[{"data":1,"prerenderedAt":5535},["Reactive",2],{"/":3},{"data":4,"headers":5507,"perPage":5533,"total":5534},{"stories":5,"cv":5504,"rels":5505,"links":5506},[6,837,1496,2373,2961,4350],{"name":7,"created_at":8,"published_at":9,"updated_at":10,"id":11,"uuid":12,"content":13,"slug":827,"full_slug":828,"sort_by_date":126,"position":829,"tag_list":830,"is_startpage":29,"parent_id":831,"meta_data":126,"group_id":832,"first_published_at":833,"release_id":126,"lang":834,"path":835,"alternates":836,"default_full_slug":126,"translated_slugs":126},"How to Pay off Credit Card Debt Fast","2025-04-07T18:30:33.525Z","2025-12-26T13:44:57.575Z","2025-12-26T13:44:57.602Z",651798167,"510902b5-3978-4e10-a862-512a370b5b2c",{"seo":14,"_uid":20,"hero":21,"author":31,"category":32,"featured":29,"imageAlt":18,"component":33,"blogContents":34,"canonicalTag":824,"publishedDate":825,"_editable":826},{"_uid":15,"title":16,"plugin":17,"og_image":18,"og_title":18,"description":19,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"77316249-bb90-485a-9a34-facfdf611141","How to Pay off Credit Card Debt Fast | Navient Marketplace","seo_metatags","","The best plan to pay off your credit card debt is to find one that you can stick with. Here we share our best tips and solutions for paying off your credit card debt fast.","39f3568e-f888-4c3e-816f-3647f7efec59",[22],{"id":18,"_uid":23,"image":24,"intro":19,"classes":18,"_editable":25,"blogTitle":26,"component":27,"imageLink":28,"blendImage":29,"backgroundColor":30},"ee81b4ff-6c03-4123-98ae-73405dea4592","//a.storyblok.com/f/110029/8192x4804/c9ee6ede27/how-to-pay-off-credit-card-debt-fast.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798167\"}-->","How to Pay Off Credit Card Debt Fast","NriBlogHero","/images/how-to-pay-off-credit-card-debt-fast.png",false,"#F6F2F7","natasha-khullar-relph","Credit Cards","NriBlogPost",[35],{"_uid":36,"color":37,"richText":38,"_editable":822,"component":823},"67b1c1a7-fbb7-4c3c-a267-87dc959687fb","#444444",{"type":39,"content":40},"doc",[41,56,63,73,80,87,97,104,112,139,147,154,162,169,177,184,192,199,233,241,248,279,287,294,324,331,339,359,452,473,481,488,495,503,523,531,614,621,628,635,643,650,667,707,738,746,753,774,783,798,807],{"type":42,"content":43},"paragraph",[44],{"text":45,"type":46,"marks":47},"Navient may receive compensation when you click on links associated with this Navient Marketplace. Navient is not being compensated for any application, quotation, or the purchase of any financial products.","text",[48,52],{"type":49,"attrs":50},"styled",{"class":51},"footer-text",{"type":53,"attrs":54},"textStyle",{"color":55},"rgb(0, 0, 0)",{"type":42,"content":57},[58],{"text":59,"type":46,"marks":60},"If you’re struggling with mounting credit card debt, it can be tempting to feel like you’ll never get your head above water. But while outstanding credit card payments can be challenging to manage, there are several effective strategies that can help you get out of debt quickly. The secret is to create a debt repayment plan tailored to your personal finance goals. Here’s how to choose the right method for your financial situation. ",[61],{"type":53,"attrs":62},{"color":55},{"type":64,"attrs":65,"content":67},"heading",{"level":66},2,[68],{"text":69,"type":46,"marks":70},"1. Identify the problem ",[71],{"type":53,"attrs":72},{"color":55},{"type":42,"content":74},[75],{"text":76,"type":46,"marks":77},"If you don’t know how you got into credit card debt, start by understanding the root of the issue. ",[78],{"type":53,"attrs":79},{"color":55},{"type":42,"content":81},[82],{"text":83,"type":46,"marks":84},"Take a closer look at your spending habits and financial decisions and ask yourself the following questions:",[85],{"type":53,"attrs":86},{"color":55},{"type":64,"attrs":88,"content":90},{"level":89},3,[91],{"text":92,"type":46,"marks":93},"Are you consistently overspending and living beyond your means?",[94],{"type":53,"attrs":95},{"color":96},"rgb(67, 67, 67)",{"type":42,"content":98},[99],{"text":100,"type":46,"marks":101},"Many Americans overspend simply because it’s so easy to make purchases these days. If you’re constantly swiping your card without first consulting a budget, buying luxury items you may not need, or doing a lot of online shopping, you may be living beyond your means.  ",[102],{"type":53,"attrs":103},{"color":55},{"type":64,"attrs":105,"content":106},{"level":89},[107],{"text":108,"type":46,"marks":109},"Do unexpected expenses contribute to your mounting debt?",[110],{"type":53,"attrs":111},{"color":96},{"type":42,"content":113},[114,119,134],{"text":115,"type":46,"marks":116},"Life is unpredictable, and sudden medical bills, car repairs, or other unforeseen emergencies can quickly drain your finances. If you don’t have a ",[117],{"type":53,"attrs":118},{"color":55},{"text":120,"type":46,"marks":121},"robust emergency fund",[122,129,132],{"type":123,"attrs":124},"link",{"href":125,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/",null,"_blank","url",{"type":53,"attrs":130},{"color":131},"rgb(17, 85, 204)",{"type":133},"underline",{"text":135,"type":46,"marks":136}," or other savings account to draw from, you may resort to using credit cards to cover these expenses.",[137],{"type":53,"attrs":138},{"color":55},{"type":64,"attrs":140,"content":141},{"level":89},[142],{"text":143,"type":46,"marks":144},"Are you only making minimum payments on your debt?",[145],{"type":53,"attrs":146},{"color":96},{"type":42,"content":148},[149],{"text":150,"type":46,"marks":151},"While minimum payments may seem manageable in the short term, they primarily serve to pay off interest charges, leaving the actual balance of your debt largely untouched. As a result, your debt will continue to accumulate. ",[152],{"type":53,"attrs":153},{"color":55},{"type":64,"attrs":155,"content":156},{"level":89},[157],{"text":158,"type":46,"marks":159},"Do you have too many credit cards to keep track of?",[160],{"type":53,"attrs":161},{"color":96},{"type":42,"content":163},[164],{"text":165,"type":46,"marks":166},"It can be hard to juggle multiple cards with different due dates and interest rates. In the confusion, you may find yourself making late payments or missing payments altogether. As a result, you’ll rack up credit card interest and late fees, both of which can escalate your debt.  ",[167],{"type":53,"attrs":168},{"color":55},{"type":64,"attrs":170,"content":171},{"level":66},[172],{"text":173,"type":46,"marks":174},"2. Pick a debt repayment strategy",[175],{"type":53,"attrs":176},{"color":55},{"type":42,"content":178},[179],{"text":180,"type":46,"marks":181},"Choosing the right repayment strategy can help you become debt-free faster. Here are two popular approaches. ",[182],{"type":53,"attrs":183},{"color":55},{"type":64,"attrs":185,"content":186},{"level":89},[187],{"text":188,"type":46,"marks":189},"The debt snowball method",[190],{"type":53,"attrs":191},{"color":96},{"type":42,"content":193},[194],{"text":195,"type":46,"marks":196},"With the debt snowball method, you prioritize paying off smaller debts first. This method is excellent for people who find motivation in small victories and enjoy the psychological boost of crossing debts off their list. Here’s how it works.",[197],{"type":53,"attrs":198},{"color":55},{"type":200,"attrs":201,"content":204},"ordered_list",{"order":202},{"order":203},1,[205,215,224],{"type":206,"content":207},"list_item",[208],{"type":42,"content":209},[210],{"text":211,"type":46,"marks":212},"First, list all your debts in order from the smallest balance to the largest balance.",[213],{"type":53,"attrs":214},{"color":55},{"type":206,"content":216},[217],{"type":42,"content":218},[219],{"text":220,"type":46,"marks":221},"Channel any extra cash toward your smallest debt while continuing to make just the minimum payments on all your other debts. ",[222],{"type":53,"attrs":223},{"color":55},{"type":206,"content":225},[226],{"type":42,"content":227},[228],{"text":229,"type":46,"marks":230},"Once you clear that first debt, start paying that same amount toward your next smallest debt. When that’s paid off, move to the next, and so on. This creates a “snowball” effect. ",[231],{"type":53,"attrs":232},{"color":55},{"type":64,"attrs":234,"content":235},{"level":89},[236],{"text":237,"type":46,"marks":238},"The debt avalanche method",[239],{"type":53,"attrs":240},{"color":96},{"type":42,"content":242},[243],{"text":244,"type":46,"marks":245},"With the debt avalanche method, you pay off debts based on their interest rates. The goal is to minimize the overall interest paid. This method is best for people motivated by long-term financial savings. Here how the debt avalanche method works:",[246],{"type":53,"attrs":247},{"color":55},{"type":200,"attrs":249,"content":251},{"order":250},{"order":203},[252,261,270],{"type":206,"content":253},[254],{"type":42,"content":255},[256],{"text":257,"type":46,"marks":258},"Start by listing all your debts in order from the highest interest rate to lowest interest rate.",[259],{"type":53,"attrs":260},{"color":55},{"type":206,"content":262},[263],{"type":42,"content":264},[265],{"text":266,"type":46,"marks":267},"Make minimum payments on all your debts, but direct any extra money toward the debt with the highest interest rate. ",[268],{"type":53,"attrs":269},{"color":55},{"type":206,"content":271},[272],{"type":42,"content":273},[274],{"text":275,"type":46,"marks":276},"Once that highest interest-rate debt is paid off, move to the debt with the next highest interest rate. ",[277],{"type":53,"attrs":278},{"color":55},{"type":64,"attrs":280,"content":281},{"level":89},[282],{"text":283,"type":46,"marks":284},"Snowball vs avalanche",[285],{"type":53,"attrs":286},{"color":96},{"type":42,"content":288},[289],{"text":290,"type":46,"marks":291},"Consider a hypothetical scenario where you have three credit card debts: ",[292],{"type":53,"attrs":293},{"color":55},{"type":295,"content":296},"bullet_list",[297,306,315],{"type":206,"content":298},[299],{"type":42,"content":300},[301],{"text":302,"type":46,"marks":303},"Card A with a balance of $1,000 and an interest rate of 12%",[304],{"type":53,"attrs":305},{"color":55},{"type":206,"content":307},[308],{"type":42,"content":309},[310],{"text":311,"type":46,"marks":312},"Card B with a balance of $3,000 and an interest rate of 18%",[313],{"type":53,"attrs":314},{"color":55},{"type":206,"content":316},[317],{"type":42,"content":318},[319],{"text":320,"type":46,"marks":321},"Card C with a balance of $5,000 and an interest rate of 15%",[322],{"type":53,"attrs":323},{"color":55},{"type":42,"content":325},[326],{"text":327,"type":46,"marks":328},"With the Snowball method, you’d prioritize paying off Card A, then Card B, and finally Card C. With the Avalanche method, however, you’d pay off card B first, since it has the highest interest rate, followed by Card C and Card A.",[329],{"type":53,"attrs":330},{"color":55},{"type":64,"attrs":332,"content":333},{"level":66},[334],{"text":335,"type":46,"marks":336},"3. Consider debt consolidation",[337],{"type":53,"attrs":338},{"color":55},{"type":42,"content":340},[341,346,354],{"text":342,"type":46,"marks":343},"One way to make your payments more manageable is to ",[344],{"type":53,"attrs":345},{"color":55},{"text":347,"type":46,"marks":348},"consolidate your debt",[349,352],{"type":123,"attrs":350},{"href":351,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://offers.moneylion.com/channelTrackingOfferRedirect/ba675b58-5d95-47ac-b285-7ddd8df4eaf3/f8b6569c-b09c-41c4-818f-6ac8ffa83f8e",{"type":53,"attrs":353},{"color":55},{"text":355,"type":46,"marks":356},". Instead of juggling multiple credit card accounts with varying interest rates and due dates, you’ll be left with a single debt consolidation loan with a single, predictable monthly payment. There are several ways to go about debt consolidation. ",[357],{"type":53,"attrs":358},{"color":55},{"type":295,"content":360},[361,400,437],{"type":206,"content":362},[363],{"type":42,"content":364},[365,372,377,386,395],{"text":366,"type":46,"marks":367},"Personal loans: ",[368,370],{"type":369},"bold",{"type":53,"attrs":371},{"color":55},{"text":373,"type":46,"marks":374},"With a ",[375],{"type":53,"attrs":376},{"color":55},{"text":378,"type":46,"marks":379},"personal loan",[380,383,385],{"type":123,"attrs":381},{"href":382,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://marketplace.navient.com/blog/what-is-a-personal-loan/",{"type":53,"attrs":384},{"color":131},{"type":133},{"text":387,"type":46,"marks":388},"1",[389,392,393],{"type":49,"attrs":390},{"class":391},"superscript",{"type":391},{"type":53,"attrs":394},{"color":18},{"text":396,"type":46,"marks":397},", you borrow a lump sum from a lender and use it to pay off your high-interest debts. In the end, you’re left with just one loan to manage, typically with a fixed interest rate and a clear repayment term.",[398],{"type":53,"attrs":399},{"color":55},{"type":206,"content":401},[402],{"type":42,"content":403},[404,410,415,424,432],{"text":405,"type":46,"marks":406},"Balance transfer credit cards: ",[407,408],{"type":369},{"type":53,"attrs":409},{"color":55},{"text":411,"type":46,"marks":412},"This is a form of ",[413],{"type":53,"attrs":414},{"color":55},{"text":416,"type":46,"marks":417},"credit card refinancing",[418,421,423],{"type":123,"attrs":419},{"href":420,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://marketplace.navient.com/blog/credit-card-refinancing/",{"type":53,"attrs":422},{"color":131},{"type":133},{"text":425,"type":46,"marks":426},"2",[427,429,430],{"type":49,"attrs":428},{"class":391},{"type":391},{"type":53,"attrs":431},{"color":18},{"text":433,"type":46,"marks":434},". It involves transferring the balances from your high-interest credit cards to a new credit card with a lower interest rate. This can help you save money while you pay down the balance. (Be sure to check for balance transfer fees before you commit.)",[435],{"type":53,"attrs":436},{"color":55},{"type":206,"content":438},[439],{"type":42,"content":440},[441,447],{"text":442,"type":46,"marks":443},"Home equity loans or lines of credit: ",[444,445],{"type":369},{"type":53,"attrs":446},{"color":55},{"text":448,"type":46,"marks":449},"If you own a home, you may be able to use your home equity to secure a loan. You can use the loan funds to pay off high-interest credit card debt. However, your home may be forfeit if you can’t make your loan payments.",[450],{"type":53,"attrs":451},{"color":55},{"type":42,"content":453},[454,459,468],{"text":455,"type":46,"marks":456},"To be eligible for debt consolidation, you’ll need a good credit score, steady income, and a low ",[457],{"type":53,"attrs":458},{"color":55},{"text":460,"type":46,"marks":461},"credit utilization ratio",[462,465,467],{"type":123,"attrs":463},{"href":464,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.consumerfinance.gov/ask-cfpb/will-closing-credit-cards-i-already-have-increase-my-credit-score-en-1231/",{"type":53,"attrs":466},{"color":131},{"type":133},{"text":469,"type":46,"marks":470},". If you choose to consolidate, just be sure to stay disciplined with your spending and stick to your debt repayment strategy. If you continue racking up debt after you consolidate, you could end up worse off than before. ",[471],{"type":53,"attrs":472},{"color":55},{"type":64,"attrs":474,"content":475},{"level":66},[476],{"text":477,"type":46,"marks":478},"4. Create a budget",[479],{"type":53,"attrs":480},{"color":55},{"type":42,"content":482},[483],{"text":484,"type":46,"marks":485},"You may be more likely to overspend if you don’t have any guidelines in place. A well-structured budget allows you to track your income and expenses, giving you a clear understanding of where your money is going and helping you identify areas where you can cut back. A good budget will also help you stay on track once you have a debt repayment strategy in place. ",[486],{"type":53,"attrs":487},{"color":55},{"type":42,"content":489},[490],{"text":491,"type":46,"marks":492},"Start by tracking your spending for a month. At the end of the month, list all your sources of