Should YOU get a credit card?
Now if you’ve watched my videos before, you know I think credit cards can be really useful, IF you can use them responsibly. So should you get one?
The most important thing to consider is your own behavior! Can you use a credit card responsibly and pay off the balance before interest starts adding up? Or will you go on shopping sprees and only make the minimum payments? If you can’t trust yourself to not go overboard, a credit card may not be right for you.
If you can trust yourself to use one, then you have to consider which credit card you should get. There are a lot of different benefits and drawbacks to various credit cards. Maybe your main goal for a credit card is to get travel miles. In that case you should look for one with good travel rewards. Or is cash back your thing? They have those too. Some credit cards give you discounts at different stores or access to travel benefits like lounges or free luggage. So don’t be afraid to research and look around until you find one that has the benefits you like.
Another big thing to consider is the fees. Some credit cards have annual fees that you need to pay attention to. This means that every year, you have to pay the company in order to use the card. On top of those fees, take a look at late fees, or missed payment fees. Don’t leave anything to chance! Get fully educated on what each card offers so you can make the best decision.
And of course, don’t forget the interest rates. In Jamaica, many of the credit cards fall in the same rate range, but still pay close attention to this before you pick a card.
It seems like a lot to think about, but remember, being properly educated can be the difference between financial success and financial failure!
Learn more about using credit cards and getting out of debt here!