The credit cards that are in your wallet have a direct impact on your financial life. Not only do you likely use them to pay for purchases small and large, but their features can also be of great benefit to you. If you're searching for a new card, here are four features that the best credit cards have.
- Rewards Options
One of the biggest benefits that many credit cards offer is their rewards. Whether it's cash back, airline points, gift cards, or simply charitable donations, getting rewarded when making purchases is a major perk.
As you evaluate the reward options of different cards, make sure to select a card that suits you personally. Here are some considerations:
• Travel reward points – can be good if you're regularly flying or staying in hotels
• Cash back rewards – great if you're trying to maximize your savings, or increase the cashflow in your monthly budget
• Gas rewards – if gas prices are high, or you just generally put a lot of miles on your vehicle, gas rewards can be a good option
• Gift card rewards – sometimes you can get more value for your rewards points if you opt for gift cards instead of cash back
• Charitable donations – donating your credit card points to charity can be a great and noble option if you don't need the perks yourself – just keep in mind that rewards donations are not usually tax-deductible
- Compatibility with Mobile Technologies
As payment methods become more diverse, any new credit card you get should be compatible with at least some mobile payment technologies. Many credit cards now work seamlessly with mobile wallets like Apple Pay, Google Pay, Samsung Pay, PayPal and other newer payment methods.
Mobile wallets and payment technologies offer convenience, allowing you to make contactless payments with your smartphone or smartwatch. If you're already using one of these payment methods, look for a card that's compatible with your preferred wallet.
- Fraud Protection
Credit card fraud is an unfortunate reality, and it's essential to select a card that offers strong safeguards. Look for cards that provide zero-liability policies for fraud, which ensure you won't be held responsible for unauthorized transactions.
Even better, see whether a card has features such as real-time transaction alerts, virtual card numbers, and the ability to lock or unlock your card via a mobile app. It is important to be aware and shield yourself from fraud. These added security features can help protect your account and give you peace of mind.
- Wide Acceptance
You should also consider how widely your credit card will be accepted. Cards from Visa and Mastercard are accepted by almost all merchants, but you might find that not every business takes American Express, Discover, or other lesser-known cards. When you are looking for a credit card through a bank or financial institution, pay attention to which credit card network they use. For example, Bank5 Connect credit cards use the Visa card network.
Sometimes a less-accepted card may offer better perks, but it’s best to do your homework and ensure that the card will be suitable for your needs. If you do go with a credit card from a less-accepted network, make sure you have at least another card on hand that's widely accepted, even if you don’t plan on using it often.
Get the Right Card for You
The best card has good features that are particularly well-suited for you. Take time to evaluate different card options. At Bank5 Connect, we have a whole host of credit cards to suit your individual needs. From everyday rewards cards, to travel rewards cards, and even secured credit cards to help you build or repair your credit, we have a card for everyone.