How to find the best credit card for your financial lifestyle
Trading Economics reports there are over 572 million open credit card accounts in the US
(InvestigateTV) — The average American has three credit cards, according to the latest data available from Experian.
Agili President Michael Joyce said it’s a good idea to review new credit card offers to make sure you have the right fit for your financial style.
“You should really check on things that are important, like how much would a credit card charge. And it’s not necessarily that a no annual fee card is going to be better than an annual fee card,” Joyce said. “You want to check on the terms on which they approve you.”
Joyce also said to check on your credit card rewards point system to make sure you’re earning as much as you can and that the rewards fit your lifestyle.
He also reminded consumers that applying for new credit lines can impact personal credit scores.
“Don’t go crazy in terms of applying for new credit cards. You can look at what they’re offering on their website,” Joyce said. “You can talk to them and compare and contract what might be best for you.”
More information on credit card use:
Many organizations, like NerdWallet, have sites that can help find the best credit card based on spending categories, credit scores, rewards programs, and other factors.
MyFICO has information on how adding new credit lines can impact credit scores.
The Consumer Financial Protection Bureau (CFPB) has comprehensive information on credit card use and rights as a consumer.
Experian has advice on how to use credit cards responsibly.
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