I used to pay $1,194 more per year on my credit card. My biggest mistake – carrying a $6,000 balance on a credit card with an annual interest rate of 19.90 per cent. Not only was I shelling out almost 20 per cent in interest on a balance I’d been lugging around forever, but I wasn’t earning even a single point or mile for my trouble.
Realizing Your Options
Then I got wise to my mistakes – I realized I was paying more than I had to, and it was time to take action (you can read more about my credit repairing saga here). I focused instead on paying my debt down and now keep my credit pristine with a card that charges zero fees – and zero interest – and it was made possible by knowing my options.
3 Credit Card Questions To Ask
It’s a huge misconception that all credit cards are created equal. So many consumers (myself included!) are suckered into a signing up for a non-competitive, higher interest product due to convenience; banks will mail their pre-approved credit card offers right to your door.
The next time you open one of those envelopes, ask yourself the following:
- Will this credit card reward my spending habits?
- Will this credit card help me pay down my debt?
- Does this card charge a higher interest rate than other options?
Not sure of the answers to these questions? That’s not surprising – banks hardly advertise the fact that their cards may pale in comparison with other market offers.
Calculate… And Spring Into Savings
Introducing the latest RateSupermarket tool designed to help you save: Low Interest and Cash Rewards Calculators!
Wonder how your current card stacks up to the best in cash and low interest features?
Follow these steps to savings:
Step 1: Pick your current credit card and interest rate.
Step 2: For low interest savings, enter your current credit card debt amount.
For cash rewards, enter your monthly budget for groceries, gas, and other purchases.
Step 3: Check out your savings!
Step 4: Get a FREE gift card. For a limited time, you’ll receive a free gift card from RateSupermarket.ca upon approval of one of these cards. Click here to learn more>