income and categorize all your monthly expenses. Analyze this list to identify areas where you can make adjustments. A sample budget might look like this:",[493],{"type":53,"attrs":494},{"color":55},{"type":42,"content":496},[497],{"text":498,"type":46,"marks":499},"Income:",[500,501],{"type":369},{"type":53,"attrs":502},{"color":55},{"type":295,"content":504},[505,514],{"type":206,"content":506},[507],{"type":42,"content":508},[509],{"text":510,"type":46,"marks":511},"Paycheck: $3,500 per month",[512],{"type":53,"attrs":513},{"color":55},{"type":206,"content":515},[516],{"type":42,"content":517},[518],{"text":519,"type":46,"marks":520},"Side hustle: $500 per month",[521],{"type":53,"attrs":522},{"color":55},{"type":42,"content":524},[525],{"text":526,"type":46,"marks":527},"Expenses:",[528,529],{"type":369},{"type":53,"attrs":530},{"color":55},{"type":295,"content":532},[533,542,551,560,569,578,587,596,605],{"type":206,"content":534},[535],{"type":42,"content":536},[537],{"text":538,"type":46,"marks":539},"Rent/mortgage: $1,200",[540],{"type":53,"attrs":541},{"color":55},{"type":206,"content":543},[544],{"type":42,"content":545},[546],{"text":547,"type":46,"marks":548},"Utilities: $200",[549],{"type":53,"attrs":550},{"color":55},{"type":206,"content":552},[553],{"type":42,"content":554},[555],{"text":556,"type":46,"marks":557},"Groceries: $400",[558],{"type":53,"attrs":559},{"color":55},{"type":206,"content":561},[562],{"type":42,"content":563},[564],{"text":565,"type":46,"marks":566},"Transportation: $200",[567],{"type":53,"attrs":568},{"color":55},{"type":206,"content":570},[571],{"type":42,"content":572},[573],{"text":574,"type":46,"marks":575},"Insurance: $150",[576],{"type":53,"attrs":577},{"color":55},{"type":206,"content":579},[580],{"type":42,"content":581},[582],{"text":583,"type":46,"marks":584},"Minimum debt payments: $800",[585],{"type":53,"attrs":586},{"color":55},{"type":206,"content":588},[589],{"type":42,"content":590},[591],{"text":592,"type":46,"marks":593},"Emergency fund: $200",[594],{"type":53,"attrs":595},{"color":55},{"type":206,"content":597},[598],{"type":42,"content":599},[600],{"text":601,"type":46,"marks":602},"Miscellaneous: $250",[603],{"type":53,"attrs":604},{"color":55},{"type":206,"content":606},[607],{"type":42,"content":608},[609],{"text":610,"type":46,"marks":611},"Investments: $400",[612],{"type":53,"attrs":613},{"color":55},{"type":42,"content":615},[616],{"text":617,"type":46,"marks":618},"Total income - total expenses = $200",[619],{"type":53,"attrs":620},{"color":55},{"type":42,"content":622},[623],{"text":624,"type":46,"marks":625},"Right now, we have $200 leftover each month. If you don’t have an emergency fund, it may be best to save that $200 each month until you have three to six months of living expenses accumulated in case of an unexpected crisis. But if you already have a well-stocked emergency fund, you may want to allocate this extra cash toward debt payment. ",[626],{"type":53,"attrs":627},{"color":55},{"type":42,"content":629},[630],{"text":631,"type":46,"marks":632},"To accelerate your repayment progress even more, comb through your budget again, looking for non-essential expenses that you can cut. Maybe you can cook rather than dine out, or cut back on subscription services. Any money you can avoid spending can go toward paying down your debts. ",[633],{"type":53,"attrs":634},{"color":55},{"type":64,"attrs":636,"content":637},{"level":66},[638],{"text":639,"type":46,"marks":640},"5. Consider debt relief",[641],{"type":53,"attrs":642},{"color":55},{"type":42,"content":644},[645],{"text":646,"type":46,"marks":647},"Debt relief is a broad term that encompasses various strategies for reducing or eliminating debt. It can help individuals pay down their credit card bills and regain control over their financial lives. Here are some available debt relief options. ",[648],{"type":53,"attrs":649},{"color":55},{"type":295,"content":651},[652],{"type":206,"content":653},[654],{"type":42,"content":655},[656,662],{"text":657,"type":46,"marks":658},"Debt settlement: ",[659,660],{"type":369},{"type":53,"attrs":661},{"color":55},{"text":663,"type":46,"marks":664},"With debt settlement, you negotiate with your credit card companies to accept less than the full amount of debt you owe. If they agree to settle, you’ll typically have to make a lump sum payment—or a series of payments—to clear your debt. Debt settlement is a good fit for individuals facing severe financial hardship. While debt settlement can provide significant debt reduction, it may also have adverse effects on your credit report.",[665],{"type":53,"attrs":666},{"color":55},{"type":295,"content":668},[669],{"type":206,"content":670},[671],{"type":42,"content":672},[673,679,688,693,702],{"text":674,"type":46,"marks":675},"Debt management plans: ",[676,677],{"type":369},{"type":53,"attrs":678},{"color":55},{"text":680,"type":46,"marks":681},"Debt Management Plans (DMPs)",[682,685,687],{"type":123,"attrs":683},{"href":684,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.debt.org/management-plans/",{"type":53,"attrs":686},{"color":131},{"type":133},{"text":689,"type":46,"marks":690}," are an option for those who need assistance but want to avoid the negative credit impacts of settlement or bankruptcy. With a DMP, a ",[691],{"type":53,"attrs":692},{"color":55},{"text":694,"type":46,"marks":695},"nonprofit credit counseling agency",[696,699,701],{"type":123,"attrs":697},{"href":698,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.justice.gov/ust/list-credit-counseling-agencies-approved-pursuant-11-usc-111",{"type":53,"attrs":700},{"color":131},{"type":133},{"text":703,"type":46,"marks":704}," works with the credit card issuer to negotiate lower rates and more affordable monthly payments. You make a single monthly payment to the credit counseling agency, and they disburse the funds to your creditors on your behalf.",[705],{"type":53,"attrs":706},{"color":55},{"type":295,"content":708},[709],{"type":206,"content":710},[711],{"type":42,"content":712},[713,719,724,733],{"text":714,"type":46,"marks":715},"Bankruptcy:",[716,717],{"type":369},{"type":53,"attrs":718},{"color":55},{"text":720,"type":46,"marks":721}," ",[722],{"type":53,"attrs":723},{"color":55},{"text":725,"type":46,"marks":726},"Bankruptcy",[727,730,732],{"type":123,"attrs":728},{"href":729,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.uscourts.gov/services-forms/bankruptcy",{"type":53,"attrs":731},{"color":131},{"type":133},{"text":734,"type":46,"marks":735}," is a last resort option for those facing extreme financial hardship. While declaring bankruptcy can immediately clear your debts and provide a fresh start, it also has severe and long-lasting consequences on your credit score and financial standing.",[736],{"type":53,"attrs":737},{"color":55},{"type":64,"attrs":739,"content":740},{"level":66},[741],{"text":742,"type":46,"marks":743},"Compare personal loans on Navient Marketplace",[744],{"type":53,"attrs":745},{"color":55},{"type":42,"content":747},[748],{"text":749,"type":46,"marks":750},"If you want to consolidate your debt, simplify your monthly payments, and save money on interest, consider using a personal loan. Personal loans can help you get your debt under control and pay it off on your own terms. ",[751],{"type":53,"attrs":752},{"color":55},{"type":42,"content":754},[755,760,769],{"text":756,"type":46,"marks":757},"Ready to start shopping for personal loans? To help streamline your search, Navient Marketplace partners with MoneyLion, a leading personal loan search tool. Explore the versatile loans available and discover personalized loan rates by ",[758],{"type":53,"attrs":759},{"color":55},{"text":761,"type":46,"marks":762},"visiting our marketplace",[763,766,768],{"type":123,"attrs":764},{"href":765,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://marketplace.navient.com/",{"type":53,"attrs":767},{"color":131},{"type":133},{"text":770,"type":46,"marks":771}," today.  ",[772],{"type":53,"attrs":773},{"color":55},{"type":42,"content":775},[776],{"text":777,"type":46,"marks":778},"Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.",[779,781],{"type":49,"attrs":780},{"class":51},{"type":53,"attrs":782},{"color":55},{"type":42,"content":784},[785,791],{"text":387,"type":46,"marks":786},[787,789],{"type":49,"attrs":788},{"class":391},{"type":53,"attrs":790},{"color":55},{"text":792,"type":46,"marks":793}," Navient customers are invited to consider personal loan offers through our partner MoneyLion. Navient has not shared your information with MoneyLion and is not involved in the personal loan application process in any manner. All information is submitted directly to MoneyLion and any personal loan offers are made directly by participants in MoneyLion’s lending platform. Engine by MoneyLion is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. ",[794,796],{"type":49,"attrs":795},{"class":51},{"type":53,"attrs":797},{"color":55},{"type":42,"content":799},[800],{"text":801,"type":46,"marks":802},"Loan proceeds may not be used for postsecondary educational expenses, including refinancing federal or private student loans. ",[803,805],{"type":49,"attrs":804},{"class":51},{"type":53,"attrs":806},{"color":55},{"type":42,"content":808},[809,815],{"text":425,"type":46,"marks":810},[811,813],{"type":49,"attrs":812},{"class":391},{"type":53,"attrs":814},{"color":55},{"text":816,"type":46,"marks":817}," Navient has partnered with CardRatings for our OO\\lerage ot credit card products. Navient and CardRatings may receive a commission from card issuers. Opinions. reviews, analyses & recommendations are Navient's alone, and have not been reviewed, endorsed or approved by any of these entities. ",[818,820],{"type":49,"attrs":819},{"class":51},{"type":53,"attrs":821},{"color":55},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798167\"}-->","BlogText","https://www.marketplace.navient.com/blog/how-to-pay-off-credit-card-debt-fast/","Updated: September 20, 2023","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798167\"}-->","how-to-pay-off-credit-card-debt-fast","navient_marketplace/blog/how-to-pay-off-credit-card-debt-fast",-500,[],651751493,"165c874f-ef3c-48b4-9590-144a7399f01b","2023-09-26T16:23:10.823Z","default","blog/how-to-pay-off-credit-card-debt-fast/",[],{"name":838,"created_at":839,"published_at":840,"updated_at":841,"id":842,"uuid":843,"content":844,"slug":1489,"full_slug":1490,"sort_by_date":126,"position":829,"tag_list":1491,"is_startpage":29,"parent_id":831,"meta_data":126,"group_id":1492,"first_published_at":1493,"release_id":126,"lang":834,"path":1494,"alternates":1495,"default_full_slug":126,"translated_slugs":126},"Charge Card vs. Credit Card: Which is better? ","2025-04-07T18:30:31.760Z","2025-12-26T13:44:57.857Z","2025-12-26T13:44:57.881Z",651798166,"2bdcb13c-647e-491f-819e-b8026d729056",{"seo":845,"_uid":20,"hero":848,"author":31,"category":32,"featured":29,"imageAlt":18,"component":33,"blogContents":854,"canonicalTag":1487,"publishedDate":825,"_editable":1488},{"_uid":15,"title":846,"plugin":17,"og_image":18,"og_title":18,"description":847,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Charge Card vs. Credit Card: Which is better?  | Navient Marketplace","Although these two financial tools often seem interchangeable, they operate in different ways. Here’s what you need to know about each option and when to use each. ",[849],{"id":18,"_uid":23,"image":850,"intro":847,"classes":18,"_editable":851,"blogTitle":852,"component":27,"imageLink":853,"blendImage":29,"backgroundColor":30},"//a.storyblok.com/f/110029/6000x4000/a4bc5de4a5/charge-card-vs-credit-card.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798166\"}-->","Charge Card vs. Credit Card: Which is Better?","/images/charge-card-vs-credit-card.png",[855],{"_uid":36,"color":37,"richText":856,"_editable":1486,"component":823},{"type":39,"content":857},[858,867,874,881,889,897,904,925,932,996,1004,1011,1018,1082,1090,1097,1105,1112,1120,1149,1156,1164,1193,1201,1222,1229,1236,1244,1251,1271,1278,1286,1293,1323,1340,1371,1402,1433,1440,1448,1469,1477],{"type":42,"content":859},[860],{"text":45,"type":46,"marks":861},[862,864],{"type":49,"attrs":863},{"class":51},{"type":53,"attrs":865},{"color":866},"#000000",{"type":42,"content":868},[869],{"text":870,"type":46,"marks":871},"In today’s lending landscape, borrowers have a variety of options at their fingertips. Among these, charge cards and credit cards stand out as some of the most popular means of accessing funds.",[872],{"type":53,"attrs":873},{"color":866},{"type":42,"content":875},[876],{"text":877,"type":46,"marks":878},"So, what’s the difference between a charge card and a credit card? Although these two financial tools often seem interchangeable, they operate in different ways. Credit cards provide a revolving line of credit, which you can make only a minimum payment on if you need to. Charge cards, on the other hand, require a payment in full each month. Here’s what you need to know about each option and when to use each. ",[879],{"type":53,"attrs":880},{"color":866},{"type":64,"attrs":882,"content":883},{"level":66},[884],{"text":885,"type":46,"marks":886},"What’s the difference between a credit card and a charge card? ",[887],{"type":53,"attrs":888},{"color":866},{"type":64,"attrs":890,"content":891},{"level":89},[892],{"text":893,"type":46,"marks":894},"Understanding credit cards",[895],{"type":53,"attrs":896},{"color":866},{"type":42,"content":898},[899],{"text":900,"type":46,"marks":901},"Credit cards are one of the most widely used forms of payment in the modern world. They allow users to make purchases on credit, essentially borrowing money from the card issuer. In most cases, the card issuer is a bank or credit union. ",[902],{"type":53,"attrs":903},{"color":866},{"type":42,"content":905},[906,911,920],{"text":907,"type":46,"marks":908},"When you open a new credit card, you are ",[909],{"type":53,"attrs":910},{"color":866},{"text":912,"type":46,"marks":913},"assigned a credit limit",[914,917,919],{"type":123,"attrs":915},{"href":916,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.consumerfinance.gov/ask-cfpb/why-did-i-get-a-low-credit-limit-on-a-credit-card-en-11/",{"type":53,"attrs":918},{"color":866},{"type":133},{"text":921,"type":46,"marks":922},". This specifies the maximum amount you can borrow at any given time. Each month, you’ll receive a statement detailing your purchases and the minimum payment you’re required to make.",[923],{"type":53,"attrs":924},{"color":866},{"type":42,"content":926},[927],{"text":928,"type":46,"marks":929},"Key features of credit cards: ",[930],{"type":53,"attrs":931},{"color":866},{"type":200,"attrs":933,"content":935},{"order":934},{"order":203},[936,951,966,981],{"type":206,"content":937},[938],{"type":42,"content":939},[940,946],{"text":941,"type":46,"marks":942},"Credit limit",[943,944],{"type":369},{"type":53,"attrs":945},{"color":866},{"text":947,"type":46,"marks":948},": Credit cards come with a predefined credit limit that determines how much you can borrow at any given time. ",[949],{"type":53,"attrs":950},{"color":866},{"type":206,"content":952},[953],{"type":42,"content":954},[955,961],{"text":956,"type":46,"marks":957},"Minimum payments",[958,959],{"type":369},{"type":53,"attrs":960},{"color":866},{"text":962,"type":46,"marks":963},": With a credit card, it’s optional to pay your balance in full each month. Instead, you are only expected to make a minimum payment, a small percentage of the outstanding balance, by the payment due date. ",[964],{"type":53,"attrs":965},{"color":866},{"type":206,"content":967},[968],{"type":42,"content":969},[970,976],{"text":971,"type":46,"marks":972},"Revolving credit",[973,974],{"type":369},{"type":53,"attrs":975},{"color":866},{"text":977,"type":46,"marks":978},": If you choose not to pay your bill in full, you have the option to carry the remaining balance from one month into the next. ",[979],{"type":53,"attrs":980},{"color":866},{"type":206,"content":982},[983],{"type":42,"content":984},[985,991],{"text":986,"type":46,"marks":987},"Interest