Shopping for credit cards is a little like shopping for shoes. Fit matters, but so does style. The rates and fees need to be the right fit, but the rewards and benefits also need to match your lifestyle. Let us help you find the card that's right for you.
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Determine your credit card objectives
Think about these questions to find a credit card that best fits both your wallet and lifestyle:
- Need a card for emergencies? Try one with no annual fee and the best credit limit options for you to cover unexpected expenses.
- Want to travel? Many rewards cards let you earn points towards airfare, hotel stays, cruises or vacations, as well as offer complimentary travel insurance and other travel-related perks.
- Plan to use your card for everyday purchases? Consider a rewards card that gives you points toward cash back, merchandise or other benefits whenever you use the card for qualifying purchases. Your rewards can really add up.
- Have a cause to support? Some cards will donate to organizations on your behalf, like an alumni association or a favorite nonprofit group.
- Passionate about something? Many cards will allow you to show your love for a favorite sport or profession.
- Need to consolidate debt? Choose a card with an interest rate that's lower than your existing card rate so you can pay potentially your debt off faster.
- Plan to pay off your balance each month? The interest rate on a card may be less important than the rewards and benefits.
- Expect to carry a balance? Shop around for a low standard annual interest rate (AIR), not just a promotional annual interest rate (AIR).
- Looking for deals? See if your favorite store has a credit card for loyal shoppers or check out cards that offer shopping discounts.
Consider credit card types
Review the type of credit card to determine which best fits your needs:
- Private label cards, like department store cards, can usually be used only at specific merchants.
- Standard cards may have fewer benefits than various premium cards.
- Premium cards, such as Platinum cards, usually have extra features, including product warranties, purchase protection, travel insurance and emergency services.
- Rewards cards offer the ability to earn reward points when the card is used for qualifying net retail purchases. Rewards vary but can include cash, travel, merchandise or shopping discounts. Some cards even let you choose from a range of different rewards. Standard, Premium and even Private label cards may also offer rewards.
- Affinity cards show your support for a group or cause such as a charity, a college/university, or a sports team. In some cases, contributions are made to the group whenever you use the card.
Review the credit card benefits
When credit cards have similar rates and fees, benefits can be the tie-breaker. Look for features that make a particular offer stand out. Some of these types of benefits include:
- Rewards-these can include travel, cash back, merchandise offers or the flexibility to choose among different types of rewards.
- Service-convenient and flexible customer service can make a real difference, especially if you need help when traveling.
- Security-zero fraud liability for unauthorized purchases and purchase protection are two key perks that can give you peace of mind when you shop with your card.
- Online banking-online access to your credit card account can be a real benefit in time-savings and administration.
- Frequency-while private label cards can only be used only at the sponsoring store or chain, they sometimes offer great value in discounts if you shop there frequently.
- Other perks-concierge services, travel assistance, cardholder discounts and other perks can add convenience, flexibility and value.
Learn about the Card Benefits that come with MBNA credit cards.
Compare credit card rates and fees
Reading about rates and fees may be boring, but your wallet will thank you later. Be sure to review the terms of the account agreement carefully and conditions carefully before you apply. Key information about rates and fees is required by law to be displayed in a box or chart for easy comparison, as well as details of important benefits. Information you need to know includes:
Compare MBNA rates and fees at View All Cards.
Determine how your current credit card stacks up
Loyalty is great, but blind loyalty to a credit card could cost you money. If you already carry a card and you're not sure what the terms are, now is a good time to find out.
You'll find some information on your credit card statement. For the rest, check your credit card account agreement. If you don't have your agreement on file, visit the company's website or call their Customer Service department to get the information. You will need it to compare your card to the rest of the market.
Once you compare cards, it will be easier to find a credit card that's right for you. Follow up on the best offer-and shred the rest.
annual fee
A fee that is charged once a year for the privilege of using a credit card account.
credit limit
The maximum credit that a customer is allowed by a given institution. Also known as "Line of Credit".
interest rate
A rate of interest charged for the use of a credit card, loan or line of credit, expressed as a percentage of the total amount loaned. Different types of loans charge different rates of interest.
balance
The total amount owed on a credit card account at a given time.
annual interest rate (AIR)
The yearly rate of interest. The AIR is listed in the account agreement, as well as on your monthly billing statements.
promotional annual interest rate (AIR)
A rate that's lower than your standard interest rate and is valid only for certain transactions, for a limited period of time. Also known as "Promotional Interest Rate".
annual fee
A fee that is charged once a year for the privilege of using a credit card account.
over-limit fees
A fee that is charged whenever a balance goes over the credit limit, whether due to a transaction, finance charge or any other fees charged to an account.
transaction fees
A fee that may be charged when making certain types of transactions with your credit card. It's usually a percentage of the total amount of the transaction. For example, a transaction fee is often charged when you take a cash advance with your card.
