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Mosaik MasterCard TIP of the Week
BMO Bank of Montreal’s Mike Kitchen, Vice-President, Retail Cardholder Products and Marketing, offers practical information about how consumers can get the most out of a credit card.
How to make the most of your credit card:
- Do Your Homework: Take time to learn about the different credit cards on the market and choose one that matches your needs. Understanding all the features of the card -- and what your own needs are -- will help you to choose a card that suits you best.
- Look Before You Leap: Be careful about pre-packaged credit cards that bundle services or options that you may not need. The annual fee is priced to reflect the cost of the entire package, so you can end up paying for features such as concierge service that you might never use.
- Do an Apples-to-Apples Comparison: If you're looking at cards that provide travel rewards, make sure to examine each card with the same criteria. For example, find out how much you would have to spend on the cards to get a free flight from Toronto to Vancouver.
- Make a Commitment: Once you've made a decision about your rewards program - stick with it! There are dozens of credit cards that offer rewards points, but you can get on that plane sooner, or head to the movies more often, if you pick a single reward program and build on it as much as you can.
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Be Accountable: Once you've chosen your credit card, use it responsibly. Paying at least the minimum payment each month will help to maintain a positive credit rating, which will be important if you apply for a mortgage, loan or line of credit later on.
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