charges",[988,989],{"type":369},{"type":53,"attrs":990},{"color":866},{"text":992,"type":46,"marks":993},": If you choose to carry your balance forward, you’ll likely have to pay interest charges on that amount.",[994],{"type":53,"attrs":995},{"color":866},{"type":64,"attrs":997,"content":998},{"level":89},[999],{"text":1000,"type":46,"marks":1001},"Understanding charge cards ",[1002],{"type":53,"attrs":1003},{"color":866},{"type":42,"content":1005},[1006],{"text":1007,"type":46,"marks":1008},"While charge cards might sound similar to credit cards, they operate on a different principle. Charge cards provide a means of making purchases without a revolving credit feature. With a charge card, you are expected to pay the full balance each month, essentially requiring you to clear your debt in full by the payment due date.",[1009],{"type":53,"attrs":1010},{"color":866},{"type":42,"content":1012},[1013],{"text":1014,"type":46,"marks":1015},"Key features of charge cards: ",[1016],{"type":53,"attrs":1017},{"color":866},{"type":200,"attrs":1019,"content":1021},{"order":1020},{"order":203},[1022,1037,1052,1067],{"type":206,"content":1023},[1024],{"type":42,"content":1025},[1026,1032],{"text":1027,"type":46,"marks":1028},"No predetermined credit limit: ",[1029,1030],{"type":369},{"type":53,"attrs":1031},{"color":866},{"text":1033,"type":46,"marks":1034},"Charge cards do not have a fixed credit limit, which enables more flexible spending.",[1035],{"type":53,"attrs":1036},{"color":866},{"type":206,"content":1038},[1039],{"type":42,"content":1040},[1041,1047],{"text":1042,"type":46,"marks":1043},"No revolving credit:",[1044,1045],{"type":369},{"type":53,"attrs":1046},{"color":866},{"text":1048,"type":46,"marks":1049}," Unlike credit cards, charge cards do not allow you to carry a balance from month to month. The full balance must be paid in full within the payment period.",[1050],{"type":53,"attrs":1051},{"color":866},{"type":206,"content":1053},[1054],{"type":42,"content":1055},[1056,1062],{"text":1057,"type":46,"marks":1058},"No interest charges",[1059,1060],{"type":369},{"type":53,"attrs":1061},{"color":866},{"text":1063,"type":46,"marks":1064},": Because charge cards require the balance to be paid in full, there are typically no interest charges.",[1065],{"type":53,"attrs":1066},{"color":866},{"type":206,"content":1068},[1069],{"type":42,"content":1070},[1071,1077],{"text":1072,"type":46,"marks":1073},"Annual fees",[1074,1075],{"type":369},{"type":53,"attrs":1076},{"color":866},{"text":1078,"type":46,"marks":1079},": Charge cards often come with higher annual membership fees compared to credit cards. In exchange, they offer added benefits and perks.",[1080],{"type":53,"attrs":1081},{"color":866},{"type":64,"attrs":1083,"content":1084},{"level":66},[1085],{"text":1086,"type":46,"marks":1087},"Credit card or charge card: Which is better?",[1088],{"type":53,"attrs":1089},{"color":866},{"type":42,"content":1091},[1092],{"text":1093,"type":46,"marks":1094},"Here’s how to decide what kind of card is right for you. ",[1095],{"type":53,"attrs":1096},{"color":866},{"type":64,"attrs":1098,"content":1099},{"level":89},[1100],{"text":1101,"type":46,"marks":1102},"1. Consider your financial habits",[1103],{"type":53,"attrs":1104},{"color":866},{"type":42,"content":1106},[1107],{"text":1108,"type":46,"marks":1109},"If you’re the kind of person who consistently pays your bills on time and in full, a charge card may be the ideal fit. ",[1110],{"type":53,"attrs":1111},{"color":866},{"type":42,"content":1113},[1114],{"text":1115,"type":46,"marks":1116},"Pros of Charge Cards ",[1117,1118],{"type":369},{"type":53,"attrs":1119},{"color":866},{"type":295,"content":1121},[1122,1131,1140],{"type":206,"content":1123},[1124],{"type":42,"content":1125},[1126],{"text":1127,"type":46,"marks":1128},"Charge cards require you to settle your entire balance at the end of each billing cycle. If you’re already accustomed to paying your bills on time, this won’t be a challenge. ",[1129],{"type":53,"attrs":1130},{"color":866},{"type":206,"content":1132},[1133],{"type":42,"content":1134},[1135],{"text":1136,"type":46,"marks":1137},"With a charge card, there’s no option to carry a balance from one month to the next. This can be advantageous if you want to avoid accumulating debt and interest charges. ",[1138],{"type":53,"attrs":1139},{"color":866},{"type":206,"content":1141},[1142],{"type":42,"content":1143},[1144],{"text":1145,"type":46,"marks":1146},"Using a charge card encourages financial discipline, ensuring that you live within your means and don’t overspend. ",[1147],{"type":53,"attrs":1148},{"color":866},{"type":42,"content":1150},[1151],{"text":1152,"type":46,"marks":1153},"On the other hand, if you prefer a more flexible payment date, a credit card may be the better choice. Keep in mind that, since you can carry a balance from month to month, it can be more tempting to overspend with a credit card than with a charge card. But the balance-carry feature can be handy in case of emergencies. Here are some other potential benefits.  ",[1154],{"type":53,"attrs":1155},{"color":866},{"type":42,"content":1157},[1158],{"text":1159,"type":46,"marks":1160},"Pros of Credit Cards ",[1161,1162],{"type":369},{"type":53,"attrs":1163},{"color":866},{"type":295,"content":1165},[1166,1175,1184],{"type":206,"content":1167},[1168],{"type":42,"content":1169},[1170],{"text":1171,"type":46,"marks":1172},"Credit cards provide the freedom to carry a balance from month to month. ",[1173],{"type":53,"attrs":1174},{"color":866},{"type":206,"content":1176},[1177],{"type":42,"content":1178},[1179],{"text":1180,"type":46,"marks":1181},"Responsible credit card usage can have a greater positive influence on your credit score than charge card usage. That makes credit cards an attractive option if you want to build or improve your credit history.",[1182],{"type":53,"attrs":1183},{"color":866},{"type":206,"content":1185},[1186],{"type":42,"content":1187},[1188],{"text":1189,"type":46,"marks":1190},"Credit cards are available to borrowers with a wider range of credit scores.",[1191],{"type":53,"attrs":1192},{"color":866},{"type":64,"attrs":1194,"content":1195},{"level":89},[1196],{"text":1197,"type":46,"marks":1198},"2. Pull your credit score",[1199],{"type":53,"attrs":1200},{"color":866},{"type":42,"content":1202},[1203,1208,1217],{"text":1204,"type":46,"marks":1205},"Once you’ve considered the pros and cons of each kind of card, it’s time to ",[1206],{"type":53,"attrs":1207},{"color":866},{"text":1209,"type":46,"marks":1210},"check your credit report",[1211,1214,1216],{"type":123,"attrs":1212},{"href":1213,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-free-copy-of-my-credit-reports-en-5/",{"type":53,"attrs":1215},{"color":866},{"type":133},{"text":1218,"type":46,"marks":1219},". This can help you determine which cards you’re likely to qualify for based on your creditworthiness. ",[1220],{"type":53,"attrs":1221},{"color":866},{"type":42,"content":1223},[1224],{"text":1225,"type":46,"marks":1226},"Charge cards are typically reserved for individuals with excellent credit. That’s because they have no preset spending limits, and card issuers expect full payment each month. You’ll need a high credit score to convince card issuers that you can meet these expectations. ",[1227],{"type":53,"attrs":1228},{"color":866},{"type":42,"content":1230},[1231],{"text":1232,"type":46,"marks":1233},"Credit cards, on the other hand, tend to have more lenient credit score requirements. Your credit may influence the interest rates you receive, but even with a relatively low credit score, you’ll still qualify for some basic credit cards. More premium credit cards — especially those with lucrative rewards programs like cashback, travel points, or exclusive benefits — often require good to excellent credit scores.",[1234],{"type":53,"attrs":1235},{"color":866},{"type":64,"attrs":1237,"content":1238},{"level":89},[1239],{"text":1240,"type":46,"marks":1241},"3. Examine fees and rewards",[1242],{"type":53,"attrs":1243},{"color":866},{"type":42,"content":1245},[1246],{"text":1247,"type":46,"marks":1248},"Charge cards often come with higher annual fees than most credit cards. These fees are typically justified by the more premium services, travel benefits, and exclusive rewards they offer. Many of these rewards cater to high-spending, frequent travelers and individuals seeking luxury experiences. Charge cards focus on providing top-tier rewards rather than a broad range of options. ",[1249],{"type":53,"attrs":1250},{"color":866},{"type":42,"content":1252},[1253,1258,1266],{"text":1254,"type":46,"marks":1255},"Credit cards, however, come in various categories, each tailored to specific consumer needs. This diversity means you can ",[1256],{"type":53,"attrs":1257},{"color":866},{"text":1259,"type":46,"marks":1260},"find credit cards",[1261,1263,1265],{"type":123,"attrs":1262},{"href":765,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":1264},{"color":866},{"type":133},{"text":1267,"type":46,"marks":1268}," that offer rewards matching your lifestyle, such as cashback on everyday purchases, travel miles, or rewards points for specific retailers. Credit cards often have more varied rewards programs, catering to a broader audience with varying preferences. ",[1269],{"type":53,"attrs":1270},{"color":866},{"type":42,"content":1272},[1273],{"text":1274,"type":46,"marks":1275},"While there are many credit cards available with no annual fees, some premium cards may charge up to several hundred dollars per year for enhanced rewards and perks. The annual fee will depend on the specific credit card you choose, your credit history, and your spending habits. ",[1276],{"type":53,"attrs":1277},{"color":866},{"type":64,"attrs":1279,"content":1280},{"level":66},[1281],{"text":1282,"type":46,"marks":1283},"Charge cards vs. credit cards: How do they affect your credit score?",[1284],{"type":53,"attrs":1285},{"color":866},{"type":42,"content":1287},[1288],{"text":1289,"type":46,"marks":1290},"Charge cards and credit cards each affect your credit score differently.",[1291],{"type":53,"attrs":1292},{"color":866},{"type":295,"content":1294},[1295],{"type":206,"content":1296},[1297],{"type":42,"content":1298},[1299,1305,1310,1318],{"text":1300,"type":46,"marks":1301},"Credit utilization: ",[1302,1303],{"type":369},{"type":53,"attrs":1304},{"color":866},{"text":1306,"type":46,"marks":1307},"Charge cards typically don’t have preset spending limits, which means issuers don’t report credit limits to the credit bureaus. As a result, charge card balances don’t factor into your ",[1308],{"type":53,"attrs":1309},{"color":866},{"text":460,"type":46,"marks":1311},[1312,1315,1317],{"type":123,"attrs":1313},{"href":1314,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://credit.org/blog/what-is-credit-utilization/",{"type":53,"attrs":1316},{"color":866},{"type":133},{"text":1319,"type":46,"marks":1320}," (the amount of credit you’re using compared to your total credit limit). This can be beneficial because a high credit utilization can negatively impact your credit score. On the other hand, you won’t get credit for maintaining a low credit utilization rate either. ",[1321],{"type":53,"attrs":1322},{"color":866},{"type":295,"content":1324},[1325],{"type":206,"content":1326},[1327],{"type":42,"content":1328},[1329,1335],{"text":1330,"type":46,"marks":1331},"On-time payments: ",[1332,1333],{"type":369},{"type":53,"attrs":1334},{"color":866},{"text":1336,"type":46,"marks":1337},"Both charge cards and credit cards can positively impact your credit score if you consistently make on-time payments. Your payment history is a significant factor in your credit score, so paying bills promptly is crucial, regardless of the type of card you have.  ",[1338],{"type":53,"attrs":1339},{"color":866},{"type":295,"content":1341},[1342],{"type":206,"content":1343},[1344],{"type":42,"content":1345},[1346,1352,1357,1366],{"text":1347,"type":46,"marks":1348},"Credit history length: ",[1349,1350],{"type":369},{"type":53,"attrs":1351},{"color":866},{"text":1353,"type":46,"marks":1354},"Keeping credit cards open can help you establish a longer ",[1355],{"type":53,"attrs":1356},{"color":866},{"text":1358,"type":46,"marks":1359},"credit history",[1360,1363,1365],{"type":123,"attrs":1361},{"href":1362,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://consumer.gov/credit-loans-debt/your-credit-history",{"type":53,"attrs":1364},{"color":866},{"type":133},{"text":1367,"type":46,"marks":1368},", which is another factor in your credit score calculation. Charge cards also contribute to credit history, but they may not have as significant an impact.",[1369],{"type":53,"attrs":1370},{"color":866},{"type":295,"content":1372},[1373],{"type":206,"content":1374},[1375],{"type":42,"content":1376},[1377,1383,1388,1397],{"text":1378,"type":46,"marks":1379},"Credit inquiries: ",[1380,1381],{"type":369},{"type":53,"attrs":1382},{"color":866},{"text":1384,"type":46,"marks":1385},"When you apply for either a charge card or a credit card, the issuer will perform a ",[1386],{"type":53,"attrs":1387},{"color":866},{"text":1389,"type":46,"marks":1390},"hard inquiry",[1391,1394,1396],{"type":123,"attrs":1392},{"href":1393,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.consumerfinance.gov/ask-cfpb/whats-a-credit-inquiry-en-1317/",{"type":53,"attrs":1395},{"color":866},{"type":133},{"text":1398,"type":46,"marks":1399}," on your credit report. Multiple hard inquiries in a short period can temporarily lower your credit score. However, the impact is generally similar for both types of cards. ",[1400],{"type":53,"attrs":1401},{"color":866},{"type":295,"content":1403},[1404],{"type":206,"content":1405},[1406],{"type":42,"content":1407},[1408,1414,1419,1428],{"text":1409,"type":46,"marks":1410},"Diversity of accounts: ",[1411,1412],{"type":369},{"type":53,"attrs":1413},{"color":866},{"text":1415,"type":46,"marks":1416},"Maintaining a ",[1417],{"type":53,"attrs":1418},{"color":866},{"text":1420,"type":46,"marks":1421},"mix of credit accounts",[1422,1425,1427],{"type":123,"attrs":1423},{"href":1424,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.badcredit.org/how-to/what-is-credit-mix/",{"type":53,"attrs":1426},{"color":866},{"type":133},{"text":1429,"type":46,"marks":1430}," — such as credit cards, installment loans, and mortgages — can positively affect your credit score. Having a credit card alongside a charge card can demonstrate a diverse credit profile, potentially benefiting your credit score. ",[1431],{"type":53,"attrs":1432},{"color":866},{"type":42,"content":1434},[1435],{"text":1436,"type":46,"marks":1437},"While there are nuanced differences in how charge cards and credit cards can affect your credit score, the most crucial factor for maintaining or improving your score is responsible financial behavior. Making on-time payments and managing your credit wisely are key regardless of the type of card you use. ",[1438],{"type":53,"attrs":1439},{"color":866},{"type":64,"attrs":1441,"content":1442},{"level":66},[1443],{"text":1444,"type":46,"marks":1445},"Compare cards with Navient Marketplace",[1446],{"type":53,"attrs":1447},{"color":866},{"type":42,"content":1449},[1450,1455,1464],{"text":1451,"type":46,"marks":1452},"Whether you want to build up your credit score or get reward points for spending, Navient can help you find credit card offers tailored just for you. Just input a few details about your financial situation, and ",[1453],{"type":53,"attrs":1454},{"color":866},{"text":1456,"type":46,"marks":1457},"Navient Marketplace",[1458,1461,1463],{"type":123,"attrs":1459},{"href":1460,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://marketplace.navient.com",{"type":53,"attrs":1462},{"color":866},{"type":133},{"text":1465,"type":46,"marks":1466}," will return results for a credit card suited to your financial goals. ",[1467],{"type":53,"attrs":1468},{"color":866},{"type":42,"content":1470},[1471],{"text":777,"type":46,"marks":1472},[1473,1475],{"type":49,"attrs":1474},{"class":51},{"type":53,"attrs":1476},{"color":866},{"type":42,"content":1478},[1479],{"text":1480,"type":46,"marks":1481},"Navient has partnered with CardRatings for our credit card products. Navient and CardRatings may receive a commission from card issuers. Opinions. reviews, analyses & recommendations are Navient's alone, and have not been reviewed, endorsed or approved by any of these entities. ",[1482,1484],{"type":49,"attrs":1483},{"class":51},{"type":53,"attrs":1485},{"color":866},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798166\"}-->","https://www.marketplace.navient.com/blog/charge-card-vs-credit-card/","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798166\"}-->","charge-card-vs-credit-card","navient_marketplace/blog/charge-card-vs-credit-card",[],"010569a7-eeb4-4ff1-b835-316f8605a68d","2023-09-26T16:24:09.728Z","https://marketplace.navient.com/blog/charge-card-vs-credit-card/",[],{"name":1497,"created_at":1498,"published_at":1499,"updated_at":1500,"id":1501,"uuid":1502,"content":1503,"slug":2366,"full_slug":2367,"sort_by_date":126,"position":829,"tag_list":2368,"is_startpage":29,"parent_id":831,"meta_data":126,"group_id":2369,"first_published_at":2370,"release_id":126,"lang":834,"path":2371,"alternates":2372,"default_full_slug":126,"translated_slugs":126},"How to Choose a Credit Card: 5 Questions to Ask Yourself","2025-04-07T18:30:28.380Z","2025-12-26T13:44:58.423Z","2025-12-26T13:44:58.449Z",651798164,"41585952-6d17-442d-8c90-05742f103a60",{"seo":1504,"_uid":20,"hero":1507,"author":31,"category":32,"featured":29,"imageAlt":18,"component":33,"blogContents":1512,"canonicalTag":2364,"publishedDate":825,"_editable":2365},{"_uid":15,"title":1505,"plugin":17,"og_image":18,"og_title":18,"description":1506,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"How to Choose a Credit Card: 5 Questions to Ask Yourself | Navient Marketplace","Different credit cards offer different perks, and choosing the right one could help you save lots of money in interest charges–or get free airline miles or other rewards.",[1508],{"id":18,"_uid":23,"image":1509,"intro":1506,"classes":18,"_editable":1510,"blogTitle":1497,"component":27,"imageLink":1511,"blendImage":29,"backgroundColor":30},"//a.storyblok.com/f/110029/4608x3456/3ef1c38a85/how-to-choose-a-credit-card.