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Summer of Savings: Comparing Credit Cards

credit card comparison
credit card comparison

Comparing Credit Cards:

When the bill comes at a restaurant, do you pull cash from your wallet or slap down your plastic? Statics show more than 70% of consumers in the U.S. own at least one credit card. Paying with a credit card can be convenient and come with great rewards. If you’re not careful, it can also come with big fees and high interest rates. Making the most of your credit card means comparing credit cards and choosing the best options to make sure you’re maximizing your savings and reaping the most rewards.

Interest rate:

This determines what you pay each month if you don’t pay off your balance in full. This will often be discussed in terms of “APR” or “Annual Percentage Rate.” Your rate can be determined by many factors, but generally speaking, a better credit history will earn you a lower interest rate. If there is a chance you will ever carry a balance on your card, it’s important to shop around for the lowest rate.

Rewards:

Points, miles, cashback, and many other incentives are offered to get you to use your card. These can sometimes be hard to quantify. Look for an explanation of how rewards are determined and redeemed. A good rewards system gives you the flexibility to choose what kind of reward you want—such as gift cards, merchandise, or travel.

Annual Fee:

There are many card options with no annual fee. Comparing credit cards should include looking for the best value with a low or no annual fee. Some cards charge a fee to support the extra benefits that can come with the card. If you’re eyeing a card that comes with a steep annual fee, be sure the benefits are worth the extra expense. You may be able to find those same perks for free with other card.

Card Benefits:

On top of reward or cashback programs, some credit cards have lesser known perks. There are available to anyone who has the card—no matter how much they use it. When comparing credit cards, be sure to look at credit union cards. Centra credit cards come with bonus benefits like travel insurance, travel and emergency assistance, and much more. These extra benefits are a good place to look if you’re trying to decide between multiple cards with similar interest rates and rewards.

The best way to make the most of your credit card is to make sure you’re using it responsibly. Keep your balance manageable and be sure to pay it on time every month.

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