Do You Have the Right Credit Card?
It’s true: There are credit cards for every occasion. So how do you know if the cards you have are the right cards for you? That depends on your goals. Are you trying to become debt-free? Are you looking to be a home owner in the near future? Do you want to use your credit cards to help seed a college fund for your kids or a retirement fund for yourself? Or do you just need a quick, 0% interest loan for home repairs or other necessities?
Card holders who want to pay off their debt should look for good balance-transfer cards with reasonable credit limits. By paying off their balance within the introductory phase, they can avoid interest rates. 0% APR cards are also great for medium-sized one-time purchases, such as furnishings or moving expenses.
Future home owners will want good credit scores, so they should have several open lines of credit available to them. The trick is to use very little of that available credit. Use too much, and credit scores will suffer.
Card holders who want to plan for the future should take advantage of reward cards that pay into IRAs or 529 educational funds, such as the FutureTrust MasterCard.
Whatever you need, there are credit cards that fit the bill. Don’t make the mistake of opening up charge accounts that don’t suit your needs. Instead, hunt around for a good deal that can really help you get what you want.
