The Value of Comparing Cards Before Applying
No single credit card will meet the needs of every consumer. Someone who is bracing for a big purchase might need a different card from someone who is planning a vacation abroad or just trying to build credit. And while some issuers try to entice new applicants with a big sign-up bonus and a premium rewards program, the cards themselves might come with large annual fees and higher-than-average annual percentage rates. Weighing the advantages and drawbacks of each card is critical. It can save you time and money in the long run if you choose the right card for you from the start.
How to Use U.S. News' Credit Card Compare Tool
Search for the card that best suits your lifestyle and financial situation. With U.S. News' credit card compare tool, you can shop around for the right card. Select the "browse cards" button to see the most frequently compared cards. The "compare cards" option lets you filter cards manually, by category, card name, issuer, credit required and annual fee.
Once you select the cards you're interested in, hit "compare cards now" to see how they measure up against each other. Then, click on each card's individual profile for more details.
What to Consider When Comparing Credit Cards
As you evaluate credit card options, ask:
- Am I likely to be approved for this card? Issuers may require applicants to have good or even excellent credit to qualify for certain cards.
- What is the APR? The annual percentage rate is what you'll pay if you need to carry a balance. Keep in mind: Many of these cards provide an APR range, and you have no guarantee that you'll receive the lowest possible rate.
- Does the card charge an annual fee? And if so, is the annual fee worth the card's other perks?
- Does the card have a 0% APR offer? Some cards let new cardholders pay 0% interest on purchases and/or balance transfers for a certain period of time. If you need to make a big purchase you can't immediately afford or if you're trying to pay off your credit card debt, this can be a good option. But plan to zero out your balance before the introductory period ends. Take time to understand how long the intro period lasts, what APR you'll pay when that period ends and what your balance transfer fee will be.
- Will I spend enough to earn the sign-up bonus? Some cards offer lucrative sign-up bonuses if you spend a certain amount of money with the card. But if you can't reach that threshold, the card might not be a good fit.
- Does the card offer rewards? If so, is its rewards program what you're looking for? Perhaps you want to earn at a higher rate for the purchases you make the most, or maybe you want a simple rewards program that lets you earn at one flat rate.
- Does its rewards redemption options suit your needs? If the card only allows you to redeem for miles on an airline you don't fly, it might not be the right choice.
- Do you understand how the fees work? Make sure you look at the card's foreign transaction fee, balance transfer fee, cash advance fee and penalty fees.
- Does the card offer perks? Some cards offer travel insurance, price protection, travel rebates and even a free night at certain hotels.
Read U.S. News credit card comparisons to learn how the best credit cards stack up head to head: