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Is this a good credit card deal? I get that question a lot. Just because someone tells you she got a good credit card deal, does it mean that it would be a good deal for you? As you might expect, a good deal for your friend may not mean it works for you. Here is why. There are so many different cards available now that give rewards for various activities that make most such cards attractive to a focused group of people. If your friend is a scuba diver and has a scuba diving card, but you are afraid of the water and want to stay home and work in your garden, then of course her good credit card deal is not going to be good for you. The most important thing to realize here is the word 'your' as in 'your lifestyle'. So logically speaking there is nothing like a good credit card deal. What it is - is good credit card deal for 'you' i.e. the individual who is going to use that credit card. This is because the lifestyle and the needs differ from person to person (and that is precisely the reason why every credit card supplier offers so many different kinds of credit cards). It might be true in some cases (where the lifestyle of two individuals/friends is similar) that the credit card deal which is good for one will be good for the other too, however, this is just in a few cases. If you travel a lot and to far off places by air, a card that offers you good rewards, rebates, benefits on travel would comprise a good credit card deal. Sometimes the airlines themselves have their own credit card issuing company where you can get a good credit card deal. Then there are the cards for particular stores. Say you shop at Target a lot. You will certainly get told that you can save 10% on your purchase that day if you open an account. It sounds good if you are making a big purchase that day, but do you really need a new card? And if you don't pay off the balance every month, what interest rate will you pay? These types of cards tend to have high interest rates. For most people, a basic credit card may be the best. You could still get rewards for purchases. But remember, credit card companies are smart and out to make money. So they know the typical spending habits of a card holder, and structure their deal to make themselves a profit. A good credit card deal is really a relative term and there is no credit card deal which is equally good for all.
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Paul McDermott shares his experience with good credit card deals and other personal finance lessons, some learned the hard way, at Debt Relief. Learn about his mistakes so you can avoid them. This article is available as a unique content article with free reprint rights.
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