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Mosaik MasterCard TIP of the Week
BMO Bank of Montreal’s Mike Kitchen, Vice-President, Mosaik, offers practical information about what to look for in a credit card and how to determine what is the best credit card for you.
What are the top five things to consider when picking your credit card and credit card rewards?
- Flexibility - Your needs will change as your lifestyle and life situation changes. Chose a card that lets you pick only the features you want. Avoid paying for a predetermined bundle loaded with features you won't use- it's probably one of the least recognized but biggest drains on value for dollar.
- Rewards that suit your needs - What type of reward program interests you most (e.g., travel rewards or cash-back options)?
- How long will it take to earn your rewards? - Is the card-spend realistic, i.e., will you be able to earn your rewards in a reasonable amount of time? For example, how long will it take to earn that flight to Vancouver or Halifax?
- Are you interested in a low interest rate option? - With Christmas and holiday shopping in full swing, having a card with a low interest rate may save you a significant amount of money. A low rate option is ideal if you tend to carry a monthly balance.
- Integrated services - If you're a rewards points collector, look for a card that lets you leverage your spending, i.e., a card that integrates points you earn from purchases, with points you earn on everyday banking transactions. This will help you reach your goals faster.
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