(ThyBlackMan.com) The average credit card debt per person in America is $6.375, according to information from CNBC.com. When you shop for credit cards that offer significant perks, such as air miles, cash back rewards and lower-than-average interest rates, you’ll be able to get more bang for your buck. When you don’t shop around for affordable and value-packed credit cards, you may find that you need to spend a lot of money on interest, which makes it harder to achieve your financial goals. Finding the best credit cards is well worth the effort that it takes. In most cases, switching a balance from one credit card to another is easy, so your credit card probably doesn’t have to expire before you make a change.
Look for a credit card with air miles
If you want to spend less money on air travel for business or pleasure (or both) you should look for a credit card that allows you to rack up air miles whenever you use it. To get more for your money, choose a credit card that includes a lot of air miles as a signing bonus promotion. Terms and conditions will vary from card to card. Read the fine print carefully before deciding which type of plastic belongs in your wallet. With so many air miles credit cards out there, there’s really no reason not to earn valuable air miles whenever you pull out the plastic.
Search for cash back rewards
Air miles are great and useful, but they aren’t the only rewards that modern credit cards offer. Cash back rewards are also available. 50 percent of credit cards currently provide cash back rewards to cardholders. Usually, these types of credit cards offer 1 or 2 percent cash back on purchases.
Cash back rewards are typically delivered via electronic bank account deposits, checks or credits that show up on credit card statements. There are credit cards that provide large bonuses when cardholders spend big amounts within the first three months. Before deciding on a cash back credit card, crunch the numbers. Compare cash back rewards from several cards, and consider fees. Some cards have annual fees, while others require cardholders to maintain separate accounts at specific banks. People who take the time to research cash back rewards before choosing credit cards gain access to lucrative rewards that help them to keep their finances in healthy condition, through good times and bad.
Hunt for low-interest credit cards
Last but not least, you should find credit cards with low interest rates. If your current card has a high rate of interest, you’re spending more on credit than you need to. Switching to a card with lower interest rate will save you plenty of money over the long term. Another option is calling your current credit card provider and negotiating a lower interest rate. A lot of companies that issue credit cards will lower interest rates if they think that they’ll lose a customer’s business if they don’t.
It’s easy to comparison-shop for credit cards. There are websites that do the comparison work for you, aggregating data to show visitors the best deals. Getting your financial house in order by finding credit cards with major perks will be a great way to empower yourself.
Staff Writer; Rick Ford