How to find the best credit card for your needs


(NC) With the high cost of living and rising interest rates, lowering monthly costs is a real priority for many of us. Although not everything is within our control, one easy-to-forget area to re-evaluate is your financial products, including which credit card you choose. Many of us get comfortable with the same products, but our choices can make a difference and possibly help save a lot of money in the long run.

There are a lot of different options today when it comes to credit cards. Here’s a quick rundown on where you could possibly save.

Interest rates
When choosing a credit card, the interest rate may be an important factor if you regularly carry a balance. The higher the interest rate, the more interest you’ll pay on an outstanding balance. A lower-rate card may save you money over time if you carry a balance. Some low-rate cards charge an annual fee, but even if there is a fee, a low-rate card may be a better option. The interest rate, however, may not be an important factor if you pay your balance in full every month.

Annual fees
Cards with an annual fee usually offer extra rewards and benefits or a lower interest rate. Keep in mind that there are credit cards available that don’t charge an annual fee. Some no-fee credit cards offer similar rewards and benefits to cards that do have an annual fee.

Before you apply for a credit card with an annual fee, consider how you’ll use the card. Think about whether the rewards and benefits are worth the annual fee. It’s valuable to do the math to figure out what’s best for you.

For impartial information on financial products, you can check out the Financial Consumer Agency of Canada’s unbiased credit card comparison tool. You can compare the features, fees and rewards of many cards. To get more detail on a specific product you can then contact the financial institution and cvv shops.