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Guide to reviewing and choosing the right credit card for your personal finance goals
Meeting Your Financial Goals with the Right Credit Card
Successfully achieving your personal financial goals isn’t easy, particularly in a poor economy. Every decision you make influences your finances, and each one can result in a domino effect. Whether that effect is positive or negative is dependent on many things, one of which is the credit card you use. Credit cards can be a blessing or a curse to your goals; the choice is yours.
For Consolidating Debt
If you have set paying down debt as a goal, look for a credit card with an introductory interest rate of zero percent. Make sure it does not impose major fees for the transfers involved with consolidation, and be very aware of how long the introductory rate will be in effect. Use this opportunity to put all of your debt in one place, and take a big bite out of it fast.
When Planning a Major Purchase
Credit cards can help you manage a major purchase in a number of ways, no matter what you plan on buying. The conditions of your warranty can instantly improve when the item is placed on a card, and many issuers even offer price protection for a certain amount of time after you bring the new product home. For example, if you charged a remodeling job to your bathroom, and are unpleasantly surprised by the quality of work, the credit card company can charge back the purchase if you dispute it. Or if a new appliance you had delivered is offered at a much lower price somewhere, your card can reimburse you the difference. These benefits provide you with peace of mind, as well as protecting your investment.
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If Retirement is in Your Near Future
Less than 10 percent of Americans are meeting their goals for retirement, and that’s a scary figure. Using a credit card can help in this area, particularly if you use an investment rewards based program. There are similar to any other type of rewards card, only they apply specifically to the investments you make. Since you’ll want to be looking into investments as you approach retirement anyway, such a card can really be in your best interest.
Establishing Your Credit History
For one reason or another, many people falter in finances. This can leave an indelible mark on your all important credit score, unless serious action is undertaken. For many, this action comes in the form of a new credit card. They are available to those with poor credit, or no established history whatsoever. While the interest charged may be somewhat high, they are an invaluable tool for putting a shattered credit profile back together.
Always Be Protected and Think About the Future
No matter how a credit card is designated to help you meet your goals, using them wisely should always be a priority. Become well versed with all terms, conditions, and restrictions, and adhere to the rules. Make sure the card you choose offers protection from fraud too.
When formulating a way to reach your financial goals, include credit cards in the picture. Just remember to use them to your advantage, and exercise restraint. Sometimes plastic makes us forget about the actual cash behind a transaction, which is why casinos use those little chips to keep
you gambling. If you keep your goals in focus, a credit card will always be an asset, not a liability.