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798164\"}-->","/images/how-to-choose-a-credit-card.png",[1513],{"_uid":36,"color":37,"richText":1514,"_editable":2363,"component":823},{"type":39,"content":1515},[1516,1523,1530,1538,1576,1584,1600,1629,1636,1678,1685,1692,1793,1801,1808,1898,1906,1913,1921,1942,1950,1957,1965,1972,2001,2008,2024,2032,2039,2047,2080,2088,2107,2114,2121,2153,2161,2168,2229,2236,2243,2290,2298,2323,2331,2339],{"type":42,"content":1517},[1518],{"text":1519,"type":46,"marks":1520},"With so many credit card options on the market, selecting the right one can be overwhelming. But that doesn’t mean you should pick one at random. Different types of credit cards offer different perks, and choosing the right one could help you save hundreds of dollars in interest charges — or make hundreds of dollars in free airline miles or other rewards. ",[1521],{"type":53,"attrs":1522},{"color":55},{"type":42,"content":1524},[1525],{"text":1526,"type":46,"marks":1527},"Whether you’re a first-time cardholder or a seasoned pro with excellent credit, it’s important to pick a card that aligns with your personal finance goals and lifestyle. Here’s how to choose a credit card that’s right for you. ",[1528],{"type":53,"attrs":1529},{"color":55},{"type":64,"attrs":1531,"content":1532},{"level":66},[1533],{"text":1534,"type":46,"marks":1535},"Key takeaways",[1536],{"type":53,"attrs":1537},{"color":55},{"type":295,"content":1539},[1540,1549,1558,1567],{"type":206,"content":1541},[1542],{"type":42,"content":1543},[1544],{"text":1545,"type":46,"marks":1546},"Check your credit score before applying for a credit card.",[1547],{"type":53,"attrs":1548},{"color":55},{"type":206,"content":1550},[1551],{"type":42,"content":1552},[1553],{"text":1554,"type":46,"marks":1555},"If you have a low score or limited credit history, consider choosing a secured card or student card to help you build your credit. ",[1556],{"type":53,"attrs":1557},{"color":55},{"type":206,"content":1559},[1560],{"type":42,"content":1561},[1562],{"text":1563,"type":46,"marks":1564},"If you have good credit, a travel credit card or rewards card may be more lucrative.",[1565],{"type":53,"attrs":1566},{"color":55},{"type":206,"content":1568},[1569],{"type":42,"content":1570},[1571],{"text":1572,"type":46,"marks":1573},"Consider each credit card’s perks, rewards, and interest rates before you make your decision.",[1574],{"type":53,"attrs":1575},{"color":55},{"type":64,"attrs":1577,"content":1578},{"level":66},[1579],{"text":1580,"type":46,"marks":1581},"1. What’s my credit score?",[1582],{"type":53,"attrs":1583},{"color":55},{"type":42,"content":1585},[1586,1595],{"text":1587,"type":46,"marks":1588},"Checking your credit score",[1589,1592,1594],{"type":123,"attrs":1590},{"href":1591,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://consumer.ftc.gov/articles/free-credit-reports",{"type":53,"attrs":1593},{"color":131},{"type":133},{"text":1596,"type":46,"marks":1597}," is an important step in managing your financial health, and it’s especially critical before applying for a new credit card. That’s because: ",[1598],{"type":53,"attrs":1599},{"color":55},{"type":295,"content":1601},[1602,1611,1620],{"type":206,"content":1603},[1604],{"type":42,"content":1605},[1606],{"text":1607,"type":46,"marks":1608},"Knowing your credit score helps you get a better idea of your likelihood of being approved for certain cards. ",[1609],{"type":53,"attrs":1610},{"color":55},{"type":206,"content":1612},[1613],{"type":42,"content":1614},[1615],{"text":1616,"type":46,"marks":1617},"You can use your score to find credit cards that are best tailored to your financial profile. ",[1618],{"type":53,"attrs":1619},{"color":55},{"type":206,"content":1621},[1622],{"type":42,"content":1623},[1624],{"text":1625,"type":46,"marks":1626},"Your credit score will affect the interest rate you’ll pay on balances.",[1627],{"type":53,"attrs":1628},{"color":55},{"type":42,"content":1630},[1631],{"text":1632,"type":46,"marks":1633},"There are three major credit bureaus — Equifax, Experian, and TransUnion — each of which provides credit reports that include your credit score. The most commonly used scoring model is the FICO score. ",[1634],{"type":53,"attrs":1635},{"color":55},{"type":42,"content":1637},[1638,1643,1652,1657,1664,1673],{"text":1639,"type":46,"marks":1640},"The federal ",[1641],{"type":53,"attrs":1642},{"color":55},{"text":1644,"type":46,"marks":1645},"Fair Credit Reporting Act",[1646,1649,1651],{"type":123,"attrs":1647},{"href":1648,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.ftc.gov/legal-library/browse/statutes/fair-credit-reporting-act",{"type":53,"attrs":1650},{"color":131},{"type":133},{"text":1653,"type":46,"marks":1654}," ensures you can get a free credit report annually from all three bureaus. In the wake of the pandemic, however, the bureaus are all offering free weekly credit reports through December 2023. You can request your report online at",[1655],{"type":53,"attrs":1656},{"color":55},{"text":720,"type":46,"marks":1658},[1659,1662],{"type":123,"attrs":1660},{"href":1661,"uuid":126,"anchor":126,"target":126,"linktype":128},"http://annualcreditreport.com",{"type":53,"attrs":1663},{"color":55},{"text":1665,"type":46,"marks":1666},"AnnualCreditReport.com",[1667,1670,1672],{"type":123,"attrs":1668},{"href":1669,"uuid":126,"anchor":126,"target":127,"linktype":128},"http://AnnualCreditReport.com",{"type":53,"attrs":1671},{"color":131},{"type":133},{"text":1674,"type":46,"marks":1675},". ",[1676],{"type":53,"attrs":1677},{"color":55},{"type":42,"content":1679},[1680],{"text":1681,"type":46,"marks":1682},"If you discover errors on your credit report, take action to correct them as soon as possible. This keeps your credit history clean and can prevent unfair damage to your score. To dispute errors, contact the credit reporting agency that issued the report or the organization involved in the error. Be sure to provide evidence to support your claim. The bureaus are legally obligated to investigate and rectify any inaccuracies within a reasonable timeframe. ",[1683],{"type":53,"attrs":1684},{"color":55},{"type":42,"content":1686},[1687],{"text":1688,"type":46,"marks":1689},"If your credit report still reflects a low credit score after any errors are fixed, here are a few things you can do: ",[1690],{"type":53,"attrs":1691},{"color":55},{"type":295,"content":1693},[1694,1709,1737,1766],{"type":206,"content":1695},[1696],{"type":42,"content":1697},[1698,1704],{"text":1699,"type":46,"marks":1700},"Pay your bills on time: ",[1701,1702],{"type":369},{"type":53,"attrs":1703},{"color":55},{"text":1705,"type":46,"marks":1706},"Developing a history of on-time payments is one of the best ways to improve your score.",[1707],{"type":53,"attrs":1708},{"color":55},{"type":206,"content":1710},[1711],{"type":42,"content":1712},[1713,1719,1724,1732],{"text":1714,"type":46,"marks":1715},"Reduce your credit card balances:",[1716,1717],{"type":369},{"type":53,"attrs":1718},{"color":55},{"text":1720,"type":46,"marks":1721}," Credit card issuers prefer to see a ",[1722],{"type":53,"attrs":1723},{"color":55},{"text":460,"type":46,"marks":1725},[1726,1729,1731],{"type":123,"attrs":1727},{"href":1728,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.investopedia.com/terms/c/credit-utilization-rate.asp",{"type":53,"attrs":1730},{"color":131},{"type":133},{"text":1733,"type":46,"marks":1734}," of 30% or less. This means you’re only currently using up to 30% of your total available credit limit.",[1735],{"type":53,"attrs":1736},{"color":55},{"type":206,"content":1738},[1739],{"type":42,"content":1740},[1741,1747,1752,1761],{"text":1742,"type":46,"marks":1743},"Limit new credit applications:",[1744,1745],{"type":369},{"type":53,"attrs":1746},{"color":55},{"text":1748,"type":46,"marks":1749}," Submitting too many credit card applications within a short time period of time could negatively impact your credit score. Try to wait ",[1750],{"type":53,"attrs":1751},{"color":55},{"text":1753,"type":46,"marks":1754},"at least six months",[1755,1758,1760],{"type":123,"attrs":1756},{"href":1757,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.experian.com/blogs/ask-experian/how-long-to-wait-between-credit-card-applications/",{"type":53,"attrs":1759},{"color":131},{"type":133},{"text":1762,"type":46,"marks":1763}," between submitting applications.",[1764],{"type":53,"attrs":1765},{"color":55},{"type":206,"content":1767},[1768],{"type":42,"content":1769},[1770,1776,1781,1788],{"text":1771,"type":46,"marks":1772},"Have a diverse credit mix: ",[1773,1774],{"type":369},{"type":53,"attrs":1775},{"color":55},{"text":1777,"type":46,"marks":1778},"Lenders like to see different types of credit on your report. This demonstrates that you can responsibly manage a range of different credit types. If you have a mortgage loan, auto loan, ",[1779],{"type":53,"attrs":1780},{"color":55},{"text":378,"type":46,"marks":1782},[1783,1785,1787],{"type":123,"attrs":1784},{"href":382,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":1786},{"color":131},{"type":133},{"text":1789,"type":46,"marks":1790},", or student loan in addition to your credit cards, that could positively impact your score (so long as you’re making payments on time). ",[1791],{"type":53,"attrs":1792},{"color":55},{"type":64,"attrs":1794,"content":1795},{"level":66},[1796],{"text":1797,"type":46,"marks":1798},"2. Why do I want a credit card?",[1799],{"type":53,"attrs":1800},{"color":55},{"type":42,"content":1802},[1803],{"text":1804,"type":46,"marks":1805},"Choosing the right credit card depends on your individual goals and needs. While some credit cards offer attractive perks, others have lower interest rates. To find the best credit card for your needs, first ask yourself what your goals are. ",[1806],{"type":53,"attrs":1807},{"color":55},{"type":295,"content":1809},[1810,1839,1868,1883],{"type":206,"content":1811},[1812],{"type":42,"content":1813},[1814,1820,1825,1834],{"text":1815,"type":46,"marks":1816},"Improve or build credit:",[1817,1818],{"type":369},{"type":53,"attrs":1819},{"color":55},{"text":1821,"type":46,"marks":1822}," If you have little or no credit history, you may want to choose a secured card as your first credit card. You won’t generally need to provide your credit score to open a ",[1823],{"type":53,"attrs":1824},{"color":55},{"text":1826,"type":46,"marks":1827},"secured credit card",[1828,1831,1833],{"type":123,"attrs":1829},{"href":1830,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.equifax.com/personal/education/credit-cards/articles/-/learn/what-is-a-secured-credit-card-do-they-build-credit/",{"type":53,"attrs":1832},{"color":131},{"type":133},{"text":1835,"type":46,"marks":1836},". Instead, you’ll give the credit card company a refundable cash deposit. This acts as a security deposit and is typically equal to your credit limit. ",[1837],{"type":53,"attrs":1838},{"color":55},{"type":206,"content":1840},[1841],{"type":42,"content":1842},[1843,1849,1854,1863],{"text":1844,"type":46,"marks":1845},"Save on interest:",[1846,1847],{"type":369},{"type":53,"attrs":1848},{"color":55},{"text":1850,"type":46,"marks":1851}," If you already have credit card debt, consider getting a ",[1852],{"type":53,"attrs":1853},{"color":55},{"text":1855,"type":46,"marks":1856},"balance transfer credit card",[1857,1860,1862],{"type":123,"attrs":1858},{"href":1859,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.consumerfinance.gov/consumer-tools/credit-cards/answers/key-terms/",{"type":53,"attrs":1861},{"color":131},{"type":133},{"text":1864,"type":46,"marks":1865}," with an introductory 0% APR (annual percentage rate). This allows you to transfer debts to a new card with zero interest, which could help you save money as you pay down your debt. Keep in mind, rates skyrocket after the introductory period, so pay down your balance as soon as possible. ",[1866],{"type":53,"attrs":1867},{"color":55},{"type":206,"content":1869},[1870],{"type":42,"content":1871},[1872,1878],{"text":1873,"type":46,"marks":1874},"Earn rewards: ",[1875,1876],{"type":369},{"type":53,"attrs":1877},{"color":55},{"text":1879,"type":46,"marks":1880},"Rewards credit cards offer cash-back programs, travel points, or airline miles in exchange for regular day-to-day spending. These can help you plan vacations or cover other purchases without draining your savings.",[1881],{"type":53,"attrs":1882},{"color":55},{"type":206,"content":1884},[1885],{"type":42,"content":1886},[1887,1893],{"text":1888,"type":46,"marks":1889},"Finance a big purchase:",[1890,1891],{"type":369},{"type":53,"attrs":1892},{"color":55},{"text":1894,"type":46,"marks":1895}," If you’re looking to finance a significant purchase and pay it off over several months, look for a credit card with an introductory 0% APR period. Just be careful to pay off your balance before the promotional period ends. ",[1896],{"type":53,"attrs":1897},{"color":55},{"type":64,"attrs":1899,"content":1900},{"level":66},[1901],{"text":1902,"type":46,"marks":1903},"3. What options are available to me?",[1904],{"type":53,"attrs":1905},{"color":55},{"type":42,"content":1907},[1908],{"text":1909,"type":46,"marks":1910},"The next step is understanding the types of credit cards available. Most cards fall into four main categories:",[1911],{"type":53,"attrs":1912},{"color":55},{"type":64,"attrs":1914,"content":1915},{"level":89},[1916],{"text":1917,"type":46,"marks":1918},"Credit-building cards",[1919],{"type":53,"attrs":1920},{"color":96},{"type":42,"content":1922},[1923,1928,1937],{"text":1924,"type":46,"marks":1925},"If you have bad credit or limited credit history, you may want to start with a credit-building card. These cards often have lenient eligibility criteria. Secured cards require a security deposit, but they make a great stepping-stone to regular, unsecured cards. If you’re enrolled in a college or