Financial 4.0 logo
EventsMarketplaceAsk An Educator
Sign In
CREDITBUDGETINGLIFESTYLE & TRAVEL

Which Credit Card Is Your Best Fit?

Written by: Guest Writer

1 min read | Published: October 27, 2022

Image for Which Credit Card Is Your Best Fit?

Deciding what type of credit card is right for you can be a hassle. When researching a credit card there is much to consider. Finding a credit card with an affordable interest rate, deals that match your lifestyle, and is within your desired credit limit are all things to be considered. Below I’ll touch on two different types of credit cards, one being a store card and the other being a financial institution credit card.

Store cards are credit lines offered/available to eligible customers at the store. Depending on the store, the card can be beneficial to you in various ways. The card could have reward points associated with purchases made either at the store or any place. Store cards can also offer special coupons available to cardholders specifically. An interesting benefit store cards can offer with certain purchase amounts is an opportunity for extended payment plans up to 18 months, depending on the amount of the purchase. When looking at store cards, consider that some are only eligible for use in that store. Credit union credit cards tend to offer lower rates and fees, which can be beneficial if you are one of those borrowers that can’t necessarily pay in full by the monthly due date. An upside to credit union credit cards is by holding that credit card, there is a chance to have access to other products and services the credit union or bank has to offer. Credit unions generally have a certain membership criteria that must be met, which could deter certain applicants.

Similarities that both types of cards offer is cash back. Generally with credit cards there will be up to 3% cash back on purchases such as gas, groceries, certain businesses, and even a 1% cash back on all purchases. Cash back over time can add up and be used for a future purchase or even put toward a future payment.

It is important to pick a card that best suits your lifestyle so that you are getting the most out of your credit line.

Was this helpful?

Browse Related

Image for The Top 5 Reasons to Get a Credit Card

The Top 5 Reasons to Get a Credit Card

BLOG | CREDIT

3 min read | February 7, 2021

Credit card offers are virtually everywhere! Many of us receive them in the mail or are asked if we’d like to open one when we visit our favorite store or financial institution.

Learn More

Image for How to Strategically Get Cash Back

How to Strategically Get Cash Back

BLOG | CREDIT

2 min read | February 6, 2023

Credit cards aren’t just a great tool to build credit, but they can also be a way to earn rewards. Not all credit cards are created the same, so it’s important to understand what fees, interest rates, and policies come with the card.

Learn More

Image for Beginning to Build Credit

Beginning to Build Credit

BLOG | CREDIT

3 min read | July 27, 2023

Beginning to build credit can feel daunting. One option to jumpstart your credit history is becoming an authorized user on someone else’s credit card. You also could open your own credit card that offers lower interest rates for students.

Learn More

Browse by Category

Image for Budgeting

Budgeting

Image for Career

Career

Image for College

College

Image for Credit

Credit

Image for Fraud

Fraud

Image for Investing

Investing

Image for Lifestyle & Travel

Lifestyle & Travel

Image for Student Athletes

Student Athletes

Image for International Students

International Students


Oakland University Credit Union
www.OUCreditUnion.org

Oakland University Credit Union, OUCU, is a licensed trade name of Michigan State University Federal Credit Union. MSUFCU remains the legal entity behind both brands, MSUFCU and OUCU. Federally insured by NCUA. Equal Housing Lender.

If you are using a screen-reader or other auxiliary aid and are having problems using this website, please call 800-766-6828 for assistance. All products and services available on this website are available at MSUFCU full-service locations.

LEARNBLOGSPODCASTSQUIZZESCALCULATORSVIDEOSEVENTSMARKETPLACEASK AN EDUCATORFAQABOUTCONTACT US
Download on the App StoreGet it on Google Play

Copyright © 2024 Reseda Group LLC, used under license.

Terms of Use
Privacy Policy
Disclaimer