On average, American adults carry about $4000 of credit card debt. A credit card can be a very useful tool but on the flip side, it can be a dangerous weapon if used incorrectly.
Whether a credit card helps or hinders, depends on the person using it. Finding the most competitive deal on the market today wont help won’t help if you use your flexible friend to spend beyond your means.
If you treat your credit card with respect, it can work to your advantage and actually save you money.
There are loads of solid, all-around credit cards with no annual fees on the market today with absolutely no fees for transferring balances, or for taking out cash advances.
Many credit cards also provide travel and emergency roadside assistance. Not to mention worldwide travel accident insurance. With many credit cards there is no annual fee and 0% APR for a year or even more. These are just some of the benefits you should be looking for when shopping about for the best credit card deal.
But there are thousands of different credit cards to choose from, so how can you tell which is best? Well that depends on your lifestyle. If you are the type of person that pays your balance in full every month, you may want to look for a credit card with no annual fees and that offers a good cash rewards program.
If you are the type of person who constantly has a credit card balance, you should focus on cards that offer low interest rates to give you a better chance of paying your balance off.
Some credit cards offer special deals such as discount on travel or gas. If you travel a lot, look for a card that offers rewards for flights and accommodation. If you spend a lot on gas, you might want to consider taking out a gas credit card.
Whatever you do, you shouldn’t just take out a card just because it offers an initial sign-up bonus or it gives you a discount at a certain store.