university, you may also qualify for a ",[1926],{"type":53,"attrs":1927},{"color":55},{"text":1929,"type":46,"marks":1930},"student card",[1931,1934,1936],{"type":123,"attrs":1932},{"href":1933,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.equifax.com/personal/education/credit-cards/articles/-/learn/student-credit-cards-what-are-they-how-to-get-one/",{"type":53,"attrs":1935},{"color":131},{"type":133},{"text":1938,"type":46,"marks":1939},". Like secured cards, student credit cards work to boost your credit without requiring a high score or long credit history.",[1940],{"type":53,"attrs":1941},{"color":55},{"type":64,"attrs":1943,"content":1944},{"level":89},[1945],{"text":1946,"type":46,"marks":1947},"Balance transfer credit cards",[1948],{"type":53,"attrs":1949},{"color":96},{"type":42,"content":1951},[1952],{"text":1953,"type":46,"marks":1954},"Balance transfer credit cards could help you save money while paying off credit card debt. Many of these cards offer a 0% balance transfer APR for the first year after you open the card. This lets you make progress on your debt without accruing interest charges during that time. Once the introductory period ends, though, your remaining balance will be subject to the card’s regular APR. ",[1955],{"type":53,"attrs":1956},{"color":55},{"type":64,"attrs":1958,"content":1959},{"level":89},[1960],{"text":1961,"type":46,"marks":1962},"Rewards credit cards",[1963],{"type":53,"attrs":1964},{"color":96},{"type":42,"content":1966},[1967],{"text":1968,"type":46,"marks":1969},"These credit cards are designed for people who want to earn cash back or rewards on their purchases. There are a few different types of rewards cards to consider:",[1970],{"type":53,"attrs":1971},{"color":55},{"type":295,"content":1973},[1974,1983,1992],{"type":206,"content":1975},[1976],{"type":42,"content":1977},[1978],{"text":1979,"type":46,"marks":1980},"Cash-back rewards cards offer a percentage back on spending.",[1981],{"type":53,"attrs":1982},{"color":55},{"type":206,"content":1984},[1985],{"type":42,"content":1986},[1987],{"text":1988,"type":46,"marks":1989},"Points-earning cards accumulate points for various redemption options. ",[1990],{"type":53,"attrs":1991},{"color":55},{"type":206,"content":1993},[1994],{"type":42,"content":1995},[1996],{"text":1997,"type":46,"marks":1998},"Miles-earning cards accumulate airline miles or other travel rewards. ",[1999],{"type":53,"attrs":2000},{"color":55},{"type":42,"content":2002},[2003],{"text":2004,"type":46,"marks":2005},"Flat-rate cash-back credit cards offer cash back on all purchases, usually at least 2%. Other cards offer around 5% cash back on spending in specific categories. Many of these credit cards offer bonus rewards for purchases made at gas stations or grocery stores, for example. ",[2006],{"type":53,"attrs":2007},{"color":55},{"type":42,"content":2009},[2010,2015],{"text":2011,"type":46,"marks":2012},"You can redeem cash-back rewards as a statement credit on your next bill, or you can link your card to a savings account to automatically transfer them to your bank. And if you’re feeling generous, some companies even let you ",[2013],{"type":53,"attrs":2014},{"color":55},{"text":2016,"type":46,"marks":2017},"donate your rewards to charity. ",[2018,2021,2023],{"type":123,"attrs":2019},{"href":2020,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.redcross.org/donations/ways-to-donate/donate-rewards-points.html",{"type":53,"attrs":2022},{"color":131},{"type":133},{"type":64,"attrs":2025,"content":2026},{"level":89},[2027],{"text":2028,"type":46,"marks":2029},"Low-interest credit cards",[2030],{"type":53,"attrs":2031},{"color":96},{"type":42,"content":2033},[2034],{"text":2035,"type":46,"marks":2036},"A low-interest credit card is a good option for financing expenses over time. These cards typically come in two forms: those that simply offer a lower APR than average, and those that offer a 0% intro APR. If you have a large purchase coming up and plan to pay it off quickly, a card with a 0% introductory period can be a smart choice.",[2037],{"type":53,"attrs":2038},{"color":55},{"type":64,"attrs":2040,"content":2041},{"level":66},[2042],{"text":2043,"type":46,"marks":2044},"4. How does each option stack up?",[2045],{"type":53,"attrs":2046},{"color":55},{"type":42,"content":2048},[2049,2054,2061,2066,2075],{"text":2050,"type":46,"marks":2051},"Once you know what you’re looking for, you can use an online service to help you compare available options. One convenient option is ",[2052],{"type":53,"attrs":2053},{"color":55},{"text":1456,"type":46,"marks":2055},[2056,2058,2060],{"type":123,"attrs":2057},{"href":1460,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":2059},{"color":131},{"type":133},{"text":2062,"type":46,"marks":2063},". Credit card comparison tool ",[2064],{"type":53,"attrs":2065},{"color":55},{"text":2067,"type":46,"marks":2068},"Fiona",[2069,2072,2074],{"type":123,"attrs":2070},{"href":2071,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://fiona.com/",{"type":53,"attrs":2073},{"color":131},{"type":133},{"text":2076,"type":46,"marks":2077}," works in partnership with Navient to match borrowers to a wide range of custom credit card offers. When you search for card options on the Navient Marketplace website, Fiona will work up a list of offers from various lending partners, including Chase, Capital One, and Citi. Each offer will be tailored to your needs and financial history. You can then compare these credit card options to help you make an informed decision. ",[2078],{"type":53,"attrs":2079},{"color":55},{"type":64,"attrs":2081,"content":2082},{"level":66},[2083],{"text":2084,"type":46,"marks":2085},"5. Which card offers the best value?",[2086],{"type":53,"attrs":2087},{"color":55},{"type":42,"content":2089},[2090,2095,2102],{"text":2091,"type":46,"marks":2092},"Once you’ve received credit card offers through ",[2093],{"type":53,"attrs":2094},{"color":55},{"text":1456,"type":46,"marks":2096},[2097,2099,2101],{"type":123,"attrs":2098},{"href":1460,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":2100},{"color":131},{"type":133},{"text":2103,"type":46,"marks":2104}," or another comparison tool of your choice, review your options carefully. Here are some key factors to keep in mind for each type of card. ",[2105],{"type":53,"attrs":2106},{"color":55},{"type":64,"attrs":2108,"content":2109},{"level":89},[2110],{"text":1917,"type":46,"marks":2111},[2112],{"type":53,"attrs":2113},{"color":96},{"type":42,"content":2115},[2116],{"text":2117,"type":46,"marks":2118},"If you’re shopping for student cards, secured cards, or other cards to help build up your credit, you’ll want to look for:",[2119],{"type":53,"attrs":2120},{"color":55},{"type":295,"content":2122},[2123,2138],{"type":206,"content":2124},[2125],{"type":42,"content":2126},[2127,2133],{"text":2128,"type":46,"marks":2129},"Credit increases: ",[2130,2131],{"type":369},{"type":53,"attrs":2132},{"color":55},{"text":2134,"type":46,"marks":2135},"Choose a secured card that offers periodic credit increases as a reward for good spending habits. ",[2136],{"type":53,"attrs":2137},{"color":55},{"type":206,"content":2139},[2140],{"type":42,"content":2141},[2142,2148],{"text":2143,"type":46,"marks":2144},"Transition to unsecured:",[2145,2146],{"type":369},{"type":53,"attrs":2147},{"color":55},{"text":2149,"type":46,"marks":2150}," Look for a secured credit card that provides an easy transition to an unsecured card with no need for a new application. ",[2151],{"type":53,"attrs":2152},{"color":55},{"type":64,"attrs":2154,"content":2155},{"level":89},[2156],{"text":2157,"type":46,"marks":2158},"Balance transfer and low-interest credit cards",[2159],{"type":53,"attrs":2160},{"color":96},{"type":42,"content":2162},[2163],{"text":2164,"type":46,"marks":2165},"If you’re looking to pay off existing debt through a balance transfer credit card, compare the following criteria:",[2166],{"type":53,"attrs":2167},{"color":55},{"type":295,"content":2169},[2170,2185,2200],{"type":206,"content":2171},[2172],{"type":42,"content":2173},[2174,2180],{"text":2175,"type":46,"marks":2176},"Length of welcome offer:",[2177,2178],{"type":369},{"type":53,"attrs":2179},{"color":55},{"text":2181,"type":46,"marks":2182}," The longer the sign-up bonus period, the better. While the average introductory period is 12 to 18 months, you can find some credit cards that offer 0% interest for up to 21 months. ",[2183],{"type":53,"attrs":2184},{"color":55},{"type":206,"content":2186},[2187],{"type":42,"content":2188},[2189,2195],{"text":2190,"type":46,"marks":2191},"Balance transfer fees: ",[2192,2193],{"type":369},{"type":53,"attrs":2194},{"color":55},{"text":2196,"type":46,"marks":2197},"Credit card companies typically charge cardholders a fee to transfer a balance. That fee is usually 3 to 5% of the balance being transferred. This can make it quite expensive to transfer big balances. However, some cards don’t charge transfer fees at all — though these typically have shorter introductory APR periods. If you know you can pay off your debt quickly, however, choosing a fee-free card can save you a lot of money. ",[2198],{"type":53,"attrs":2199},{"color":55},{"type":206,"content":2201},[2202],{"type":42,"content":2203},[2204,2210,2215,2224],{"text":2205,"type":46,"marks":2206},"Penalties or late fees:",[2207,2208],{"type":369},{"type":53,"attrs":2209},{"color":55},{"text":2211,"type":46,"marks":2212}," When possible, select credit cards that don’t charge a ",[2213],{"type":53,"attrs":2214},{"color":55},{"text":2216,"type":46,"marks":2217},"penalty APR",[2218,2221,2223],{"type":123,"attrs":2219},{"href":2220,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.experian.com/blogs/ask-experian/what-is-a-penalty-apr/",{"type":53,"attrs":2222},{"color":131},{"type":133},{"text":2225,"type":46,"marks":2226}," or fees for late payments. ",[2227],{"type":53,"attrs":2228},{"color":55},{"type":64,"attrs":2230,"content":2231},{"level":89},[2232],{"text":1961,"type":46,"marks":2233},[2234],{"type":53,"attrs":2235},{"color":96},{"type":42,"content":2237},[2238],{"text":2239,"type":46,"marks":2240},"If the primary purpose of your credit card is to earn rewards from everyday purchasing, consider the following:",[2241],{"type":53,"attrs":2242},{"color":55},{"type":295,"content":2244},[2245,2260,2275],{"type":206,"content":2246},[2247],{"type":42,"content":2248},[2249,2255],{"text":2250,"type":46,"marks":2251},"Rewards program: ",[2252,2253],{"type":369},{"type":53,"attrs":2254},{"color":55},{"text":2256,"type":46,"marks":2257},"Decide what type of reward program would benefit you most. If you’re a frequent traveler or want to save up miles to visit family, consider a travel credit card. If you have an international trip in your sights, choose one with low foreign transaction fees. If you spend a lot on everyday purchases like gas or groceries, a regular cash-back card might be better.",[2258],{"type":53,"attrs":2259},{"color":55},{"type":206,"content":2261},[2262],{"type":42,"content":2263},[2264,2270],{"text":2265,"type":46,"marks":2266},"Low spending requirements: ",[2267,2268],{"type":369},{"type":53,"attrs":2269},{"color":55},{"text":2271,"type":46,"marks":2272},"Many rewards cards require you to spend a certain amount of money during the introductory period in order to earn big bonuses. While you may want to meet the spending limit to maximize the benefits, it’s not worth stretching your budget to do so.",[2273],{"type":53,"attrs":2274},{"color":55},{"type":206,"content":2276},[2277],{"type":42,"content":2278},[2279,2285],{"text":2280,"type":46,"marks":2281},"Annual fees: ",[2282,2283],{"type":369},{"type":53,"attrs":2284},{"color":55},{"text":2286,"type":46,"marks":2287},"Many reward cards come with annual fees. So, make sure the rewards will outweigh the cost of the fee. When possible, choose cards with no or low annual fees. ",[2288],{"type":53,"attrs":2289},{"color":55},{"type":64,"attrs":2291,"content":2292},{"level":66},[2293],{"text":2294,"type":46,"marks":2295},"Compare credit cards on Navient Marketplace",[2296],{"type":53,"attrs":2297},{"color":55},{"type":42,"content":2299},[2300,2305,2311,2318],{"text":2301,"type":46,"marks":2302},"Whether you want to build your credit for the first time or get rewards for everyday spending, Navient can help you find a new credit card that suits your needs. Explore",[2303],{"type":53,"attrs":2304},{"color":55},{"text":720,"type":46,"marks":2306},[2307,2309],{"type":123,"attrs":2308},{"href":1460,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":2310},{"color":55},{"text":1456,"type":46,"marks":2312},[2313,2315,2317],{"type":123,"attrs":2314},{"href":1460,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":2316},{"color":131},{"type":133},{"text":2319,"type":46,"marks":2320}," to compare different offers tailored to your lifestyle.",[2321],{"type":53,"attrs":2322},{"color":55},{"type":42,"content":2324},[2325],{"text":45,"type":46,"marks":2326},[2327,2329],{"type":49,"attrs":2328},{"class":51},{"type":53,"attrs":2330},{"color":55},{"type":42,"content":2332},[2333],{"text":777,"type":46,"marks":2334},[2335,2337],{"type":49,"attrs":2336},{"class":51},{"type":53,"attrs":2338},{"color":55},{"type":42,"content":2340},[2341,2348,2356],{"text":2342,"type":46,"marks":2343},"Information in this blog, including the rates advertised, are current as of 06/26/2023 and subject to change. For current rates, please visit ",[2344,2346],{"type":49,"attrs":2345},{"class":51},{"type":53,"attrs":2347},{"color":55},{"text":765,"type":46,"marks":2349},[2350,2352,2354],{"type":123,"attrs":2351},{"href":765,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":49,"attrs":2353},{"class":51},{"type":53,"attrs":2355},{"color":55},{"text":2357,"type":46,"marks":2358},".",[2359,2361],{"type":49,"attrs":2360},{"class":51},{"type":53,"attrs":2362},{"color":55},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798164\"}-->","https://www.marketplace.navient.com/blog/how-to-choose-a-credit-card/","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798164\"}-->","how-to-choose-a-credit-card","navient_marketplace/blog/how-to-choose-a-credit-card",[],"9a65b026-646c-4643-9747-f8cfbc280bf4","2023-09-26T16:15:08.152Z","blog/how-to-choose-a-credit-card/",[],{"name":2374,"created_at":2375,"published_at":2376,"updated_at":2377,"id":2378,"uuid":2379,"content":2380,"slug":2954,"full_slug":2955,"sort_by_date":126,"position":829,"tag_list":2956,"is_startpage":29,"parent_id":831,"meta_data":126,"group_id":2957,"first_published_at":2958,"release_id":126,"lang":834,"path":2959,"alternates":2960,"default_full_slug":126,"translated_slugs":126},"Beginner’s Guide to Credit Card Benefits","2025-04-07T18:30:26.697Z","2025-12-26T13:44:58.683Z","2025-12-26T13:44:58.712Z",651798163,"210e605d-c8b3-4761-8e31-1662de7a7a5d",{"seo":2381,"_uid":20,"hero":2384,"author":2389,"category":32,"featured":29,"imageAlt":18,"component":33,"blogContents":2390,"canonicalTag":2952,"publishedDate":825,"_editable":2953},{"_uid":15,"title":2382,"plugin":17,"og_image":18,"og_title":18,"description":2383,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Beginner’s Guide to Credit Card Benefits | Navient Marketplace","Credit card benefits can help you get more out of your everyday expenses. Read our guide to learn more about different rewards and how they work.",[2385],{"id":18,"_uid":23,"image":2386,"intro":2383,"classes":18,"_editable":2387,"blogTitle":2374,"component":27,"imageLink":2388,"blendImage":29,"backgroundColor":30},"//a.storyblok.com/f/110029/5147x2895/0191f53121/beginner-guide-to-credit-card-benefits.