How should I choose a credit card?

How should I choose a credit card?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: How should I choose a credit card?

Credit cards are very complicated today. Every company that issues them has different varieties in terms of what they offer and what the interest rates are. So, it can be very complicated to the average consumer to determine what is best for them. It's not just the decision 'will this organization give me credit?'. It's this the credit card that is right for me? As for me personally, I'm a mileage junkie. I like to accumulate miles and I utilise those miles to fly places on vacation. To my wife, getting cash back is important because she says "I am going to be spending this money anyway," and getting a rebate of cash is important to her. These are issues that have to be evaluated. In addition, you have to evaluate what would happen in the event that you pay late. You can get a credit card that might have a lower interest rate, but if you don't handle the credit responsibly, the credit card company has the option to be able to increase the rate to the maximum amount that they're permitted to do, and these costs can be quite substantial.