Life Lessons

Life Lessons: Best credit cards for you

About 171 million Americans have at least one credit card. Currently consumers owe more than $1 trillion in revolving credit card debt, which is an all-time high! So how can you choose the best card and use it responsibly?

Today, the choices are many when it comes to what kind of plastic to carry in your wallet. The best card depends on your needs.

If you’re looking for money back, the Citi Double Cash Card offers two points for every dollar you spend and pay off!

For small businesses, the Capital One Spark Cash Select lets you add employee cards onto your account for free and has a generous rewards program.

The Chase Sapphire Reserve Card might be an option if you travel often. In addition to rewards it includes free rental car insurance and access to more than 900 airport lounges worldwide.

If you think you’ll carry a balance from month to month, choose a card with a low interest rate – like the Lake Michigan Credit Union Prime Platinum. It offers an APR of just 7.25 percent if you qualify.

When choosing a card, be sure to ask if there’s an annual fee and if so, how much. Also make sure you check out what the penalties will be if you’re late on a payment. Some companies will raise your interest rate and charge you a fee!

If you feel inundated with credit card options, you’re not alone. A survey by Experian found nearly two-thirds of consumers are overwhelmed by all the card options available to them.

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