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Is a Rewards Credit Card Right for You?

October 17, 2016

Customer paying for their order with a credit card in a cafe.
There are many credit cards to choose from, and the type you choose will be affected by a number of factors, including your personal and financial goals. We’d like to keep it simple, and give you a few factors to consider before deciding if a rewards card is right for you.

A rewards card is simply a card that gives you something back for using the card. Everything from airline miles to merchandise and even cash back can be yours for using your card. Every card’s rewards formula is different, so make sure you understand what your rewards options are before you decide. Many people have no plans (or desire) to earn or use rewards, and shouldn’t apply for this type of card. Keep it simple!

Other factors include your credit history and credit score, which may qualify (or disqualify) you for a particular card. A high credit score and clean credit history tend to allow you many more choices, including lower rates and costs for a rewards card, while the converse can limit your selection of cards. At First Source, we can analyze these factors for you, and see if you qualify for the card you want.

Finally, if you already own a credit card (or a number of cards), you should take a clear-eyed look at your payment history. If you tend to pay off your full balance every month, a rewards card with a variable interest rate will be a positive addition to your wallet. If you tend to carry balances forward and pay interest charges every month, a low-fixed-rate card without rewards may be more practical.

Consider your goals and plans, then make an appointment at your local branch to let us help you make your decision. We look forward to helping you make a smarter, more rewarding choice!

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