Navigating Which Credit Card Option is Best For Your Needs

The time will likely come in your life when you need a new credit card, and when you start your search, you're going to be inundated with options.

Even if you have a wallet full of cards already, it can be tough to parse the many different features any given new account would provide you with. If that's the case, you might find the following suggestions to be more than a little helpful:

Understand your credit situation

First and foremost, when you're looking to take on any kind of credit, you need to know where you stand. Nerdwallet notes that credit card lenders may look at more than just your credit score , but also your entire credit history. You may need to do a bit of work to improve your rating and smooth over any hiccups you experienced in the past. That can take a few months or more, but the effort can really pay off.

Think about what you want from your card

Credit cards today carry all kinds of benefits. Do you love to travel? Consider a card that will give you the most miles based on the kinds of purchases you already make. Want to earn cash back? Some cards will give you more than others.

Dig into the options, do a little research to figure out what would work best for you, and then be sure to read the fine print.

Consider the potential costs

One thing you will quickly find when you dip a toe into the water is that credit cards carry all kinds of fees, and they vary widely from one account to the next, according to CNBC. Some carry annual fees or high interest rates, and if that's the case, you may need to examine your spending and repayment habits to figure out which will cost you the least over time.

Look at your past credit card use

Along similar lines, you will want to consider how you use your current cards, and plan to use this new one. Money Under 30 says you would be wise to look at your past patterns and ensure whatever new card you choose would help you succeed financially. Think about your long-term financial needs Getting a new credit card can have a big impact on your credit score and finances, and if you're thinking about other major financial moves in the near future — such as buying a new car or getting a mortgage — your choice of card and how you will use it could affect your ability to do follow through on your goals.

Anytime you have questions about issues related to credit or your overall finances, it can help to get an expert opinion. Get in touch with the local representatives from Vectra Bank to learn more about the credit card* options that may be available to you.

Vectra Bank is launching a new suite of credit cards in mid-March 2021 to better fit your needs. Stay tuned for more information or reach out to a banker.

^{* Credit approval required. Terms, conditions and restrictions apply. See banker for details.}