“They will compare all the different providers for you, and you can organize the list based on criteria such as: I prefer Air Miles, I I prioritize cash back, I prioritize low interest rates,” Marquez said.
“They compare all of the best-in-class providers in these categories and show you things like current rates and current sign-up offers.”
For younger consumers, Marquez said, low interest rates are generally not a priority, given they are not already managing large credit card debts or transferring balances.
Instead, travel rewards and cash back from your favorite retailers are likely to give you the biggest bang for your buck, she says. The no-annual-fee option also offers fewer benefits, but it's worth it for those just starting out.
Can you negotiate with your credit card issuer?
When it comes to getting a new card, Terrell said there isn't much room for negotiation and what you see is what you get. If you want different or better benefits, your provider can simply refer you to another card that offers them.
Marquez says you'll need to negotiate if you already have debt or are transferring debt between cards to take advantage of the lowest interest rates.
She said that by combining sign-up offers such as interest-free for the first 12 months with a balance transfer, you can waive interest and pay off your balance faster. Or, if you want to keep your current card, you can call your provider and have them move your balance to a lower-interest option.
“You also have the opportunity to negotiate the interest rate and negotiate the annual fee,” Marquez said. “I think a lot of consumers don't realize that if they call and ask questions, they often understand.”
