The Best Credit Card for YOU:
Choose wisely - The best way to maximize the benefits of credit cards is to understand your financial lifestyle—what you need, what you want and how much money you spend. Do your homework.
Begin your search for a credit card by determining key factors like how often you’ll use it, whether you’ll want to use it overseas and if the financial institution that offers it has a branch near you. It’s important to make sure you know the terms of the credit card in the following areas:
- Annual Percentage Rates (APRs) and whether rates are fixed or variable
- Annual, late and overdraft-limit fees
- Credit limit on account
- Grace periods before interest begins accruing
- Rewards including airline miles or cash back
Use this Credit Card comparison chart: Compare Credit Cards
Advantages to Using a Credit Card:
- Being able to buy needed items immediately and earn rewards for purchases.
- Credit cards can also offer more security than other options, as they protect from fraud and eliminate
- the need to carry large amounts of cash.
- Credit cards can also help you track your spending. We often lose track of what we spent cash on.
With These Advantages Come Responsibilities:
Using a credit card is like taking out a loan. If you don't pay your card balance in full each month, you'll start paying interest on that loan.
- Credit cards have to be managed wisely in order for you to avoid paying interest and accruing debt.
- Understand all terms and conditions.
- Stay on top of payments and realize the true cost of purchases made with credit.
- Maximize the benefits of credit while minimizing the risks to become a responsible credit card owner.
Use Your Credit Card Responsibly:
Except in case of emergency, you should use your credit card the way you would use a debit card. Don’t charge purchases that you can’t afford to pay for. You should keep track of your spending and ensure you can make your payments on time. Missed payments and compound interest can lead to debt, so manage your spending and make payments on time.
Understand Your Rights:
Credit card holders are entitled to protections. Zero liability means you are not responsible for fraudulent charges when you report them promptly. In some cases, you have the right to dispute purchases with merchants for unsatisfactory products or services. If you see fraudulent activity on your card or need to dispute a charge, call your financial institution immediately.
