5 benefits to consider when applying for a credit card


Although everyone looks forward to summer, it can be an expensive time of year. The summer months not only involve the cost of vacations, but also camps for children and other expenses.

Also, people often have more time to shop and dine out. With that in mind, credit card companies are seeing a significant increase over the summer. When considering which credit card company to use, there are five benefits you should look out for.

1) . Variable rate vs fixed rate: Regarding the type of interest rate, neither is necessarily considered better than the other. However, it is a factor to consider when looking at one’s budget and other advantages or disadvantages of the card package. Most people assume that a low fixed rate card is the best option, but these are rare and it’s also worth remembering that the rate may increase after a grace period.

2). Low interest rate: Whether the card is fixed or variable, it is advisable to find a card with a low interest rate. If you have a strong credit score, this shouldn’t be hard to find.

3). Local maintenance: Many people look to large financial institutions like Capital One or Bank of America first when applying for a card, instead of considering a local bank. The benefit of getting a credit card from your own bank is top notch localized customer service. Many banks in western North Carolina, including Champion Credit Union, offer credit card options.

4). Reward programs: When looking for a credit card, why not ask for one that offers great rewards? Depending on your lifestyle, rewards can include cash back, flight miles, or even gift cards to your favorite restaurants and retail stores. If you love to travel, cards that offer airline miles or discounts on hotels and car rentals can be a nice feature.

5). No annual fee: An annual fee is a nuisance for many reasons. For some people who have a $0 balance, they are often penalized with annual fee late fees because they haven’t paid a monthly bill and just forget about it. There is no need for an annual fee and today’s vast market offers many options without just one. Local banks, in particular, try to avoid unnecessary charges.

There can be a stigma surrounding credit cards. Many people got into deep debt by using them too much or not paying them on time. That being said, credit cards have many benefits for consumers who use them wisely.

For more information and to apply for Champion Credit Union’s credit card program, please visit www.championcu.com/personal/credit-cards.


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