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Did You Know?

Store Cards & Credit Cards

Some store credit and credit cards can advertise that they can be rewarding, with many offering 2%, 3%, or 5% back in rewards for using their credit or charge card to make your purchases. Trouble is, if you carry a balance, many are now charging interest rates of as much as 28.00% APR on that balance, and that can quickly turn your rewards negative! This is also true with travel rewards and cashback rewards credit cards. Even if their interest rates may not be as high, their “rewards” can still end up costing you a lot.

So, what can you do to minimize the interest charge drain? Here are a couple of suggestions:

1. Transfer balances each month to a lower interest rate credit card (like a Greenwood Premier VISA® Credit Card). You’ll pay less interest. And then you can keep using your Greenwood card to simplify your process.

2. If you are carrying high balances, you can apply for a lower interest Debt Consolidation Loan to pay off your balances at a lower rate. You will pay less in interest and save money!

With any option, carrying less debt each month should be your number one goal, as it will save you a lot of money in interest charges and improve your credit score. So even if you cannot pay off your cards every month, you should always make the effort to pay off as much as you can and pay as little interest as possible.

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Greenwood Credit Union