Lots of people think negatively about credit cards but they can be an incredible useful financial tool, if used correctly.
Many cards provide travel insurance, identity protection, reward points, cash-back, and more. If you carry a balance, your number one goal should be to get the lowest interest-rate possible. If you make monthly payments, then selecting a card becomes more difficult.
A few tips for selecting a credit card:
- Check your credit report at least once a year.
- Look at past statements and figure out how often you carry a balance, how much interest you’ve paid, and how often you’re late with payments.
- Don’t settle on the first credit card that is offered in the mail – do research.
- Use the Internet to research your best options; you’ll even see ads with great offers.