Plastic Money Finding the right credit card.
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It's a great idea. A magic card that lets you buy things when you don’t have the cash. They build credit and are great to have in emergencies. But there is a catch. A credit card is a loan and like all loans, you have to pay it back. Here are some tips on how to select the card that's right for you.
  • Shop around
    Not all cards are the same. Look for a card with no annual fee and a low interest rate.
  • Free stuff
    Some credit card recruiters will offer swag upfront when you sign up for their card. Be careful, a free shirt isn't worth a high interest rate.
  • Beware introductory rates
    Card companies with flash a low introductory rate in your face as bait. Once the honeymoon ends, or if you pay late, that rate will jump.
  • A direct flight to poverty
    Some cards offer rewards like frequent flyer miles or cash back for every dollar you spend. Be sure to check the fine print. You might be paying for those rewards in other ways.
  • The fewer the better
    Applying for lots of cards can hurt your credit score and it could lead to heavy debt.
  • Keep your balance low
    If you have cash, use it. Your credit score will suffer if you spend too much on your card and get too close to your credit limit.
  • Devil in the details
    Always read the fine print and don't be afraid to ask the credit card company if you have any questions.
  • Pay on time
    When your statement comes, pay it. You'll avoid penalties, fines and ulcers.
Credit Card Payoff
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CLAY
Posted 10:05 am o 09/02/2009
Credit cards are an awesome help for emergencies, but do not use them all the time or you may end up in trouble.
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sharkness
Posted 3:32 pm o 08/26/2009
I have seen so many people that have multiple cards. It can hurt ya to have that many cards, especially if they are all maxed. Do a consalidation loan and get rid of those cards.
Heidi E
Posted 9:59 am o 07/29/2009
Don't have more than one, it could get you into trouble!
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rcragun
Posted 11:15 am o 07/18/2009
alot is happening lately with credit cards in our financial market. our legislature just passed a law making all interest rates variable with no fixed rate option starting august of next year. they are a double edged sword, they can help you or hurt you. SPEND WISELY
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jessica
Posted 10:38 am o 04/22/2009
Just follow the %30 rule! Whatever your limit is, never use more than %30 of the limit and you will build credit. Example? If your limit is 1000, don't use more than 300; if its 10000, never use more than 3000.
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