What is the best credit card for me?
According to Bundesbank polls, over 35 million credit cards are in circulation in Germany — and the trend is upward! However, when demand rises, so does supply.
As a result, whether you are a credit card newbie or an expert, many who set out to choose the correct credit card today quickly get dissatisfied with the confusingly colourful variety and the comparison of extra services, conditions, and tiny print.
What do you intend to buy with your credit card?
First, a quick rundown of the scenarios in which a credit card is useful:
- in online shopping,
- for (online) hotel and auto hire reservations, for example,
- for regular travellers/flyers (insurance packages in the additional services),
- to withdraw money from overseas (particularly from non-EU countries) as well as
- Possibly to bridge financial obstacles on occasion.
A credit card is basically required if you wish to withdraw cash and buy freely when travelling. In this instance, opt for a credit card with the lowest international transaction cost available. Another advantage is that the fee-based exchange of money into the relevant national currency can be avoided. Furthermore, depositing a credit card allows for quick and uncomplicated hotel check-in/check-out.
Tip: Anyone who travels seldom but wants a credit card just in case likes to utilise prepaid credit cards or offers with no annual charge, such as those offered by the respective home bank.
A. I am a frequent flyer and/or use my credit card for business purposes more frequently!
Corporate or premium credit cards, in particular, entice with added benefits such as luggage or travel cancellation insurance: excellent for regular travellers, whether for business or pleasure.
Even people who do not travel frequently but are searching for travel insurance, such as for a vacation, should evaluate the prices, benefits, and drawbacks of a credit card with those of insurance. The annual fee for a credit card is often less expensive than the insurance premium. Simply compare the costs and services of the insurance companies in question with those of the credit card.
B. I want a credit card so that I may withdraw money from any ATM!
Customers of smaller banks, in particular, are frequently dissatisfied with ATM fees. Some credit card companies bridge this gap: with the right card, you may use any ATM without fear of incurring exorbitant fees.
C. I require a credit card in order to purchase online!
If you frequently order multiple pairs of shoes and garments to try on at home, but the shop does not accept (delayed) payment on account, having your own credit card is virtually ideal. Credit cards, of course, are ideal for quick and simple access to a certain credit line.
However, if this occurs on a frequent basis, make sure to verify the predicted debit interest for partial payments if you are simply returning the amount spent in instalments. Do you use your credit card to prevent overdrawing your bank account while making major purchases? Then, in advance, compare the credit card terms to the price of a credit line or instalment loan as a less expensive option.
Finding the Best Credit Card: What Are the Differences?
The many types of credit cards are classified as follows:
1. Revolving credit card
A "true credit card" in which the bank provides you with a fixed loan that may be repaid in instalments. A charge credit card is a "true credit card" with monthly billing.
2. Debit credit card
A credit card without credit, also known as a "fake credit card," in which transactions are immediately debited from your checking account, similar to the EC card.
3. Prepaid credit card
It can only be used when the credit has been pre-loaded, making it a "false credit card."
The specifics of the functions, services, expenses, and fees vary from bank to bank or credit card provider to credit card provider and are always dependent on the unique requirements and goals that precede your desire for your own credit card.
What are the benefits of prepaid credit cards and debit cards?
Prepaid or debit cards, like "actual credit cards," are accepted globally. As a result, "fake credit cards" have a significant edge over EC cards.
Tip: If you want to top up your prepaid credit card with a considerable amount of credit on a regular basis, you should absolutely apply for it at a nearby bank. Your money is guaranteed to be protected in the case of a hypothetical bank failure, due to the legally mandated deposit insurance in this nation.
Which credit card is better for me, Visa or Mastercard?
When considering the many types of credit cards, the subject of Visa vs. Mastercard, American Express vs. Diners Club emerges.
Important information: Visa and Mastercard account for over 90% of the global market and are issued by banks and savings banks, therefore they can only be used in conjunction with a current account. Both systems are almost identical in terms of acceptance, whether used to pay for a purchase or at an ATM.
American Express, popularly known as "Amex," credit cards have somewhat fewer acceptance points. However, they are a lot fewer at Diners Club International. Another distinction is that American Express and Diners Club are usually tied to a separate credit card account and are more closely associated with the commercial credit card market.
They are frequently coupled with supplementary services and bonus schemes, such as access to airport lounges or car rental discounts. However, there is a similarly large yearly and, in certain cases, joining charge.
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