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798163\"}-->","/images/beginner-guide-to-credit-card-benefits.png","grace-guido",[2391],{"_uid":36,"color":37,"richText":2392,"_editable":2951,"component":823},{"type":39,"content":2393},[2394,2402,2423,2436,2443,2452,2473,2520,2527,2534,2543,2550,2557,2576,2585,2592,2600,2607,2614,2631,2648,2668,2677,2684,2691,2698,2705,2714,2730,2737,2746,2753,2802,2811,2818,2905,2914,2934,2942],{"type":42,"content":2395},[2396],{"text":45,"type":46,"marks":2397},[2398,2400],{"type":49,"attrs":2399},{"class":51},{"type":53,"attrs":2401},{"color":55},{"type":42,"content":2403},[2404,2409,2418],{"text":2405,"type":46,"marks":2406},"Welcome to the world of ",[2407],{"type":53,"attrs":2408},{"color":55},{"text":2410,"type":46,"marks":2411},"credit cards",[2412,2415,2417],{"type":123,"attrs":2413},{"href":2414,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.fdic.gov/resources/consumers/consumer-news/2021-11.html",{"type":53,"attrs":2416},{"color":131},{"type":133},{"text":2419,"type":46,"marks":2420},"! When used wisely, credit card rewards can help you get more out of your everyday purchases. Whether you are getting cash back on your groceries or collecting travel points for your next vacation, credit card rewards can be a game-changer. ",[2421],{"type":53,"attrs":2422},{"color":55},{"type":42,"content":2424},[2425],{"text":2426,"type":46,"marks":2427},"Browse credit cards on Navient Marketplace >>",[2428,2430,2433,2435],{"type":123,"attrs":2429},{"href":765,"uuid":126,"anchor":126,"target":126,"linktype":128},{"type":49,"attrs":2431},{"class":2432}," text-button-2",{"type":53,"attrs":2434},{"color":131},{"type":133},{"type":42,"content":2437},[2438],{"text":2439,"type":46,"marks":2440},"The best credit card for you will vary based on your financial goals. Regardless of which credit card you are using, it is important to use your credit card responsibly. ",[2441],{"type":53,"attrs":2442},{"color":55},{"type":64,"attrs":2444,"content":2445},{"level":66},[2446],{"text":2447,"type":46,"marks":2448},"How Do Credit Card Rewards Work?",[2449,2450],{"type":369},{"type":53,"attrs":2451},{"color":55},{"type":42,"content":2453},[2454,2459,2468],{"text":2455,"type":46,"marks":2456},"When you make purchases with your credit card, you are given ",[2457],{"type":53,"attrs":2458},{"color":55},{"text":2460,"type":46,"marks":2461},"“rewards” as an incentive",[2462,2465,2467],{"type":123,"attrs":2463},{"href":2464,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.fdic.gov/consumers/consumer/news/march2019.html#:~:text=Rewards%20are%20incentives%20to%20use,to%20different%20terms%20and%20conditions.",{"type":53,"attrs":2466},{"color":131},{"type":133},{"text":2469,"type":46,"marks":2470},". Reward types include cashback, points, and miles: ",[2471],{"type":53,"attrs":2472},{"color":55},{"type":295,"content":2474},[2475,2490,2505],{"type":206,"content":2476},[2477],{"type":42,"content":2478},[2479,2485],{"text":2480,"type":46,"marks":2481},"Cashback:",[2482,2483],{"type":369},{"type":53,"attrs":2484},{"color":55},{"text":2486,"type":46,"marks":2487}," a percentage of your purchase given back to you (free money).",[2488],{"type":53,"attrs":2489},{"color":55},{"type":206,"content":2491},[2492],{"type":42,"content":2493},[2494,2500],{"text":2495,"type":46,"marks":2496},"Points:",[2497,2498],{"type":369},{"type":53,"attrs":2499},{"color":55},{"text":2501,"type":46,"marks":2502}," redeemable for benefits including travel discounts, gift cards, and more. ",[2503],{"type":53,"attrs":2504},{"color":55},{"type":206,"content":2506},[2507],{"type":42,"content":2508},[2509,2515],{"text":2510,"type":46,"marks":2511},"Miles:",[2512,2513],{"type":369},{"type":53,"attrs":2514},{"color":55},{"text":2516,"type":46,"marks":2517}," redeemable for airline tickets or other travel-related expenses. ",[2518],{"type":53,"attrs":2519},{"color":55},{"type":42,"content":2521},[2522],{"text":2523,"type":46,"marks":2524},"For every dollar spent on your credit card, you are getting rewards back. That’s a win-win! ",[2525],{"type":53,"attrs":2526},{"color":55},{"type":42,"content":2528},[2529],{"text":2530,"type":46,"marks":2531},"In addition to earning rewards by spending on your card, you are typically given sign-on bonuses for opening up your credit card. Welcome bonuses can increase the value of your credit card for the first year. Bonuses can include no annual fees for a year, or cash-back for opening your card or spending a certain amount. ",[2532],{"type":53,"attrs":2533},{"color":55},{"type":64,"attrs":2535,"content":2536},{"level":66},[2537],{"text":2538,"type":46,"marks":2539},"How to Find a Credit Card with the Best Rewards",[2540,2541],{"type":369},{"type":53,"attrs":2542},{"color":55},{"type":42,"content":2544},[2545],{"text":2546,"type":46,"marks":2547},"The perfect rewards credit card for you will depend on your lifestyle and financial situation. Ask yourself, do you tend to spend more on groceries, dining out, or travel? Are you a frequent flyer or do you prefer road trips? Understanding what rewards would best complement your lifestyle can help you find the perfect card for you. ",[2548],{"type":53,"attrs":2549},{"color":55},{"type":42,"content":2551},[2552],{"text":2553,"type":46,"marks":2554},"Consider your goals when it comes to your credit card rewards. Are you looking to earn more on your spending with cashback or save up for a dream vacation? Knowing what you want out of a credit card rewards program can help tailor your search. ",[2555],{"type":53,"attrs":2556},{"color":55},{"type":42,"content":2558},[2559,2564,2571],{"text":2560,"type":46,"marks":2561},"Once you know what type of rewards you are interested in, ",[2562],{"type":53,"attrs":2563},{"color":55},{"text":1456,"type":46,"marks":2565},[2566,2568,2570],{"type":123,"attrs":2567},{"href":765,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":2569},{"color":131},{"type":133},{"text":2572,"type":46,"marks":2573}," can help you compare credit cards from different credit card issuers. Search by reward type and compare annual fees, welcome offers, and the rewards rate. Navient Marketplace makes it easy to find a credit card with your goals in mind. ",[2574],{"type":53,"attrs":2575},{"color":55},{"type":64,"attrs":2577,"content":2578},{"level":89},[2579],{"text":2580,"type":46,"marks":2581},"Different Types of Credit Cards Have Different Rewards",[2582,2583],{"type":369},{"type":53,"attrs":2584},{"color":55},{"type":42,"content":2586},[2587],{"text":2588,"type":46,"marks":2589},"Now that you know about the different types of rewards, you may be wondering how different credit cards work. Let’s explore the different types of reward credit cards. ",[2590],{"type":53,"attrs":2591},{"color":55},{"type":42,"content":2593},[2594],{"text":2595,"type":46,"marks":2596},"Travel Credit Cards",[2597,2598],{"type":369},{"type":53,"attrs":2599},{"color":55},{"type":42,"content":2601},[2602],{"text":2603,"type":46,"marks":2604},"Travel credit cards are best for those who enjoy traveling and can take advantage of travel rewards. Your points or miles can be redeemed for flights, hotel stays, rental cars, travel experiences, and more. ",[2605],{"type":53,"attrs":2606},{"color":55},{"type":42,"content":2608},[2609],{"text":2610,"type":46,"marks":2611},"If you are interested in a travel credit card, there are two different card types to choose from: ",[2612],{"type":53,"attrs":2613},{"color":55},{"type":295,"content":2615},[2616],{"type":206,"content":2617},[2618],{"type":42,"content":2619},[2620,2626],{"text":2621,"type":46,"marks":2622},"Co-branded cards",[2623,2624],{"type":369},{"type":53,"attrs":2625},{"color":55},{"text":2627,"type":46,"marks":2628}," are specific to a particular airline or hotel chain. When you earn rewards using a co-branded card, you can only redeem your rewards with that chain. Co-branded cards can offer higher rewards rates and exclusive perks such as priority boarding. However, this type of travel card limits your flexibility to travel with different chains and earn rewards. This type of card may work for you if you prefer to travel with one brand. ",[2629],{"type":53,"attrs":2630},{"color":55},{"type":295,"content":2632},[2633],{"type":206,"content":2634},[2635],{"type":42,"content":2636},[2637,2643],{"text":2638,"type":46,"marks":2639},"General travel cards",[2640,2641],{"type":369},{"type":53,"attrs":2642},{"color":55},{"text":2644,"type":46,"marks":2645}," offer a wider range of rewards and benefits for travel-related expenses. They are not tied to a specific travel brand and can be used across different airlines and hotels. This provides greater flexibility and more opportunity to earn rewards. However, unlike with co-branded cards, you likely will not have airline specific perks such as priority boarding or airport lounges. ",[2646],{"type":53,"attrs":2647},{"color":55},{"type":42,"content":2649},[2650,2655,2663],{"text":2651,"type":46,"marks":2652},"When ",[2653],{"type":53,"attrs":2654},{"color":55},{"text":2656,"type":46,"marks":2657},"looking for a travel credit card",[2658,2660,2662],{"type":123,"attrs":2659},{"href":765,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":2661},{"color":131},{"type":133},{"text":2664,"type":46,"marks":2665},", you should consider airline partnerships, redemption flexibility, and annual fees. Some travel credit cards offer perks like airport lounge access and travel insurance. If you are a frequent traveler, using a travel credit card may be of great value.  ",[2666],{"type":53,"attrs":2667},{"color":55},{"type":64,"attrs":2669,"content":2670},{"level":89},[2671],{"text":2672,"type":46,"marks":2673},"Points Credit Cards",[2674,2675],{"type":369},{"type":53,"attrs":2676},{"color":55},{"type":42,"content":2678},[2679],{"text":2680,"type":46,"marks":2681},"With a points credit card, you earn ‘points’ for spending money on your card. Typically, you will earn at least 1 point per dollar spent on eligible purchases. Different cards will have different monetary values of their points. Some cards may offer more points for certain purchases like travel or specific merchandise.",[2682],{"type":53,"attrs":2683},{"color":55},{"type":42,"content":2685},[2686],{"text":2687,"type":46,"marks":2688},"You can redeem points for various rewards, including travel, gift cards, merchandise, statement credits, or cash back. With such a wide variety of perks, point credit cards may be perfect for you if you like to have options and flexibility with your rewards. ",[2689],{"type":53,"attrs":2690},{"color":55},{"type":42,"content":2692},[2693],{"text":2694,"type":46,"marks":2695},"Some potential downsides of this type of card include annual fees and high interest rates. While earning points can help you get more out of your spending, accruing interest on your card will negate the value of your rewards. ",[2696],{"type":53,"attrs":2697},{"color":55},{"type":42,"content":2699},[2700],{"text":2701,"type":46,"marks":2702},"While searching for a points credit card, look at the card’s point value, any restrictions on point redemption, and point expiration dates. Cards will also have different sign-on bonuses, typically offering large amounts of points when you first open your card. ",[2703],{"type":53,"attrs":2704},{"color":55},{"type":64,"attrs":2706,"content":2707},{"level":89},[2708],{"text":2709,"type":46,"marks":2710},"Retail Credit Cards",[2711,2712],{"type":369},{"type":53,"attrs":2713},{"color":55},{"type":42,"content":2715},[2716,2725],{"text":2717,"type":46,"marks":2718},"Retail credit cards",[2719,2722,2724],{"type":123,"attrs":2720},{"href":2721,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://credit.org/blog/should-you-consider-a-retail-credit-card/#:~:text=Retail%20cards%20might%20include%20cards,logo%2C%20which%20is%20valid%20anywhere.",{"type":53,"attrs":2723},{"color":131},{"type":133},{"text":2726,"type":46,"marks":2727}," are offered by retail stores or online retailers. Retail chains may have credit cards that work only at their stores, or major credit cards which will work everywhere. Rewards for retail credit cards are usually discounts, cash back, or points specific to the retailer. ",[2728],{"type":53,"attrs":2729},{"color":55},{"type":42,"content":2731},[2732],{"text":2733,"type":46,"marks":2734},"This type of credit card is used to incentivize loyalty with its customers. If you frequently shop at a retailer and can take advantage of the discounts and rewards, it may be worth getting a retail credit card. However, remember to look at the terms and conditions. Retail credit cards often have higher annual percentage rates than other credit cards. ",[2735],{"type":53,"attrs":2736},{"color":55},{"type":64,"attrs":2738,"content":2739},{"level":89},[2740],{"text":2741,"type":46,"marks":2742},"Other Types of Rewards",[2743,2744],{"type":369},{"type":53,"attrs":2745},{"color":55},{"type":42,"content":2747},[2748],{"text":2749,"type":46,"marks":2750},"Other more niche credit cards include: ",[2751],{"type":53,"attrs":2752},{"color":55},{"type":200,"attrs":2754,"content":2756},{"order":2755},{"order":203},[2757,2772,2787],{"type":206,"content":2758},[2759],{"type":42,"content":2760},[2761,2767],{"text":2762,"type":46,"marks":2763},"Cash Back Credit Cards:",[2764,2765],{"type":369},{"type":53,"attrs":2766},{"color":55},{"text":2768,"type":46,"marks":2769}," Gives cardholders a percentage of their purchase back as a cash reward. ",[2770],{"type":53,"attrs":2771},{"color":55},{"type":206,"content":2773},[2774],{"type":42,"content":2775},[2776,2782],{"text":2777,"type":46,"marks":2778},"Dining and Entertainment Credit Cards:",[2779,2780],{"type":369},{"type":53,"attrs":2781},{"color":55},{"text":2783,"type":46,"marks":2784}," Best for individuals who frequently dine out, go to concerts, or other types of entertainment. These cards may have higher reward rates at restaurants, bars, and entertainment venues. ",[2785],{"type":53,"attrs":2786},{"color":55},{"type":206,"content":2788},[2789],{"type":42,"content":2790},[2791,2797],{"text":2792,"type":46,"marks":2793},"Gas Rewards: ",[2794,2795],{"type":369},{"type":53,"attrs":2796},{"color":55},{"text":2798,"type":46,"marks":2799},"Offers increased rewards at gas stations. Some cards may also offer discounts on car maintenance or other car expenses. ",[2800],{"type":53,"attrs":2801},{"color":55},{"type":64,"attrs":2803,"content":2804},{"level":66},[2805],{"text":2806,"type":46,"marks":2807},"Credit Card Best Practices",[2808,2809],{"type":369},{"type":53,"attrs":2810},{"color":55},{"type":42,"content":2812},[2813],{"text":2814,"type":46,"marks":2815},"Credit card rewards can have great benefits when used responsibly. Remember to follow these tips while earning your rewards: ",[2816],{"type":53,"attrs":2817},{"color":55},{"type":200,"attrs":2819,"content":2821},{"order":2820},{"order":203},[2822,2846,2866,2881],{"type":206,"content":2823},[2824],{"type":42,"content":2825},[2826,2832,2841],{"text":2827,"type":46,"marks":2828},"Pay Your Balance in Full and By the Due Date: ",[2829,2830],{"type":369},{"type":53,"attrs":2831},{"color":55},{"text":2833,"type":46,"marks":2834},"Paying your entire balance on time",[2835,2838,2840],{"type":123,"attrs":2836},{"href":2837,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.consumerfinance.gov/ask-cfpb/when-is-my-credit-card-payment-considered-to-be-late-en-79/",{"type":53,"attrs":2839},{"color":131},{"type":133},{"text":2842,"type":46,"marks":2843}," each month avoids interest and late fees. This practice can also raise your credit score by showing responsible credit usage. Get the most out of your rewards without any interest or fees and look out for your credit history.",[2844],{"type":53,"attrs":2845},{"color":55},{"type":206,"content":2847},[2848],{"type":42,"content":2849},[2850,2856,2861],{"text":2851,"type":46,"marks":2852},"Understand the Rewards Program: ",[2853,2854],{"type":369},{"type":53,"attrs":2855},{"color":55},{"text":2857,"type":46,"marks":2858},"When you get a new credit card, make sure you know how earning and redeeming your rewards works. This will help you make the most of your rewards. Keep an eye out for expiration dates or special promotions",[2859],{"type":53,"attrs":2860},{"color":55},{"text":1674,"type":46,"marks":2862},[2863,2864],{"type":369},{"type":53,"attrs":2865},{"color":55},{"type":206,"content":2867},[2868],{"type":42,"content":2869},[2870,2876],{"text":2871,"type":46,"marks":2872},"Monitor Your Spending and Stay within Budget: ",[2873,2874],{"type":369},{"type":53,"attrs":2875},{"color":55},{"text":2877,"type":46,"marks":2878},"Keep track