The Best Credit Card: Does It Really Exist?

Everyone wants the best deal possible when it comes to credit cards, but it often seems as though the “best credit card” is more fiction than fact.

For many people, the perfect credit card would probably be one that combines ongoing low interest rates with a good rewards program, platinum benefits and no annual fee.

Occasionally a card with most of these features may come onto the market via introductory offers, or be offered to people with incredibly high credit scores, but usually the cardholder will have to compromise somewhere.

The Citibank Clear Platinum card, for example, offers a low ongoing purchase rate of 11.99% p.a. and platinum extras such as international travel insurance and dining program membership, but is not part of a points program and has an annual fee that is halved to $49 for the first year only.

In contrast, the American Express Gold Ascent card has no annual fee, a points program and complimentary extras but has a high purchase rate of 20.99% p.a. and it is often hard to receive application approval.

So how does someone actually find a card that offers everything they want? Unfortunately compromising may be the only way to find the best credit card for you.

One of the biggest problems with looking for the ideal card is that appealing features will vary from person to person depending on they credit card habits and lifestyle.

What’s more, with so many different credit card issuers and offers available, the difficulty to find the best credit card is as much a matter of choice as it is personal preference. But you can look at different cards with these facts in mind, and may find the best option by asking some of the following questions:

• What card features will benefit me the most?
• How affordable will the card be to use and maintain?
• What kind of points balance would I need to redeem rewards?
• Do the card features balance out the annual fee?
• Will the card suit my spending habits?

By comparing a range of card and factoring in your financial situation you may still be able to make the best of what cards are currently on offer.

In the world of credit cards “best” is an incredibly subjective term, so looking at features, terms and conditions and personal preferences will help you find a card that is well suited to your needs.