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Lots of people think negatively about credit cards but they can be an incredible useful financial tool, if used correctly.

Many cards provide travel insurance, identity protection, reward points, cash-back, and more. If you carry a balance, your number one goal should be to get the lowest interest-rate possible. If you make monthly payments, then selecting a card becomes more difficult.


A few tips for selecting a credit card:

Check your credit report at least once a year.
Look at past statements and figure out how often you carry a balance, how much interest you’ve paid, and how often you’re late with payments.

Don’t settle on the first credit card that is offered in the mail – do research.

Use the Internet to research your best options; you’ll even see ads with great offers.

Think of getting different cards for different types of purchases. Some cards give two or three times more points for some purchases. Many people will have an airline card just for travel purchases.