of your spending and credit limit. Reviewing your credit card spendings every month can help understand how you spend your money and budget for the future. ",[2879],{"type":53,"attrs":2880},{"color":55},{"type":206,"content":2882},[2883],{"type":42,"content":2884},[2885,2891,2900],{"text":2886,"type":46,"marks":2887},"Regularly Review Your Credit Card Terms: ",[2888,2889],{"type":369},{"type":53,"attrs":2890},{"color":55},{"text":2892,"type":46,"marks":2893},"Credit card terms can change",[2894,2897,2899],{"type":123,"attrs":2895},{"href":2896,"uuid":126,"anchor":126,"target":127,"linktype":128},"https://www.consumerfinance.gov/ask-cfpb/can-my-credit-card-company-change-the-terms-of-my-account-en-70/",{"type":53,"attrs":2898},{"color":131},{"type":133},{"text":2901,"type":46,"marks":2902}," from when you first open your card. Stay on top of any changes to interest rates, fees, or the rewards program. ",[2903],{"type":53,"attrs":2904},{"color":55},{"type":64,"attrs":2906,"content":2907},{"level":66},[2908],{"text":2909,"type":46,"marks":2910},"Find a Great Credit Card Today with Navient Marketplace",[2911,2912],{"type":369},{"type":53,"attrs":2913},{"color":55},{"type":42,"content":2915},[2916,2921,2929],{"text":2917,"type":46,"marks":2918},"With Navient Marketplace, finding great credit card offers has never been easier. Search by reward type and compare card offers from different card issuers all in one place. ",[2919],{"type":53,"attrs":2920},{"color":55},{"text":2922,"type":46,"marks":2923},"Apply for a credit card",[2924,2926,2928],{"type":123,"attrs":2925},{"href":765,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":2927},{"color":131},{"type":133},{"text":2930,"type":46,"marks":2931}," today!",[2932],{"type":53,"attrs":2933},{"color":55},{"type":42,"content":2935},[2936],{"text":777,"type":46,"marks":2937},[2938,2940],{"type":49,"attrs":2939},{"class":51},{"type":53,"attrs":2941},{"color":55},{"type":42,"content":2943},[2944],{"text":2945,"type":46,"marks":2946},"Navient has partnered with CardRatings for our OO\\lerage ot credit card products. Navient and CardRatings may receive a commission from card issuers. Opinions. reviews, analyses & recommendations are Navient's alone, and have not been reviewed, endorsed or approved by any of these entities. ",[2947,2949],{"type":49,"attrs":2948},{"class":51},{"type":53,"attrs":2950},{"color":55},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798163\"}-->","https://www.marketplace.navient.com/blog/beginner-guide-to-credit-card-benefits/","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798163\"}-->","beginner-guide-to-credit-card-benefits","navient_marketplace/blog/beginner-guide-to-credit-card-benefits",[],"98996961-0835-4585-9e3b-ecf4d20e0fe5","2023-09-26T16:15:36.239Z","blog/beginner-guide-to-credit-card-benefits/",[],{"name":2962,"created_at":2963,"published_at":2964,"updated_at":2965,"id":2966,"uuid":2967,"content":2968,"slug":4343,"full_slug":4344,"sort_by_date":126,"position":4345,"tag_list":4346,"is_startpage":29,"parent_id":831,"meta_data":126,"group_id":4347,"first_published_at":4348,"release_id":126,"lang":834,"path":126,"alternates":4349,"default_full_slug":126,"translated_slugs":126},"How Many Credit Cards Should I Have to Build Credit","2025-04-07T18:30:46.359Z","2025-12-26T13:45:12.676Z","2025-12-26T13:45:12.713Z",651798175,"fa6eecbf-52ec-4c95-9797-67f137b14466",{"seo":2969,"_uid":2973,"body":2974,"author":31,"category":32,"featured":29,"component":4340,"canonicalTag":4341,"_editable":4342},{"_uid":2970,"title":2971,"plugin":17,"og_image":18,"og_title":18,"description":2972,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"d878e7e2-2455-4fa1-bdfc-080f672740f1","How Many Credit Cards Should I Have to Build Credit?","The right number of credit cards depends on your financial situation, credit utilization, and your ability to manage credit. ","23c772b8-c7fa-4eb8-a5c5-d412e68482a5",[2975,3001,4311],{"id":2976,"_uid":2977,"image":2978,"intro":2972,"author":2979,"classes":2980,"blogTitle":2971,"component":2997,"imageLink":2998,"blendImage":29,"authorRoute":31,"publishedDate":2999,"backgroundColor":30,"_editable":3000},"blog-hero","e9957afe-149e-4588-8480-848baca44a46","//a.storyblok.com/f/110029/4928x3264/7ac5d090d2/how-many-credit-cards-should-i-have.png","Natasha Khullar Relph",[2981],{"_uid":2982,"component":2983,"titleColor":2984,"dateClasses":2985,"titleClasses":2986,"authorClasses":2987,"subtitleColor":2988,"titleMaxWidth":2989,"subtitleClasses":2990,"dateMobileClasses":2991,"titleMobileClasses":2992,"authorMobileClasses":2993,"featuredMobileClasses":2994,"subtitleMobileClasses":2995,"_editable":2996},"f2b62997-5516-414a-9e3f-11401e977f34","BlogHeroStyle","#470A68","text-subtitle-2 mt-7 accent--text text--darken-2","text-h4 mt-6 font-weight-bold blog-info-section","text-size-sub-1 mt-7 accent--text text--darken-4","#75478E","600","text-h6 mt-n6 blog-post-subtitle","text-size-caption mt-4 accent--text text--darken-2","text-size-button-3 font-weight-bold","text-size-sub-1 mt-4 accent--text text--darken-4","text-size-sub-1 accent--text","text-size-sub-1 mt-n9 pt-5","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"f2b62997-5516-414a-9e3f-11401e977f34\", \"id\": \"651798175\"}-->","BlogHero","/images/how-many-credit-cards-should-i-have.png","Updated: July 18, 2023 ","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"e9957afe-149e-4588-8480-848baca44a46\", \"id\": \"651798175\"}-->",{"_uid":3002,"bloks":3003,"classes":4307,"component":4308,"mobileClasses":18,"containerContent":4309,"_editable":4310},"3b7f564e-2364-4467-98ca-001cfbc9f286",[3004],{"_uid":3005,"bloks":3006,"classes":18,"justify":4302,"component":4305,"mobileClasses":18,"_editable":4306},"66715cc4-b810-49c1-8d66-0ffa7c6cc813",[3007],{"lg":3008,"md":3008,"sm":3009,"_uid":3010,"cols":3009,"bloks":3011,"alignSelf":4302,"component":4303,"_editable":4304},"7","12","ceee7e65-6411-4835-b5e7-eb37ad228d61",[3012],{"_uid":3013,"color":37,"classes":3014,"content":18,"richText":3015,"component":4295,"mobileClasses":4296,"enableRichText":4297,"richTextMobile":4298,"_editable":4301},"5be43ce7-e8c5-4db7-bdea-adb1ae23c623","blog-post-text blog-post-headers",{"type":39,"content":3016},[3017,3030,3048,3049,3060,3064,3104,3115,3155,3156,3166,3175,3227,3228,3254,3266,3291,3417,3418,3506,3515,3549,3565,3575,3619,3630,3793,3798,3802,3811,3869,3874,3915,3920,3957,3962,3966,3971,4086,4087,4092,4093,4190,4194,4237,4238,4244,4251,4252,4258,4265,4287,4288],{"type":64,"attrs":3018,"content":3019},{"level":203},[3020,3022,3028],{"text":3021,"type":46},"How Many Credit Cards Should I Have to ",{"text":3023,"type":46,"marks":3024},"Build Credit",[3025],{"type":53,"attrs":3026},{"color":3027},"black",{"text":3029,"type":46},"?",{"type":42,"content":3031},[3032,3034,3039,3041,3046],{"text":3033,"type":46},"Building healthy credit is key to ensuring your financial future. Having a ",{"text":3035,"type":46,"marks":3036},"good credit score",[3037],{"type":53,"attrs":3038},{"color":3027},{"text":3040,"type":46}," increases your chances of being approved for all kinds of essential funding, from personal loans to mortgage loans. It’s also key to qualifying for the best ",{"text":3042,"type":46,"marks":3043},"interest rates",[3044],{"type":53,"attrs":3045},{"color":3027},{"text":3047,"type":46},". If you don’t currently have stellar credit, credit cards can be an excellent tool to help you build it up.",{"type":42},{"type":42,"content":3050},[3051,3053,3058],{"text":3052,"type":46},"So, how does it work? And how many credit cards should you have to ",{"text":3054,"type":46,"marks":3055},"build credit",[3056],{"type":53,"attrs":3057},{"color":3027},{"text":3059,"type":46},"? Here are some useful guidelines to help you optimize your credit-building strategy.",{"type":64,"attrs":3061,"content":3062},{"level":66},[3063],{"text":1534,"type":46},{"type":295,"content":3065},[3066,3092,3098],{"type":206,"content":3067},[3068],{"type":42,"content":3069},[3070,3072,3077,3079,3084,3086,3091],{"text":3071,"type":46},"Credit cards allow you to build a positive ",{"text":3073,"type":46,"marks":3074},"payment history",[3075],{"type":53,"attrs":3076},{"color":3027},{"text":3078,"type":46}," quickly, which can help boost your ",{"text":3080,"type":46,"marks":3081},"credit score",[3082],{"type":53,"attrs":3083},{"color":3027},{"text":3085,"type":46}," and demonstrate that you’re a responsible ",{"text":3087,"type":46,"marks":3088},"borrower",[3089],{"type":53,"attrs":3090},{"color":3027},{"text":2357,"type":46},{"type":206,"content":3093},[3094],{"type":42,"content":3095},[3096],{"text":3097,"type":46},"Opening too many cards too quickly could have a negative impact on your credit.",{"type":206,"content":3099},[3100],{"type":42,"content":3101},[3102],{"text":3103,"type":46},"You’ll need to pay off all credit cards in full and on time to reap the benefits.",{"type":64,"attrs":3105,"content":3106},{"level":66},[3107,3109,3113],{"text":3108,"type":46},"How to ",{"text":3054,"type":46,"marks":3110},[3111],{"type":53,"attrs":3112},{"color":3027},{"text":3114,"type":46}," with a credit card",{"type":42,"content":3116},[3117,3119,3124,3126,3131,3133,3141,3143,3147,3149,3153],{"text":3118,"type":46},"Any time you take out a new loan — whether that’s a personal loan, a student loan refinance, or a mortgage loan — you’ll need to show your ",{"text":3120,"type":46,"marks":3121},"lender",[3122],{"type":53,"attrs":3123},{"color":3027},{"text":3125,"type":46}," that you’re creditworthy, i.e. don’t pose much risk of non-payment. ",{"text":3127,"type":46,"marks":3128},"Lenders",[3129],{"type":53,"attrs":3130},{"color":3027},{"text":3132,"type":46}," want to make sure you can ",{"text":3134,"type":46,"marks":3135},"afford your monthly payments",[3136,3139],{"type":123,"attrs":3137},{"href":3138,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.earnest.com/blog/personal-financial-health/",{"type":53,"attrs":3140},{"color":131},{"text":3142,"type":46},". To do that, they’ll assess your ",{"text":1358,"type":46,"marks":3144},[3145],{"type":53,"attrs":3146},{"color":3027},{"text":3148,"type":46}," before agreeing to loan you any money. ",{"text":3127,"type":46,"marks":3150},[3151],{"type":53,"attrs":3152},{"color":3027},{"text":3154,"type":46}," are more likely to extend credit to people with a proven history of timely repayments. That’s where credit cards come in.",{"type":42},{"type":42,"content":3157},[3158,3160,3164],{"text":3159,"type":46},"Used properly, credit cards could help you build your ",{"text":3073,"type":46,"marks":3161},[3162],{"type":53,"attrs":3163},{"color":3027},{"text":3165,"type":46}," relatively quickly. That’s because they’re easier to qualify for than personal loans, and they can be used for any number of everyday purchases.",{"type":64,"attrs":3167,"content":3168},{"level":89},[3169,3171],{"text":3170,"type":46},"Using credit cards to boost ",{"text":3080,"type":46,"marks":3172},[3173],{"type":53,"attrs":3174},{"color":18},{"type":42,"content":3176},[3177,3179,3183,3185,3189,3191,3199,3201,3206,3208,3213,3215,3219,3221,3225],{"text":3178,"type":46},"Credit cards are a great tool for boosting your ",{"text":3080,"type":46,"marks":3180},[3181],{"type":53,"attrs":3182},{"color":3027},{"text":3184,"type":46},", which is a numerical representation of your creditworthiness. ",{"text":3127,"type":46,"marks":3186},[3187],{"type":53,"attrs":3188},{"color":3027},{"text":3190,"type":46}," use this score to assess your credit risk. ",{"text":3192,"type":46,"marks":3193},"The FICO score",[3194,3197],{"type":123,"attrs":3195},{"href":3196,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.fico.com/en/products/fico-score",{"type":53,"attrs":3198},{"color":131},{"text":3200,"type":46}," is the most common ",{"text":3202,"type":46,"marks":3203},"type of credit score",[3204],{"type":53,"attrs":3205},{"color":3027},{"text":3207,"type":46},". On the ",{"text":3209,"type":46,"marks":3210},"FICO",[3211],{"type":53,"attrs":3212},{"color":3027},{"text":3214,"type":46}," scale, 850 is the best ",{"text":3080,"type":46,"marks":3216},[3217],{"type":53,"attrs":3218},{"color":3027},{"text":3220,"type":46}," you can achieve, and 300 is the lowest. Although this varies by lender, in general, to qualify for most loans, you’ll need a ",{"text":3080,"type":46,"marks":3222},[3223],{"type":53,"attrs":3224},{"color":3027},{"text":3226,"type":46}," of 650 or higher.",{"type":42},{"type":42,"content":3229},[3230,3235,3237,3245,3247,3252],{"text":3231,"type":46,"marks":3232},"Credit score",[3233],{"type":53,"attrs":3234},{"color":3027},{"text":3236,"type":46}," matters for other reasons, too. Employers increasingly ",{"text":3238,"type":46,"marks":3239},"want to see proof of financial responsibility",[3240,3243],{"type":123,"attrs":3241},{"href":3242,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.experian.com/blogs/ask-experian/do-employers-check-credit-scores/",{"type":53,"attrs":3244},{"color":131},{"text":3246,"type":46}," before hiring. A ",{"text":3248,"type":46,"marks":3249},"good credit history",[3250],{"type":53,"attrs":3251},{"color":3027},{"text":3253,"type":46}," could also lead to lower insurance premiums on auto, home, or life insurance policies.",{"type":64,"attrs":3255,"content":3256},{"level":89},[3257,3259,3264],{"text":3258,"type":46},"How ",{"text":3260,"type":46,"marks":3261},"credit scores",[3262],{"type":53,"attrs":3263},{"color":18},{"text":3265,"type":46}," are calculated",{"type":42,"content":3267},[3268,3270,3274,3275,3279,3281,3289],{"text":3269,"type":46},"The ",{"text":3209,"type":46,"marks":3271},[3272],{"type":53,"attrs":3273},{"color":3027},{"text":720,"type":46},{"text":3080,"type":46,"marks":3276},[3277],{"type":53,"attrs":3278},{"color":3027},{"text":3280,"type":46}," formula is based on these ",{"text":3282,"type":46,"marks":3283},"five components",[3284,3287],{"type":123,"attrs":3285},{"href":3286,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.myfico.com/credit-education/whats-in-your-credit-score",{"type":53,"attrs":3288},{"color":131},{"text":3290,"type":46},":",{"type":200,"attrs":3292,"content":3294},{"order":3293},{"order":203},[3295,3333,3390],{"type":206,"content":3296},[3297],{"type":42,"content":3298},[3299,3305,3309,3311,3315,3317,3322,3324,3328,3330,3332],{"text":3300,"type":46,"marks":3301},"Payment history",[3302,3303],{"type":369},{"type":53,"attrs":3304},{"color":3027},{"text":3306,"type":46,"marks":3307}," (35%): ",[3308],{"type":369},{"text":3310,"type":46},"More than a third of your ",{"text":3080,"type":46,"marks":3312},[3313],{"type":53,"attrs":3314},{"color":3027},{"text":3316,"type":46}," is based on your ability to keep up with current repayments. ",{"text":3318,"type":46,"marks":3319},"Missed payments",[3320],{"type":53,"attrs":3321},{"color":3027},{"text":3323,"type":46},", defaults, and collections could all significantly hurt your ",{"text":3080,"type":46,"marks":3325},[3326],{"type":53,"attrs":3327},{"color":3027},{"text":3329,"type":46},". So, be sure to keep making on-time payments on any outstanding debts while you’re working on building your credit.",{"type":3331},"hard_break",{"type":3331},{"type":206,"content":3334},[3335],{"type":42,"content":3336},[3337,3343,3347,3349,3354,3356,3360,3362,3367,3369,3374,3376,3380,3382,3386,3388,3389],{"text":3338,"type":46,"marks":3339},"Credit utilization",[3340,3341],{"type":369},{"type":53,"attrs":3342},{"color":3027},{"text":3344,"type":46,"marks":3345}," (30%): ",[3346],{"type":369},{"text":3348,"type":46},"Your ",{"text":3350,"type":46,"marks":3351},"Credit utilization ratio",[3352],{"type":53,"attrs":3353},{"color":3027},{"text":3355,"type":46}," (CUR) is the second-most important component of a ",{"text":3209,"type":46,"marks":3357},[3358],{"type":53,"attrs":3359},{"color":3027},{"text":3361,"type":46}," store. Your CUR is the percentage of your ",{"text":3363,"type":46,"marks":3364},"available credit",[3365],{"type":53,"attrs":3366},{"color":3027},{"text":3368,"type":46}," that you’re currently using. For example, if your ",{"text":3370,"type":46,"marks":3371},"total credit