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How To Choose a Credit Card

hand holding several credit cards

We just introduced our brand new P1FCU Premier Rewards Mastercard, and we're sure you're asking yourself now - how do I decide what card is right for me? There are countless credit cards on the market with a wide variety of benefits. Here, we'll review our new card's features, and then we'll look at the factors you should consider when getting a new card. 

The P1FCU Premier Rewards Credit Card gives 1.5% cash back on all purchases, has a $0 annual fee, and a $0 balance transfer fee, and as we launch our credit cards, we're offering 0% APR for the first six months.* Check out our main credit card page to see our current offers. 

Now that you know what we're offering, let's see what you what you should take into consideration when it comes to picking a card:

What do you need
The main deciding factor in choosing the right credit card for you should be determining what kind of card you need. When it comes to credit cards, there are two main types: 0% APR cards and rewards cards. 0% APR cards also tend to offer nice balance transfer benefits. These cards are ideal for individuals who have debt they would like to pay down or a large upcoming expense that you'd like to pay off over a longer period of time without paying any interest. Rewards cards, on the other hand, come in all shapes and sizes. There are points cards, travel cards, revolving cards, and cash back cards. Rewards cards are great for credit card users that are looking to get an extra bang for their buck. With inflation on the rise and prices of everyday essentials shooting up, rewards cards are one way to fight back against those rising costs. 

Rewards Programs
All that considered, not all rewards cards are created equal. Nearly every credit card rewards program out there is different, from flat cash back to confusing miles and points programs. Now, if you're willing to do the research and learn how to get the most out of your points and miles, then cards with those programs can definitely help you out in the future. We're a big fan of the straightforward cash back programs. Cash back is not only a simple way to understand the rewards program, but also a sure way to actually use your rewards. 

You should also look into any annual fees the credit card you're looking at may charge. If the card does charge an annual fee, definitely look into it, and try to calculate if its benefits outweigh the cost of the annual fee. Annual fees are a way for credit card companies to make some money without you doing anything wrong or right. While there are some good cards out there that charge annual fees, we're pretty skeptical of the cards that charge exorbitant annual fees. 

How Many Credit Cards Should You Have?
There's no one answer to this question because everyone's situation is different. What we can tell you is that it's usually a good idea to have multiple payment methods in case one of your cards gets lost or stolen. Furthermore, if you're regularly utilizing over 30% of your credit limit on your other card, then this can actually hurt your credit score even if you're paying it off every month. If you spread those costs out over two cards, you'll have decreased credit utilization will improve your credit score. 

So, what do you think? We don't want you to get a credit card that isn't right for you. That being said, we do believe that this credit card should benefit most people. With unlimited 1.5% cash back on all new purchases and a great introductory rate, it's hard to turn down. You can learn more about our Premier Rewards Credit Card and apply here. 

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*Introductory rate of 0% Annual Percentage Rate (APR) for 6 months on purchases after your Premier Rewards Mastercard account opens. After the introductory period ends, the APR for the unpaid purchase balance and any new purchases will be 14.25%-18.00% based on your creditworthiness. 1.5% Cash back Rewards: Valid on net purchases (less credits, returns and adjustments) of goods and services made with a Premier Rewards Mastercard. Cash back earned will be applied as a statement credit after an eligible purchase is made. Cash advances, fees and interest charges do not qualify to earn cash back. Account must be open and in good standing at the time the purchase is made and the statement credit is applied. Additional limitations, terms and conditions may apply. P1FCU Membership required in order to obtain a Premier Rewards Mastercard. Subject to credit approval. Not all applicants will qualify. Additional limitations, terms and conditions may apply.