credit card

Carrying the Right Credit Card Can Save You Money

If you are like a majority of Americans you have at least one major credit card in your wallet, but that doesn't stop other credit card offers from frequently landing in your mailbox. But, do you know how to judge the right credit card for you?

The best way to begin is to understand three basic areas.

  • Rewards. This is the easiest way to leverage the money you spend. Take the MilesAway® Business MasterCard®, for example. You earn points every time you make a purchase, and in turn you can use those points for air travel, gift cards, merchandise, hotels and more. If your credit card doesn’t have rewards, then you are missing out on a big opportunity to leverage your spending.
  • Rates. What is the interest rate on your credit card? Surprisingly few people can answer that question. Even if you are paying off your balance every month, it is important you understand what your rate is and why. Call the cardholder service number on the back of your card and they will able to help.
  • Fees.  Does your credit card have annual fees? Balance transfer fees? Introductory rates that transition to a new rate after a period of time? Understanding how the “extra” fees work can also save you money. For example, if you want to transfer a balance from a credit card with a higher interest rate, will your savings be eliminated if you pay a three percent transfer fee?

There are increasing regulatory changes that require credit card issuers to be more transparent in how the credit card program works, but it does take effort on the cardholder’s part to be educated about the product they are using. As you can see from above, the questions are simple. All you need to do is ask the right questions, and you can save yourself some money.

We invite you to learn more about NCMIC’s no annual fee reward-based business card offering a low on-going rate.

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