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How to choose the best rewards credit card for you?

Each rewards credit card on the market is perfect for different people. The task is finding the card that will reward you with the rewards you want. Here are a few questions to help you find the rewards credit card perfect for you:

Can I get a credit card with bad credit?

If you have damaged credit, you may think the last thing for you to do is to get another credit card. And even if you wanted to, you may not even try because of fear of denial. The good news is there are credit cards geared specifically towards people who need to build up their credit. These issuers know people make mistakes and they are willing to take on the added risk by issuing you a credit card. 

What is a smart card?

Smart credit cards are credit cards with embedded microprocessor chips. The microchip is capable of carrying out a variety of tasks. For example, you can make purchases from your credit account, debit account, or from a stored account value that is reloadable.

What's the Difference Between Secured and Unsecured Credit Cards?

A secured credit card is a credit card that requires a security deposit. Secured credit cards are generally for individuals whose credit is damaged or who have no credit history at all.  Your credit line will most likely represent anywhere from 70% - 100% of your security deposit, depending upon your credit worthiness.

What's the difference between subprime and prime?

Subprime is used to describe a market sector characterized by consumers with damaged or no credit. Subprime credit cards or loans typically require security deposits, annual or application fees, or higher percentage rates because consumers who apply for these offers have had credit problems in their past or lack credit altogether.

What is a student credit card?

Student credit cards are cards geared specifically toward students to help them establish credit. Credit card issuers know students generally have no credit history and little to no income, so your credit limit will start out somewhere around $300-$1000.

What is the Schumer Box?

The Federal Truth in Lending Act (TILA) requires credit card companies to disclose certain information in any offer they make to you. The "Schumer Box", named after Sen. Charles E. Schumer who sponsored the provision to the TILA that requires it, further ensures that credit issuers disclose this important information to you in a tabular form that is easy to read and understand. The Schumer Box can be located on the back of a credit card solicitation, on a separate sheet of paper enclosed in the envelope, or via a hyperlink when applying for a credit card online.

Who pulls which CRA Report?

Some banks use more than one Credit Report Agency when evaluating applicants. When this is the case the bank will choose a CRA depending on the geographic location of the applicant.

Note: Information may have changed since the last update of this page. Please contact the bank directly for accurate CRA information.

What is a penalty rate?

Also known as the "user default rate", credit issuers may increase your credit card's standard interest rate to the penalty rate if you make one late payment or exceed your credit limit. Penalty rates are often in excess of 20% and apply to the total balance on your credit card.

What is a foreign transaction fee?

Credit card companies charge currency conversion fees that are often as high as three percent for purchases made outside the US. These fees can be associated with ATM cash withdrawals and purchases made with debit or credit cards.

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