Features to consider in a new credit card:

Annual percentage rate (APR): The annual percentage rate (APR) is the interest rate that you’ll be charged on unpaid balances on your credit card. It’s expressed as a percentage of the amount you owe, and it’s typically higher for credit cards than for other types of loans because credit cards are unsecured debt. The APR can vary depending on the type of credit card you have and your creditworthiness.

Rewards program: Many credit cards offer rewards programs, such as cash back or points, for using the card. Consider a card that offers rewards that align with your spending habits.

Sign-up bonuses: Some credit cards offer sign-up bonuses for meeting certain spending requirements within a certain timeframe. These bonuses can be a good way to earn extra rewards.

Fees: There are several types of fees that you may be charged when using a credit card.

–   Annual fees: Some credit cards charge an annual fee to cover the cost of maintaining the account.

–  Balance transfer fees: If you transfer a balance from one credit card to another, you may be charged a balance transfer fee.

–   Foreign transaction fees: If you use your credit card to make a purchase in a foreign currency or while traveling abroad, you may be charged a foreign transaction fee. This fee is typically a percentage of the purchase amount and can be as high as 3%.

–   Late payment fees: If you don’t make your credit card payment by the due date, you may be charged a late payment fee. This fee can be as much as $40 or more, depending on the card. 

• Credit limit: Consider the credit limit offered by the card. A higher credit limit can be helpful if you need to make large purchases, however, if you have little credit history or are trying to raise your credit score, a lesser credit limit can be more suited.
• Customer service: Good customer service is an important factor to consider when choosing a credit card. You may need to contact your credit card issuer for a variety of reasons, such as to report a lost or stolen card, to dispute a charge, to request a credit limit increase, or to ask a question about your account.
• Fraud protection: Fraud protection is an important feature to look for when choosing a credit card. Whenever anyone uses your credit card data to make illicit transactions without your consent, this is known as credit card fraud. This can be a major inconvenience and can also damage your credit score if the fraud is not quickly addressed.

• Payment flexibility: Consider whether the card offers options such as the ability to set up automatic payments or the ability to pay your balance in full each month to avoid interest charges.
• Credit score requirements: Some credit cards may have minimum credit score requirements for approval. Make sure you meet the requirements before applying to avoid being denied.

BOTTOM LINE:

It’s important to carefully compare the features of different credit cards to find the one that best meets your needs. Once you’ve done your research and are ready to apply, you can typically do so online or by visiting a bank or credit card issuer. Be sure to have any necessary documentation, such as proof of income and identification, on hand.