What’s on your family’s must-have list this year? You might be wondering how to pick a credit card that can best serve your family’s spending patterns. The following credit card tips can assist with credit card evaluation so that you can learn how to sift through and evaluate credit card offers like a pro.
Family spending can range from the practical to the recreational and vary from season to season. Spring might put you in the mindset of landscaping and home improvements, summer is a time for planning vacations, autumn is back-to-school time, and winter brings holiday bills and expenses.
Use the following credit card tips for how to pick a credit card to your family’s advantage. By refining your credit card evaluation techniques, you’ll soon learn how to evaluate credit card offers and choose the best cards:
Consider Appealing Introductory Offers
Many credit cards these days offer introductory offers of zero or low interest rates for purchases and balance transfers for a set period of time. These can be appealing and assist with paying off existing debts at a reduced interest rate. However, be sure to check how the terms will change after the introductory period. Cards from a credit union tend to offer better terms overall and should be strongly considered.
Choose a Card with Fees and Rates In Your Best Interest
Interest rates and fees are a very important credit card consideration. After all, this will determine what you ultimately have to pay out to use the card. Credit union credit card interest rates and fees tend to be lower than fees associated with bank cards. This includes the annual fee as well as late payment, over-limit and cash advance fees.
Reward Your Family For What You’d Buy Anyway
You’re going to be using it anyway; why not find a credit card that rewards you for your purchases? Rewards cards can offer a variety of benefits, from cash back on purchases to travel rewards. Evaluate your spending patterns and choose the card that offers the best rewards for your family’s needs. However, look out for high annual fees associated with some of these cards, especially the ones with travel rewards. Loyalty credit cards associated with specific stores are a possibility, but be aware that many of them can charge a high interest rate if you carry a balance.
Work With an Issuer That Will Be on Your Side
The Pew Charitable Trusts has reviewed both bank and credit union credit card issuers extensively. Their findings have caused them to conclude that credit unions are more in the corner of the consumer than banks. A credit union is far more likely to modify a loan or credit card terms if a member needs a little help. Credit unions are generally more flexible than banks overall, allowing for a friendlier and more pleasant experience.
When you bank with a credit union, you are considered a member, not a customer. Credit unions are non-profit organizations, so they operate from a much more consumer-friendly mindset than the profits-driven banks. These facts should play into how to pick a credit card and how to evaluate credit card offers. Use these key credit card tips to assist with credit card evaluation and find the best credit card for your family’s needs.