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3 Common Credit Card Mistakes and How to Avoid Them
I am a huge advocate for credit cards. They’re safer and provide many more benefits than debit cards. However, some commons mistakes can make them work against you. Here are three common mistakes and some alternatives:
Store Cards
I worked a retail job during my freshman year of college at a very reputable company. The products were great, and I enjoyed my coworkers. However, I did not enjoy the practice of selling the store’s credit card. Most retailers issue credit cards to incentivize customers to shop with their brand more. The problem with these cards is that they usually have a much higher interest rate than bank-issued cards. Redeeming rewards is a complicated process, and the rewards are often limited. This happened to my parents recently. They used a store card for supplies that they regularly bought because they earn gift cards to that store, but the rewards system changed without notice.
Instead of applying for a card that limits your rewards to one store, opt for a cashback card from a bank that generates rewards across a variety of stores — such as the Citi Double Cash. And if a bank changes its reward structure they…
