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ADULTHOOD 101
How to Choose the Best Credit Card
Adopt SNL alum Tina Fey’s motto “never carry credit card debt” and you could avoid former 90210 actor/reality TV Tori Spelling’s credit card blues.
You just got a new job and before you even get your first paycheck you are bombarded with credit card offers. Even though you can barely cover your living expenses and you haven’t even thought about starting an emergency fund, you are pre-approved for an astronomical credit limit at an extremely low introductory rate. Stop! Before you open up a tab at your local bar and start drinking Chivas on a 7-up budget. Read this first to make sure you get the best credit card for you.
INTEREST RATES & FEES
Credit card companies make their money by charging interest rates and fees on borrowed money. Even if they think you are a risk because you have a low credit score or simply a low income, they may still lend you money but probably less of it and at a higher interest rate with greater fees. Compare low interest cards to get an idea of what’s available.
KNOW YOUR CREDIT SCORE
Check your credit report for free. If you have low score take steps to repair your credit and raise you score. A bad credit score could literally cost you a million, really. Before you get and use any credit card, it is crucial to understand some basic terms.
CONTROL CREDIT CARD SPENDING
Avoid runaway debt, learn ways to control your credit card debt. If you are already in trouble, you may need to ask yourself – How many credit cards do I need?
Read definitions for credit card interest rates &
fees.
Read more info on credit card interest rates & a summary of credit card fees.
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