These days, credit and debit cards are accepted forms of payment just about anywhere. However, if you use a credit or debit card on a regular basis, you’ll want to make sure that you’re getting the most out of it. Unfortunately, many people make the mistake of simply signing up for the first credit card that they find, not realizing what they could be missing out on by doing so. Here are a few tips to ensure that you get the most out of your card by earning rewards, avoiding fees, and enjoying other perks.
Choose a Rewards Card
These days, most banks offer free enrollment in rewards programs, which earn you points every time you use your card. For example, some credit card companies will give you 1% back on all of your fuel purchases. If you do a lot of driving, using your card each time you fill up could save you a significant amount of money down the road. The key, however, is researching different rewards programs to find the one that’s right for you.
Some rewards programs offer cash back on every purchase you make. For example, you may receive 1% back on everything and 2% on select categories, such as dining or fuel. On the other hand, some cards will offer cash back only in certain categories. Be sure to consider what kinds of purchases you’ll be using the card for to determine which rewards program is best for you.
Unfortunately, some banks these days still try to get away with charging their members random fees. For example, many credit card companies will apply an annual fee of $50 or more simply for being a member. Furthermore, some banks will charge $0.50 every time one’s debit card is used to make a transaction. These are exactly the kinds of fees you’ll want to avoid if at all possible, as these can add up quickly over time. Fortunately, there are plenty of banks out there that don’t charge any annual fees, so it’s just a matter of finding the one that’s right for you.
Look for Other Perks
Aside from finding a credit or debit card that offers a lucrative rewards program and doesn’t charge you additional fees, you may want to look for some other perks in your card as well. For example, having a card from some banks may automatically make you eligible for certain types of loans, such as auto loans or personal loans online by United Overseas Bank. Going with a bank that offers this kind of pre-approval on certain loans you may need down the road can save you a lot of time and hassle when it comes to applying for such a loan later on.
As you can see, there are many considerations you’ll want to keep in mind as you search for your ideal debit or credit card. This way, you can enjoy the conveniences of having a card while earning some additional perks in the process.