Credit Cards

Onthemoneymn.com on Credit Cards

If youre like many people, youre probably bombarded with credit card offers on a daily basis. However, choosing the right one is not as easy as a drawing from a hat. You need to get past the teasers and find the credit card that will work best for you over the long term, says Jessica Volkmann, Compliance Process Leader with Affinity Plus Federal Credit Union.


When choosing a credit card thesee are the factors you need to consider

• Your spending habits The type of card you get should depend on how you like to spend your money. For example, if you tend to pay only the minimum payment every month, you will want to find a credit card with a lower interest rate.

• Interest rate This can be either a fixed or variable amount. In general, you should look for a card that offers a fixed rate, such as the Affinity Plus Visa® Platinum Rewards Credit Card, which offers a low fixed rate of 9.9 to 17.90 percent APR. .

• Credit limit The limit you receive depends on your credit score and ability to pay back the balance, and may range from $500 to $50,000. At Affinity Plus, youre offered an individualized credit limit to accommodate your specific spending needs.

• Fees and penalties These charges are becoming more common and are often assessed for balance transfers, cash advances, and annual account maintenance. Ideally, you should find a credit card that does not charge penalty fees.

• Incentives and rewards No matter how often you plan on using your credit card, a free rewards program is a nice perk. Look for one that offers rewards you can easily obtain and use.

If youre unsure how to find the right credit card for your situation, visit an Affinity Plus branch location. Our financial professionals are available for a one-on-one meeting to answer your questions and discuss your financial needs and wants. We take the time to get to know you as a person so we can help you make credit decisions that take into account the full extent of your financial situation, Volkmann says. We want to have a true partnership with you, not just for today but forever.

To learn more about selecting the right credit card, free workshops or to schedule an appointment with an Affinity Plus Federal Credit Union financial professional, please call (888) 830-2280 or visit onthemoneymn.com.

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