People have mixed feelings about credit cards. For some, they’re a door to many private and business opportunities. To others, they seem like a passport to never-ending debt. For many, they’re potentially a mix of both.
But in 2017, we should no longer be looking at credit as a dangerous thing. Yes, we should be wary of how we use our credit, but that should be the case with our finances in general. It’s just that nowadays, there are so many benefits of using a credit card that by not having one you’re just missing out on opportunities.
Credit card companies are making it easier than ever to use credit without the age-old risks of getting caught in a vicious spiral. Offers of no interest for the first year sound too good to be true, but they’re true nonetheless. And if you play the rewards system well, you will end up earning money rather than losing out.
There is reason to be wary. So, in order that you don’t make a bad credit decision, here are 3 things to look out for when getting a Canadian credit card.
No first year fee
Credit card fees can be hefty. They’re often a reason people avoid getting them. But many credit cards waive their annual fee for the first year. It’s important to make sure the credit card you sign up for has no first year fee – and not just to save a little money. When you sign up for a credit card, there should be no downsides. You should be going in with nothing to lose. This is why credit cards are no longer the danger they once were. Credit card companies that force a first year fee on you are not worth considering.
You might be under the impression that rewards programs are only a little extra incentive to let you occasionally splash out on a small gift for yourself. Well, good credit card companies actually offer rewards that are worth their salt. Whether you go for travel miles or cash back, you should choose a credit card with a rewards system that suits the way you spend money, as well as what you like to do with it. A rewards program can be enough of a reason to get a credit card in the first place. Don’t let the opportunity slip by you. Look for the best rewards credit cards in Canada
Transfer your debt
If you already have credit card debt that you’re paying interest on, switching to another company might be a tremendous help. There are credit card companies that will take on your debt with 0% interest for the first year. Instead of constantly sending payments into the void, your payments will actually go towards reducing the deficit. It might sound too good to be true, but the truth is that credit card companies benefit from having you as a client, which is enough in the long run to justify them taking on your debt. It’s a case where they benefit from your good fortune, and there’s no reason not to take advantage of this.
No matter what credit card you choose, be sure to do so responsibly. Take the above 3 considerations into account, and make the most of your new credit card.
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