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How to get the most out of your credit card

Credit cards are something we all use in our everyday life, but not all credit cards are created equal. Stay on top of your spending and make the most out of card perks by picking a card that best fits your spending habits.

Deidre Davis from MSU Federal Credit Union talks about what features people should look for when getting a credit card.

First, look at your spending habits and make sure you are using your credit cards responsibly. If you have a revolving credit balance, you should use cards with a lower interest rate as you will be paying this interest on your balance month to month.

However, if you pay off your credit card balance every month, the rate doesn’t matter as much because you are never paying interest. Then you may want to look at credit cards that offer rewards you might be interested in.

It is also a good idea to at least once a year to call your credit card issuers to ask what advantages you’re eligible for based on your history with them. Often, they can waive fees, increase your credit limit or lower your interest rate.

Many credit card rewards programs work on a point system, in which you earn a certain number of points for each dollar spent. When you accumulate a certain number of points, you can redeem them for gift cards, cash, travel discounts, or items from the credit card company's rewards catalog.

To make the credit card rewards worth it, you should be paying off your balance each month. It is also important to look out for fees, such as an annual fee, that some cards have. However, if you use the card strategically and pay off your balance each month, the rewards you earn will outweigh the cost of the annual fee.

The most versatile rewards are from those cards that offer a percentage of cashback on purchases.

 MSUFCU offers different types of credit cards. The newest card is our Visa Signature Credit Card which provides cashback on the things members buy the most:

  • 3% cashback on groceries.
  • 2% cashback on gas, travel, and universities.
  • 1% cashback on all other purchases.

To learn how to become an MSUFCU member or to find a location near you, visit msufcu.org.

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