What is the best credit card for a mother to have?

Answer 1

What type of credit card is best for any person, regardless if they are single, married, a mother, or a father, all depends on that person's financial needs, goals and current situation. Credit cards should only be used for emergencies only or if you can pay the balances in full every month. However, if you insist on getting a some form of credit, here are your options:

* If you have poor or little credit, your best chance will be with the mailer-offer cards (Capital One is a popular one). You usually have to pay a high annual fee ($50-$100), the interest rate is usually in the high 20 percentile, and your limit is usually very low ($200-$500). * If you are a student, many companies offer student credit cards with many of the features of a mailer-offer card, but these cards usually come without the annual fee. * If you have good to perfect credit, you can pick any credit card that's out there! Always opt for the lowest APR available to you. As tempting as it may be to sign up for cards that offer rewards and travel points, don't. It's just another trap for you to constantly use credit.. which will increase the debt that you are in * I do recommend the original American Express card (the "ugly" green one) because it requires the credit card owner to pay the balance in full every month (Unlike the other AM cards like AM Blue or AM cards offered through Costco that offer month to month payment options).

If you have to have some sort of line of credit, I would suggest an ELOC (Equity Line of Credit). Obviously, you would have to be a home owner, but the benefits to having an ELOC opposed to a credit card are more desirable.

# ELOCs have lower rates than most credit cards and higher limits. This is more ideal for real life emergencies... like that leaky roof or blown septic tank that needs repair. # The interest paid on ELOCS are tax write-offs. # Debt consolidation through an ELOC will save you more money than getting a personal debt-consolidation loan or doing a balance-transfer through another credit card.. and this all goes back to what interest rate you have. Just remember, use your credit wisely, and remember, purchases made on credit truly are not yours until you pay it off. If you can avoid being in debt, do it.