Credit cards: we've all been there. From racking up charges
to applying for the wrong ones, credit cards can leave a hefty impact on your
credit and overall financial health. It doesn't have to be this way, though. If
you use credit cards strategically and do a little bit of research, you can
actually save yourself a bit of cash in the long run. Yes, you read that right
- credit cards saving you money!
We've gathered up some helpful tips and information to help
you get the most out of your credit cards. Keep reading to become a credit card
master!
Balance Transfer
Do you have a statement balance that makes you lose sleep at
night? A balance transfer might be right for you. A balance transfer allows you
to move debt from one credit card account to another. You might be thinking…
Why on Earth would I open another card?! Well, if your balance is victim to
high interest, moving debt to a credit card with 0% APR (or zero interest for a
certain length of time) can be a big money-saver.
Here are some key things to keep in mind:
- The lower your APR and the longer the promotional period, the better chance you have of paying off your balance at no interest.
- Make sure you can pay off your balance before the promotional period ends. If you cannot, and the post-promotional interest rate is higher than your interest rate with your current card, the balance transfer may not be worth it.
- Once you transfer your balance, do not make any purchases on the new credit card. Even if purchases have their own promotional rate, increasing your overall balance makes it harder to pay off.
Cash Back Rewards
Who wouldn't want to get rewarded for spending money… with
MORE money!? With cash back credit cards, you essentially can. A cash back
credit card offers cash rewards for your spending. When you use this card to
make a purchase, you earn a cash credit for a percentage of the purchase.
Depending on the card you choose, your spending can earn you
rewards in different ways:
- Flat amounts reward you by the same percentage each purchase
- Fixed-category rewards your spending in certain categories like travel, groceries or fuel
- Rotating categories offer extra-generous rewards in rolling categories
It's important to do your research and select the cards that
offer you the most, whether that be in terms of overall cash back or the number
of ways you can earn cash back!
Save More with CVCU
Ready to rock the credit card game? We at Coosa Valley
Credit Union are offering especially good products and offers right now! For
more information on Coosa Valley Credit Union cards and offers, visit: https://www.mycvcu.org/credit-card.
Now get out there and make those credit cards work for YOU!