Savvy Credit Card Hunting

There are scores and scores of credit cards, and most consumers – especially those with good credit – receive scores of credit card offers.

How does one weed through the mountain of offers to find the best card for their needs?

There are credit cards that offer balance transfer deals … low interest cards … cash-back cards … hotel/travel points cards … retail rewards cards … gasoline points cards … air miles cards … pre-paid debit cards … business cards … student cards …

We’ll stop before your head starts to spin.

Savvy credit card shoppers determine the best card for their spending habits.
Certainly, one must examine interest rates, fees and balance transfer options. The credit card rewards program often distinguishes it from other cards.

Consider your everyday purchases and spending patterns. Ask yourself:

• Do I travel frequently?
• Do I stock up on groceries?
• Do I pile up the miles on my car?
• Do I enjoy sports, concerts and other events?

If you currently own a credit card, scan your statement. What are some of your more frequent or costly purchases? Understand your spending habits. This helps to determine the type of credit card rewards program that fits you best.

Reward Your Spending Habits

Those who take advantage of the credit card rewards offers can reap some major benefits. Redeem points in exchange for a long list of products and services that include electronics, housewares, clothing, books, jewelry and much more. Use points for hotel stays, rental cars— or you may even be able to receive cold hard cash.

Some cards, such as AltaOne’s Visa Platinum Rewards card, also allow retailers to provide additional deals for card holders.When searching for the perfect card for your needs, some other benefits — in addition to rewards points -- may include:

• No annual fee
•  Low fixed rate
• A 25-day grace payment period
• Worldwide ATM access
• Travel and emergency assistance
• Auto rental insurance
• No cash advance fee
• No balance transfer fees
• Full limit available for cash advance at the same interest rate
• A 14-day grace period (some cards will increase your rate if payment is made after due date)

Visit altaone.org for more information on our Visa Platinum Rewards card to see if it the perfect card for your needs.

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Is an AltaOne Credit Card Right for Me?

For members disciplined about paying bills promptly, a credit card is a great way to improve how you rate as a prospective borrower. Without a good or excellent credit score, your interest costs may wind up higher on future loans.

As with so many products these days, there are hundreds of different credit cards. Since this piece of plastic plays such a pivotal role in your personal finances, it is worth taking the time to figure out which card is best.

One option may be to sign up for a credit card through a credit union such as AltaOne. Here’s a look at why that may be a good path to take.

Lower fees
Credit unions are not-for-profit organizations, meaning any money they earn ends up getting funneled back into the institution to benefit members, either through lower interest rates on loans or higher dividends on account balances. Because their primary goal is to serve its members, many credit cards issued by credit unions charge lower fees and fewer penalties.

A few years ago, Pew Charitable Trusts released a study showing that the median annual fee for a credit card issued by a credit union was $25, compared with $59 for those supplied by other types of financial institutions. Some cards issued by credit unions don’t carry any annual fees.

Better rates
Uncle Sam prohibits federal credit unions from charging most borrowers more than 18% in interest on debts. Most other types of financial institutions aren’t limited on the annual percentage rates they can set, with some APRs hitting 24% or higher. A recent survey of rates shows holders of credit union-issued credit cards on average saved about 10% on interest costs compared with customers who used cards issued by other financial institutions.

Quick access to help
Credit unions members are the owners of the organization. In the eyes of credit union managers, therefore, it is crucial to foster good ties with members. As such, you will likely find excellent access to educational resources and highly responsive representatives since they typically focus on providing quality customer service. First-time credit card holders may find these added benefits especially useful if they’re brimming with questions about how to use their new card.
Wherever you decide to sign up for a credit card, be sure to do your homework beforehand. While credit cards can help you improve your credit score and develop smart spending habits, they can also hurt you if not used properly.

Please contact AltaOne at your convenience to discuss our valuable credit cards.


Tony Armstrong, NerdWallet

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