Not all credit cards are created equal. The type of card that best suits an individual depends on what they are looking for in a card and what stage they’re at in life.
Personal finance website WalletPop says that a good credit card for someone just out of school may not be the same as one for someone in their 50’s.
People in their 20’s may find that a secured card is their best option as many lack a credit history or steady income, says the website. A prepaid card’s limit is determined by how much money a person puts on it up front.
Once a family and credit history is established, rewards cards may be a good bet. The website says that spending, and charging, will increase at this point in life so accumulating awards will be easier.
Older adults with a longer credit history should be able to obtain a credit card with a low interest rate, says the website.
The Federal Reserve created a database where consumers can compare credit card terms and conditions. The database may serve as a good starting point for people who are just starting to determine which credit card is right for them.