Best credit cards

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Here are some things to consider when you're shopping for credit cards.

I found a website called Billshrink.com that helps you figure which ones are best for your kind of spending. The process is simple. All you need to do is answer a few questions, including whether you pay your balance off each month.

The co-founder of billshrink.com says if you tend to carry a balance you should pass on those rewards cards. He says much of the time the interest on the balance will offset any reward.

Another distraction is promotions.

You’ll often get deals like 0% on balance transfers, which is nice while the promotion lasts. But it won’t last forever. Be sure to find out how long the promotion is for and how much the rate will increase after the promotional rate.

Also, it is easier said than done, but don’t be late on your payments, you'll have to pay a late fee and the credit card company can also increase your interest rate. Even more, being late on one card can affect any other cards you have.

It is called a “universal default.” For example, say you pay one card on time, but you are late on the other. The company of your credit account in good standing may still increase your rate.

Be sure to read everything you get in the mail from your credit card company because they have to notify you of these changes, and there are usually ways to opt out.

http://Billshrink.com