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Listerhill Credit Union (en-US)

Using a credit card

What Should You Look For in a Credit Card?

Do you know what to look for in a credit card? We can help!

Editorial Note: Articles published are intended to provide general information and educational content related to personal finance, banking, and credit union services. While we strive to ensure the accuracy and reliability of the information presented, it should not be considered as financial advice and may be revised as needed.

Credit cards come in all shapes and sizes to suit every financial situation. Of course, everyone wants the most competitive interest rate but that's not the only factor to keep in mind when deciding which card is right for you.

You might want a low limit to build credit or a high limit to cover big purchases. You might want to earn cash back on purchases or earn points that you can redeem for rewards. Read on for simple ideas about what to look for in a credit card!

How Will You Use Your Card?

When shopping around for the best credit card for you, it's a good idea to think about how you plan to use your card so you'll get the most benefits out of your experience – and avoid having to pay extra fees.

For example, you might want to keep your credit card in a drawer for a rainy day or you might want to use it to pay for all your gas and groceries. How you use your card will impact things such as the credit limit you need and the rewards you want.

Application Fees or Annual Fees

Upfront fees should be a dealbreaker when it comes to choosing a credit card. To get started, find a financial institution that offers a credit card with no fees to join and no annual service fee.

Take the time to read the fine print and see what other fees you may face, too. For example, it should be easy to find a credit card that offers:

  • No cash advance fee if you want to withdraw money from your credit account.

  • No balance transfer fee if you want to bring another credit card balance over to your new account.

Penalties

Most credit cards will penalize you if you make your payment after the due date but some financial institutions will charge you more than others. Here's what you need to know:

  • Missed payments mean you'll have to pay late payment fees and your credit score will go down.

  • To avoid late payment fees, all you have to do is make at least your minimum payment on time each month.

  • You won't pay interest if you pay off your entire balance each month.

Annual Percentage Rate (APR)

Interest on credit cards is usually called the annual percentage rate. Your credit score will determine the APR you get but there are a few steps you can take to make sure you get the best credit card possible:

  • Find out your credit score before you apply for your card.

  • Shop around for the best interest rates for your credit range.

  • If you don't meet the requirements of the credit card you want, you could take out a secured personal loan to start building or repairing your credit.

Rewards and Perks

Different credit cards may offer different rewards systems and bonus features so simply choose the card that appeals to you the most! For example, you could:

  • Earn rewards points on the dollars you spend – then redeem your points for merchandise, travel, gift cards, and more.

  • Get a percentage of cash back on qualifying purchases – then spend the money, put it into your savings account, or apply it to your credit card balance.

  • Get travel protection insurance and automotive rental collision insurance when you use your Visa card to book certain services.

Credit Limit

To maintain a good credit score, it's recommended you use only 30% of your available credit across all accounts that you might hold. This is called your debt-to-credit or credit utilization ratio. Here's how it works:

  • Look for a credit card that has a good limit relative to how much credit you plan to use.

  • If you get a limit of $1,000, it might benefit your credit score to use only around $300.

  • If you want to use $1,000, then you might need a limit of about $3,000.

Enhanced Protection and Simplicity

When you choose a Visa credit card over other providers, you automatically get great benefits such as:

  • Verified by Visa: Make sure payments on your card are always made by you.

  • Visa Alerts: Track what you're spending and see your running balance.

  • Visa Checkout: Enter your details once then enjoy a fast checkout at any website that offers the service while still collecting points.

Local Service

Choosing a financial institution near where you live means you'll get friendly, local service for all your finance needs, including your credit card.

  • Keep all your accounts in one place, from checking to savings and home loans.

  • Seek personalized assistance whenever you need it.

What to Look for in a Credit Card? Let Listerhill Help!

Once you feel comfortable about what to look for in a credit card, the next step is to compare some specific credit card options and see what will fit your needs the best.

Your decision might come down to the type of rewards on offer, as well as the limit and APR you can get for your credit score. At Listerhill, we are here to help you make these important decisions.

Comparing our Signature Rewards & Platinum Credit Cards to our competitors.

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Frequently Asked Questions

  • What happens when federally insured credit unions merge?

    If a member has accounts in credit union A and credit union B, and credit union A merges into credit union B, accounts of credit union A continue to be insured separately from the share deposits of credit union B for six months after the date of the merger or, in the case of a share certificate, the earliest maturity date after the six-month period. In the case of a share certificate that matures within the six-month grace period that is renewed at the same dollar amount, either with or without accrued dividends having been added to the principal amount, and for the same term as the original share certificate, the separate insurance applies to the renewed share certificate until the first maturity date after the six-month period. A share certificate that matures within the six-month grace period that is renewed on any other basis, or that is not renewed, is separately insured only until the end of the six-month grace period.

  • What happens if a federally insured credit union is liquidated?

    The NCUA would either transfer the insured member's account to another federally insured credit union or give the federally insured member a check equal to their insured account balance. This includes the principal and posted dividends through the date of the credit union's liquidation, up to the insurance limit.

  • If a credit union is liquidated, what is the timeframe for payout of the funds that are insured if the credit union cannot be acquired by another credit union?

    Federal law requires the NCUA to make payments of insured accounts "as soon as possible" upon the failure of a federally insured credit union. While every credit union failure is unique, there are standard policies and procedures that the NCUA follows in making share insurance payments. Historically, insured funds are available to members within just a few days after the closure of an insured credit union.

  • What happens to members with uninsured shares?

    Members who have uninsured shares may recover a portion of their uninsured shares, but there is no guarantee that they will recover any more than the insured amount. The amount of uninsured shares they may receive, if any, is based on the recovery of the failed credit union's assets. Depending on the quality and value of these assets, it may take several years to conclude recovery on all the assets. As recoveries are made, uninsured account holders may receive periodic payments on their uninsured shares claim.

  • What happens to my direct deposits if a federally insured credit union is liquidated?

    If a liquidated credit union is acquired by another federally insured credit union, all direct deposits, including Social Security checks or paychecks delivered electronically, will be automatically deposited into your account at the assuming credit union. If the NCUA cannot find an acquirer for the liquidated credit union, the NCUA will advise members to make new arrangements.

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