How to Pick the Best Credit Card Based on Your Shopping Habits

TORONTO, February 3, 2021 (Newswire.com) - Finding the best credit card for your shopping habits can help you maximize your rewards. Taking time to research different shopping card options can help you find a card with perks tailored to the items you buy most. Keep reading to find out more about selecting the best card for your shopping habits:

5 steps to help you pick the best shopping credit card

Follow these 5 steps to find the best shopping credit card:

1. Check your credit score

Check your credit score before you start looking for cards so you know which you'll qualify for. You're entitled to free copies from both Equifax and TransUnion when you order your credit report over the phone or by mail. You can also get your credit report online, although it costs a fee.

2. Check your budget

If you currently follow a budget, examine your monthly spending habits to see where you spend the most money. If you don't follow a budget or track spending, you can take a look at your credit card spending report. Credit card spending categories often match typical budget categories.

3. Look for cards that match your spending habits

Selecting a card that matches your spending habits can help your rewards go further. If you frequently dine out, look for a card with bonus restaurant rewards. If you can't pinpoint one category that you shop for the most, a flat-rate or cash back card might be best.

4. Check out other benefits

Some cards feature perks beyond how they structure their rewards. For example, you could earn statement credits or airport lounge access simply for doing your regular shopping.        

5. Be honest with yourself

Be honest with yourself about how you spend your money, and the amount of work you're willing to put in to redeem rewards. If you shop a lot, you may want to consider a card that charges an annual fee in exchange for premium benefits. If you're pressed for time, you should probably avoid cards that have rotating rewards categories.

Shopping credit card considerations

Here are a few considerations to keep in mind when deciding on a shopping credit card:

• Interest rates: If you carry a balance month to month, look for a credit card with a low interest rate that can help you save money.

• Fees: Make sure to ask about fees, such as transaction fees, charges for exceeding your credit limit, or penalties if you're late paying your bill.

• Credit limits: If you shop frequently, or are planning to buy some high-ticket items, check out the credit limits of different cards.

Source: iQuanti, Inc.