Four Credit Card Strategies That Can Burn You
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Credit card missteps that hurt you

Credit cards can be a great tool for earning money back on purchases, scoring merchant discounts and qualifying for added perks and benefits in many product categories. But plastic lovers must always remember to tread carefully.

When leveraged incorrectly, some spending strategies can easily work against you and your wallet. The trouble starts when consumers stop looking at the big picture.

“Strategies go off the rails or fail when people only look at the short-term benefits,” says Bruce McClary, spokesman for Richmond, Va.-based ClearPoint Credit Counseling Solutions. “You need to look out on the horizon to determine if it is truly worth it.”

You also need to ignore flashy marketing materials and focus on the fine print.

“Reading the terms and conditions is key,” so you adequately understand the payment method you are using, says Laura Creamer, financial education specialist with nonprofit credit counseling organization CredAbility in Atlanta.

To spare you some missteps, here are four credit card strategies that can easily work against you and some specific tips on how to keep them from backfiring.

Opening a card just to get a sign-on bonus

Sky-high sign-on bonuses have become a popular way for issuers to woo new cardholders. Bu…………… continues on Fox Business

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Online Credit Card Tools Can Save You Time And Money
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Almost everyone who has a credit card is likely to spend a few minutes each month checking their statement and making sure a payment is made by the due date. If yours is among the 46.1 percent of American households that the Federal Reserve says have credit card debt, then you might save yourself some real money if you spend just a few minutes more managing your plastic. And you don’t even have to do much math.

Credit card calculators

There is a wide variety of credit card calculators online that can do the hard work for you. Better yet, they’re absolutely free. For example, there are four on the website that can calculate for you the answers to these questions:

  1. How much interest do I pay when I revolve my credit card balances?
  2. How much could I save with a lower interest credit…………… continues on

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