Best credit cards, low interest, and rewards

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Airline Cards are a great way to accumulate sky miles. If you fly one airline consistently, these cards can be a very good option. They are not for people who carry a balance, because interest rates tend to be quite high. Rates have risen steadily during the past few years.

Unless you live near a hub airport dominated by one airline, or your company requires a particular carrier, you might want to avoid these airline cards in favor of bank-based cards that give you more travel and price options.
Please take these recommendations as a starting point for a more personal and in-depth study focused on your individual travel needs.

Bank-Sponsored Credit Cards are not a bad route either. These cards allow more flexibility, because the miles earned can be used on many airlines rather than just one. If you don't have a dominant airline in your region, these cards probably are your best bet.

They have other advantages, too: sometimes the minimum mileage required for travel is lower than with airline-sponsored cards. But these cards usually come with more fine print, too.

If you're paying more than 12% interest on your VISA or Mastercard, you're paying too much. With the prime interest rate in the single digits, lenders that charge 13% to 21% interest on credit card balances are gouging you. With good credit, you should be able to find a credit card rate for between 9% and 12%.

If you can obtain a lower interest credit card, you can usually use cash advances to pay off the balance on your other credit cards and transfer this debt to the lower rate card. Some cards charge a higher fee for transferred balances, so be sure to read the small print before applying, and make sure you can pay it off or transfer your balance again to another card before the introductory period rate expires. Bad credit loans can be a great way to rebuild your credit, but make sure you read the fine print, as rates tend to be sky high with this type of loan.

Consider using part of your savings to pay off consumer debt, if you can do so without using all of your available cash. With banks paying less than 1% on passbook savings, and credit card debt carrying 10% to 21% interest charges, you could come out way ahead. Be careful to leave yourself enough savings or borrowing power to fall back on in case of an emergency.

 

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