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Top Five Tips for Picking the Right Credit Card

2 Frugal Dudes April 8, 2020 161 1

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    Top Five Tips for Picking the Right Credit Card
    2 Frugal Dudes

Episode 168: Learn five tips for picking the right credit card with credit expert Gerri Detweiler, author of “Finance Your Own Business: Get on the Financing Fast Track” and Education Director at Nav.

1. Know Your Spending Habits

Everyone gets a credit card with good intentions. However, what we intend doesn’t always work out. Being honest with yourself and considering your spending habits is essential, especially when considering the interest rate if it’s likely that you’ll carry a balance.

2. Know Your Credit Score

Don’t waste time applying for credit cards that you aren’t likely to get based on your eligibility. The score that your creditor uses might be different than the one you’re monitoring, but getting a better idea of your score is a great starting point. Don’t just look at the number, look at the finer details about what you’re doing well and where you’re struggling.

When trying to improve your credit score, look at various agencies to ensure that you don’t have any negative items listed on one. A solid credit score goal to aim for is 720. It’s important to note that different lenders (for example, credit card companies vs. automobile loans) will use different formulas as well, which is why you get different scores from different places.

3. Pick Your Best Rewards

If you’re someone who pays your credit card off each month, you will have a lot of options when choosing your rewards. Choosing something that suits your lifestyle is the first consideration— a travel credit card, for example. The next step is to think about loyalty. Do you have a preferred hotel, grocery store, etc.? Choosing a credit card that gives you rewards and perks for your loyalty can enhance your experience.

If you’re generally a frugal person, choosing a cashback credit card can be very beneficial.

4. Read the Fine Print

Take some time to read the fine print of your credit card. You’ll want to pay close attention to the APR and interest rate in the event that you don’t pay everything off in time.

If you use a small business credit card, you have the benefit of having something separate from your personal credit. However, those cards aren’t covered by the credit card act, which covers consumers from rate hikes.

You should also take a closer look at your rewards, as there are often hidden rewards when using your card.

5. Do an Annual Check-Up

The card that suits you today might not suit you a year from now. If it no longer fits your lifestyle, you can reach out to the creditor and get a different card from their offering so that you don’t impact your credit history.

Using Nav to Find the Right Credit Card

Nav is a site where you can get both your business and personal credit scores for free. Go to for a free business credit checklist.

Show Links & Related Episodes


Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence. This post may include affiliate links.

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