When is a Credit Card Deal Good?
by Paul McDermott
What exactly makes a good credit card deal good? You probably hear often how someone you know is ecstatic over the credit card deal she just got and how many rewards she is going to get. Should you rush to get the limited time offer "great deal" she just signed up for?
Let's check what one can term as a good credit card deal. A credit card deal is good if it works for you. So, if the credit card fits into your lifestyle in a way that makes maximum benefits for you, that can be a good credit card deal.
So you can see that lifestyle plays an important role these days on whether a paricular credit card will be able to offer you enough rewards given the extra costs you will pay to have the card.
Now, if it is your friend who told you about the good credit card deal, chances are that it could work for you, since it is likely that you have some similar hobbies. But you may not have similar credit histories. If yours is not so good, then you may not qualify for the deal your friend got.
If you travel a lot and to far off places by air, a card that offers you good rewards, rebates, benefits on travel would comprise a good credit card deal. Sometimes the airlines themselves have their own credit card issuing company where you can get a good credit card deal.
Another credit card deal with wide appeal is the one you are offered at your favorite department store. You are usually told you can save 10% today if you open a card. It is tempting, especially if you are making a large purchase that day. But you need to ask yourself, will you manage that card well? Will you pay off the balance each month? If not, then you are just getting yourself deeper into credit card debt and future trouble. And if you are ever late on a payment, the interest rate will shock you.
For most people, a basic credit card may be the best. You could still get rewards for purchases. But remember, credit card companies are smart and out to make money. So they know the typical spending habits of a card holder, and structure their deal to make themselves a profit.
So when you hear someone excitedly telling you about the good credit card deal she got, remember the odd hobbies she has and tell yourself it probably would not be good for you. And never add a new card just because some new deal came along. Think clearly about managing your spending and debt, and while your friend is working overtime to make her credit card payment, you will be leaving early to enjoy a nice long weekend.
Paul McDermott shares his experience with
good credit card deals and other credit and debt issues at
Credit Card Debt. Don't reprint this exact article. Instead, reprint a free
unique content version of this same article.
