Credit cards can feature valuable perks for new applicants, whether your goal is to pay off debt or save on costs. Even if you already have a card, you may be sitting on targeted offers, rewards or benefits that could make a difference.
Here are some ways to maximize value from a credit card.
1. INTRODUCTORY OFFERS
If you've got good credit (a FICO score of 690 or higher) and a big expense coming up, consider financing it with a credit card that offers a 0% intro annual percentage rate on purchases and a sign-up bonus. As long as you pay off the balance, you'll save on interest charges and potentially recoup some of the cost of the purchase with that bonus.
If you have good credit but want to pay off existing debt, a balance transfer credit card may lower costs. It allows you to transfer highinterest debt from another issuer and pay it off at a lower interest rate - ideally at a 0% APR for a period of time.
There is going to be a (balance transfer) fee, so you have to shop around a lot of times, says Melissa Cox, a certified financial planner and advisor at Fetterman Investments, a Dallasbased financial planning firm.
Aim for a fee of 3% of the transferred balance or lower. Compare that fee with the cost of longterm interest payments on your current card to determine which option saves more money. If the balance transfer makes sense, make a plan for it.
If you know that the transfer is going to be six months before the interest starts kicking in, you want to have a plan to get as much of that debt paid off in that six months, Cox says.
This story is from the June 10, 2022 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 10, 2022 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
EUROPEAN UNION QUESTIONS TIKTOK ON NEW APP THAT PAYS USERS FOR WATCHING
European Union regulators said this week they're seeking details from TikTok on a new app from the video sharing platform that pays users to watch videos.
UBER AND LYFT DELAY THEIR PLANS TO LEAVE MINNEAPOLIS AFTER OFFICIALS PUSH BACK DRIVER PAY PLAN
The ride-hailing companies Uber and Lyft said they will delay their planned exit from Minneapolis after city officials decided to push back the start of a driver pay raise by two months.
FACED WITH POSSIBLY PAYING FOR NEWS, GOOGLE REMOVES LINKS TO CALIFORNIA NEWS SITES FOR SOME USERS
Google began removing California news websites from some people's search results, a test that acted as a threat should the state Legislature pass a law requiring the search giant to pay media companies for linking to their content.
NASA IS SEEKING A FASTER AND CHEAPER WAY TO BRING MARS SAMPLES TO EARTH
NASA's plan to bring samples from Mars back to Earth is on hold until there's a faster, cheaper way, space agency officials said.
TESLA TO ASK SHAREHOLDERS TO REINSTATE $55 BILLION PAY PACKAGE FOR MUSK REJECTED BY DELAWARE JUDGE
Tesla will ask shareholders to reinstate a compensation package for CEO Elon Musk potentially worth $55 billion that was rejected by a judge in Delaware this year and to move the electric car maker's corporate home from Delaware to Texas.
MASSACHUSETTS OFFICIAL WARNS AI SYSTEMS SUBJECT TO CONSUMER PROTECTION.ANTI-BIAS LAWS
Developers, suppliers, and users of artificial intelligence must comply with existing state consumer protection, anti-discrimination, and data privacy laws, the Massachusetts attorney general cautioned this week.
NISSAN SAYS IT WILL MAKE NEXT-GENERATION EV BATTERIES BY EARLY 2029
Nissan expects to mass produce electric vehicles powered by advanced next-generation batteries by early 2029, the company said this week during a media tour of an unfinished pilot plant.
BIDEN ADMINISTRATION AGREES TO PROVIDE $6.4 BILLION TO SAMSUNG FOR MAKING COMPUTER CHIPS IN TEXAS
The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas.
ONLY 26% OF AMERICANS SAY THEY GET AT LEAST EIGHT HOURS OF SLEEP, NEW GALLUP POLL SAYS
If you’re feeling — YAWN — sleepy or tired while you read this and wish you could get some more shut-eye, you’re not alone.
APPLE CEO SAYS COMPANY WILL 'LOOK AT' MANUFACTURING IN INDONESIA
\"We talked about the president's desire to see manufacturing in the country, and it's something that we will look at,\" Cook told reporters after the meeting.