limit",[3372],{"type":53,"attrs":3373},{"color":3027},{"text":3375,"type":46}," is $10,000 and you owe $4,000 in total debt, your ",{"text":460,"type":46,"marks":3377},[3378],{"type":53,"attrs":3379},{"color":3027},{"text":3381,"type":46}," is $4,000/$10,000, or 40%. To maintain a ",{"text":3035,"type":46,"marks":3383},[3384],{"type":53,"attrs":3385},{"color":3027},{"text":3387,"type":46},", strive to keep your CUR below 30%. ",{"type":3331},{"type":3331},{"type":206,"content":3391},[3392],{"type":42,"content":3393},[3394,3398,3403,3407,3415],{"text":3395,"type":46,"marks":3396},"Length of ",[3397],{"type":369},{"text":1358,"type":46,"marks":3399},[3400,3401],{"type":369},{"type":53,"attrs":3402},{"color":3027},{"text":3404,"type":46,"marks":3405}," (15%): ",[3406],{"type":369},{"text":3408,"type":46,"marks":3409},"To get a minimum FICO score",[3410,3413],{"type":123,"attrs":3411},{"href":3412,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.experian.com/blogs/ask-experian/how-long-does-it-take-to-build-credit/",{"type":53,"attrs":3414},{"color":131},{"text":3416,"type":46},", you need to have at least one credit account that’s been open for six months or more. But to get a maximum score in this category, you’ll need to have had open credit accounts for at least several years.",{"type":42},{"type":200,"attrs":3419,"content":3422},{"order":3420},{"order":3421},4,[3423,3461],{"type":206,"content":3424},[3425],{"type":42,"content":3426},[3427,3433,3437,3439,3444,3446,3451,3453,3457,3459,3460],{"text":3428,"type":46,"marks":3429},"Credit mix",[3430,3431],{"type":369},{"type":53,"attrs":3432},{"color":3027},{"text":3434,"type":46,"marks":3435}," (10%): ",[3436],{"type":369},{"text":3438,"type":46},"A diverse ",{"text":3440,"type":46,"marks":3441},"credit mix",[3442],{"type":53,"attrs":3443},{"color":3027},{"text":3445,"type":46}," indicates your ability to manage different ",{"text":3447,"type":46,"marks":3448},"types of credit",[3449],{"type":53,"attrs":3450},{"color":3027},{"text":3452,"type":46}," responsibly. So, if you have some student loans, a couple of credit cards, a mortgage loan, and a car loan, you likely have a favorable ",{"text":3440,"type":46,"marks":3454},[3455],{"type":53,"attrs":3456},{"color":3027},{"text":3458,"type":46},". ",{"type":3331},{"type":3331},{"type":206,"content":3462},[3463],{"type":42,"content":3464},[3465,3469,3471,3476,3478,3483,3485,3490,3492,3497,3499,3504],{"text":3466,"type":46,"marks":3467},"New credit (10%):",[3468],{"type":369},{"text":3470,"type":46}," If you open a ",{"text":3472,"type":46,"marks":3473},"lot of credit cards",[3474],{"type":53,"attrs":3475},{"color":3027},{"text":3477,"type":46}," in a ",{"text":3479,"type":46,"marks":3480},"short period of time",[3481],{"type":53,"attrs":3482},{"color":3027},{"text":3484,"type":46},", ",{"text":3486,"type":46,"marks":3487},"lenders",[3488],{"type":53,"attrs":3489},{"color":3027},{"text":3491,"type":46}," may view that as a sign of financial instability. If you can, try to space out how often you apply for ",{"text":3493,"type":46,"marks":3494},"new credit cards",[3495],{"type":53,"attrs":3496},{"color":3027},{"text":3498,"type":46}," or other ",{"text":3500,"type":46,"marks":3501},"lines of credit",[3502],{"type":53,"attrs":3503},{"color":3027},{"text":3505,"type":46}," by at least six months.",{"type":64,"attrs":3507,"content":3508},{"level":89},[3509,3511],{"text":3510,"type":46},"How to start using cards to ",{"text":3054,"type":46,"marks":3512},[3513],{"type":53,"attrs":3514},{"color":18},{"type":42,"content":3516},[3517,3519,3523,3525,3529,3531,3539,3541,3548],{"text":3518,"type":46},"You can apply for most credit cards either online or in person through banks and other financial institutions. If you have no previous ",{"text":1358,"type":46,"marks":3520},[3521],{"type":53,"attrs":3522},{"color":3027},{"text":3524,"type":46},", you may want to consider getting a ",{"text":1826,"type":46,"marks":3526},[3527],{"type":53,"attrs":3528},{"color":3027},{"text":3530,"type":46}," as ",{"text":3532,"type":46,"marks":3533},"your first credit card",[3534,3537],{"type":123,"attrs":3535},{"href":3536,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.earnest.com/blog/how-to-get-your-first-credit-card/",{"type":53,"attrs":3538},{"color":131},{"text":3540,"type":46},". A secured card requires a cash deposit as collateral, but it doesn’t often involve a credit check. If you’re a student, you may also qualify for a low-interest ",{"text":3542,"type":46,"marks":3543},"student credit card",[3544,3546],{"type":123,"attrs":3545},{"href":1933,"uuid":126,"anchor":126,"target":127,"linktype":128},{"type":53,"attrs":3547},{"color":131},{"text":2357,"type":46},{"type":42,"content":3550},[3551,3553,3558,3560,3564],{"text":3552,"type":46},"Once you have your first credit card, use it regularly but responsibly. Make sure to pay off the balance in full and on time every month. After a while, your ",{"text":3554,"type":46,"marks":3555},"credit report",[3556],{"type":53,"attrs":3557},{"color":3027},{"text":3559,"type":46}," will show a pattern of on-time payments, which will help you build a positive ",{"text":3073,"type":46,"marks":3561},[3562],{"type":53,"attrs":3563},{"color":3027},{"text":2357,"type":46},{"type":64,"attrs":3566,"content":3567},{"level":66},[3568,3570,3574],{"text":3569,"type":46},"How many credit cards should I have to ",{"text":3054,"type":46,"marks":3571},[3572],{"type":53,"attrs":3573},{"color":3027},{"text":3029,"type":46},{"type":42,"content":3576},[3577,3579,3584,3586,3591,3593,3601,3603,3608,3610,3618],{"text":3578,"type":46},"According to ",{"text":3580,"type":46,"marks":3581},"Experian",[3582],{"type":53,"attrs":3583},{"color":3027},{"text":3585,"type":46},", the ",{"text":3587,"type":46,"marks":3588},"average American",[3589],{"type":53,"attrs":3590},{"color":3027},{"text":3592,"type":46}," had ",{"text":3594,"type":46,"marks":3595},"3.1 credit cards in 2020",[3596,3599],{"type":123,"attrs":3597},{"href":3598,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.experian.com/blogs/ask-experian/average-number-of-credit-cards-a-person-has/",{"type":53,"attrs":3600},{"color":131},{"text":3602,"type":46}," with an average ",{"text":3604,"type":46,"marks":3605},"credit limit",[3606],{"type":53,"attrs":3607},{"color":3027},{"text":3609,"type":46}," of $30,365. The average Gen Z consumer currently ",{"text":3611,"type":46,"marks":3612},"has 2.1 credit cards",[3613,3616],{"type":123,"attrs":3614},{"href":3615,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.experian.com/blogs/ask-experian/how-credit-card-usage-differs-by-generation/",{"type":53,"attrs":3617},{"color":131},{"text":2357,"type":46},{"type":42,"content":3620},[3621,3623,3628],{"text":3622,"type":46},"That said, your optimal ",{"text":3624,"type":46,"marks":3625},"number of credit cards",[3626],{"type":53,"attrs":3627},{"color":3027},{"text":3629,"type":46}," will depend on your individual circumstances. Consider these guidelines when deciding how many cards to sign up for:",{"type":295,"content":3631},[3632,3687,3733],{"type":206,"content":3633},[3634],{"type":42,"content":3635},[3636,3642,3645,3647,3655,3657,3665,3667,3672,3674,3678,3680,3685],{"text":3637,"type":46,"marks":3638},"Financial situation",[3639,3640],{"type":369},{"type":53,"attrs":3641},{"color":3027},{"text":3290,"type":46,"marks":3643},[3644],{"type":369},{"text":3646,"type":46}," Your ",{"text":3648,"type":46,"marks":3649},"personal finance priorities",[3650,3653],{"type":123,"attrs":3651},{"href":3652,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.earnest.com/blog/financial-priorities/",{"type":53,"attrs":3654},{"color":131},{"text":3656,"type":46}," will be different if you’re, say, ",{"text":3658,"type":46,"marks":3659},"a new student with no credit history",[3660,3663],{"type":123,"attrs":3661},{"href":3662,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.earnest.com/blog/help-your-child-build-credit/",{"type":53,"attrs":3664},{"color":131},{"text":3666,"type":46}," versus a homeowner with ",{"text":3668,"type":46,"marks":3669},"bad credit",[3670],{"type":53,"attrs":3671},{"color":3027},{"text":3673,"type":46}," and significant debt. While both situations require credit-building efforts, the recommended approach will be different for each. If you’re just beginning to ",{"text":3054,"type":46,"marks":3675},[3676],{"type":53,"attrs":3677},{"color":3027},{"text":3679,"type":46},", you may want to start by applying for one credit card. However, if your low score is due to ",{"text":3681,"type":46,"marks":3682},"missed payments",[3683],{"type":53,"attrs":3684},{"color":3027},{"text":3686,"type":46}," or collections, make sure you’re on top of all existing payments before applying for any new credit.",{"type":206,"content":3688},[3689],{"type":42,"content":3690},[3691,3696,3700,3702,3706,3708,3712,3714,3718,3720,3724,3726,3731],{"text":3338,"type":46,"marks":3692},[3693,3694],{"type":369},{"type":53,"attrs":3695},{"color":3027},{"text":3697,"type":46,"marks":3698},": ",[3699],{"type":369},{"text":3701,"type":46},"When you open ",{"text":3493,"type":46,"marks":3703},[3704],{"type":53,"attrs":3705},{"color":3027},{"text":3707,"type":46},", you immediately increase your cumulative ",{"text":3370,"type":46,"marks":3709},[3710],{"type":53,"attrs":3711},{"color":3027},{"text":3713,"type":46},". In theory, that lets you cover all your usual expenses but at a lower percentage of your total limit. This reduced ",{"text":460,"type":46,"marks":3715},[3716],{"type":53,"attrs":3717},{"color":3027},{"text":3719,"type":46}," (CUR) could have a positive impact on your ",{"text":3080,"type":46,"marks":3721},[3722],{"type":53,"attrs":3723},{"color":3027},{"text":3725,"type":46},". If your ",{"text":3727,"type":46,"marks":3728},"credit utilization",[3729],{"type":53,"attrs":3730},{"color":3027},{"text":3732,"type":46}," is currently above 30%, applying for additional credit could be a smart move.",{"type":206,"content":3734},[3735],{"type":42,"content":3736},[3737,3741,3743,3747,3749,3754,3756,3761,3763,3771,3773,3778,3780,3785,3787,3792],{"text":3738,"type":46,"marks":3739},"Ability to manage credit:",[3740],{"type":369},{"text":3742,"type":46}," Simply having more credit cards does not guarantee that you’ll ",{"text":3054,"type":46,"marks":3744},[3745],{"type":53,"attrs":3746},{"color":3027},{"text":3748,"type":46}," faster. It’s more important to use your ",{"text":3750,"type":46,"marks":3751},"credit card accounts",[3752],{"type":53,"attrs":3753},{"color":3027},{"text":3755,"type":46}," responsibly. This means making on-time payments, keeping track of ",{"text":3757,"type":46,"marks":3758},"due dates",[3759],{"type":53,"attrs":3760},{"color":3027},{"text":3762,"type":46},", and ",{"text":3764,"type":46,"marks":3765},"paying off the full balance",[3766,3769],{"type":123,"attrs":3767},{"href":3768,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.earnest.com/blog/debt-reduction-strategy/",{"type":53,"attrs":3770},{"color":131},{"text":3772,"type":46}," each month. If you ",{"text":3774,"type":46,"marks":3775},"discover",[3776],{"type":53,"attrs":3777},{"color":3027},{"text":3779,"type":46}," you have a knack for juggling multiple cards successfully, having more than one card can be beneficial. But if you’re concerned about ",{"text":3781,"type":46,"marks":3782},"overspending",[3783],{"type":53,"attrs":3784},{"color":3027},{"text":3786,"type":46},", you may be better off with a ",{"text":3788,"type":46,"marks":3789},"single credit card",[3790],{"type":53,"attrs":3791},{"color":3027},{"text":2357,"type":46},{"type":64,"attrs":3794,"content":3795},{"level":66},[3796],{"text":3797,"type":46},"Can I apply for multiple credit cards at once?",{"type":42,"content":3799},[3800],{"text":3801,"type":46},"You can apply for and get approved for multiple credit cards at once, but be sure to consider these factors first.",{"type":64,"attrs":3803,"content":3804},{"level":89},[3805,3807],{"text":3806,"type":46},"Impact on your ",{"text":3080,"type":46,"marks":3808},[3809],{"type":53,"attrs":3810},{"color":18},{"type":42,"content":3812},[3813,3815,3819,3821,3826,3828,3832,3834,3839,3841,3845,3847,3855,3856,3861,3863,3867],{"text":3814,"type":46},"Having several credit cards can positively impact your ",{"text":460,"type":46,"marks":3816},[3817],{"type":53,"attrs":3818},{"color":3027},{"text":3820,"type":46},", but opening several credit cards at once isn’t always a good thing. ",{"text":3822,"type":46,"marks":3823},"Credit bureaus",[3824],{"type":53,"attrs":3825},{"color":3027},{"text":3827,"type":46}," may see this as a sign of overreliance on credit, or as an indicator of financial instability. That may make ",{"text":3486,"type":46,"marks":3829},[3830],{"type":53,"attrs":3831},{"color":3027},{"text":3833,"type":46}," reluctant to extend credit to you. Additionally, each time you apply for a credit card, the ",{"text":3835,"type":46,"marks":3836},"credit card issuer",[3837],{"type":53,"attrs":3838},{"color":3027},{"text":3840,"type":46}," pulls your ",{"text":3554,"type":46,"marks":3842},[3843],{"type":53,"attrs":3844},{"color":3027},{"text":3846,"type":46}," to check your creditworthiness. This triggers what’s called a ",{"text":3848,"type":46,"marks":3849},"”hard inquiry” on your report",[3850,3853],{"type":123,"attrs":3851},{"href":3852,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://navirefi.com/blog/soft-inquiry-vs-hard-inquiry/",{"type":53,"attrs":3854},{"color":131},{"text":3458,"type":46},{"text":3857,"type":46,"marks":3858},"Hard inquiries",[3859],{"type":53,"attrs":3860},{"color":3027},{"text":3862,"type":46}," could cause your ",{"text":3080,"type":46,"marks":3864},[3865],{"type":53,"attrs":3866},{"color":3027},{"text":3868,"type":46}," to dip temporarily.",{"type":64,"attrs":3870,"content":3871},{"level":89},[3872],{"text":3873,"type":46},"Multiple rejections",{"type":42,"content":3875},[3876,3878,3882,3884,3888,3890,3895,3897,3901,3903,3907,3909,3913],{"text":3877,"type":46},"During the application review process, ",{"text":3486,"type":46,"marks":3879},[3880],{"type":53,"attrs":3881},{"color":3027},{"text":3883,"type":46}," assess factors like your income and ",{"text":1358,"type":46,"marks":3885},[3886],{"type":53,"attrs":3887},{"color":3027},{"text":3889,"type":46}," to determine your eligibility. Submitting multiple ",{"text":3891,"type":46,"marks":3892},"credit card applications",[3893],{"type":53,"attrs":3894},{"color":3027},{"text":3896,"type":46}," could increase your chances of being approved for at least one card. However, when applying for multiple credit cards at once, you run the risk of getting rejected multiple times. Frequent rejections in a short period could be a red flag for ",{"text":3486,"type":46,"marks":3898},[3899],{"type":53,"attrs":3900},{"color":3027},{"text":3902,"type":46}," who may see you as a risky ",{"text":3087,"type":46,"marks":3904},[3905],{"type":53,"attrs":3906},{"color":3027},{"text":3908,"type":46},". That could make it harder for you to get credit in the future. 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You’ll still have to examine each one to understand what you could end up paying in ",{"text":5000,"type":46,"marks":5001},"origination",[5002],{"type":53,"attrs":5003},{"color":3027},{"text":5005,"type":46}," fees, late fees, and ",{"text":5007,"type":46,"marks":5008},"prepayment penalties",[5009,5012],{"type":123,"attrs":5010},{"href":5011,"uuid":126,"anchor":126,"target":126,"linktype":128},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/#:~:text=A%20prepayment%20penalty%20is%20a,mortgages%20have%20a%20prepayment%20penalty.",{"type":53,"attrs":5013},{"color":131},{"text":2357,"type":46},{"type":206,"content":5016},[5017],{"type":42,"content":5018},[5019,5023,5024,5028,5030,5034,5036,5044],{"text":5020,"type":46,"marks":5021},"Potential for predatory lending:",[5022],{"type":369},{"text":720,"type":46},{"text":4407,"type":46,"marks":5025},[5026],{"type":53,"attrs":5027},{"color":3027},{"text":5029,"type":46}," is a relatively new industry. 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