreign transaction fees

- If you make a lot of purchases in foreign currency, this could be an important factor for you.

Cash advance fees

- Cash advances often come with a different interest rate than regular purchase, and it's usually much higher. If you're prone to using this feature, you'll want to look into what the interest rate is for these fees.

Balance transfer fees

- If your sole purpose for this card it to transfer a balance, this could be a sticking point.


- Is your card accepted everywhere you expect to be?

As you can see, there is much to consider when choosing a credit card. Which factor is the most important? Well, it completely depends on you! Are you a frequent traveler? Online purchaser? Do you frequently carry a balance? These types of questions will be important to ask yourself before you make your new credit card decision.

If you religiously pay off your credit card balance every month, then you might want to look for a card that doesn't have an annual fee. If you happen to be an avid traveler, you will definitely want to find a card with no transaction fees and loads of travelers perks. You should also find a card that is accepted everywhere.

You could also be considering a new card so that you can transfer the balance from your high-interest card and save on interest. In this case, you want a card with a balance transfer promotion, so while you pay that balance down, you're paying little to no interest.

Ultimately, it's up to you to decide which factor is the most important. Take some time to think about what you're looking for in a card and use your best judgment.


Refresh financial offers custom credit building solutions to help you build your credit score FAST.

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