Credit cards teeming with rewards are all the rage these days. Would-be travel addicts seem to jump at the chance to sign up for new cards that offer even the tiniest perks and numerous websites all tout the benefits of doing so. That doesn’t mean they’re actually a good idea.
They’re Not Free
Those rewards you’re signing up for usually come with a catch; you’re going to have to charge quite a few purchases before getting them. If you’re young and still living paycheck to paycheck, you might not have the means to pay off the card.
It Hurts Your Credit
Applying for multiple credit cards can wreak havoc on your credit. That’s because each time you apply, the credit card company does a hard pull, lowering your score and making it difficult to make larger purchases like cars, student loans or even renting an apartment.
High Fees and Interest
Pay late, even by just a day, and you’ll get slammed with ridiculously high fees and interest charges. These extra fees will cut into your rewards. If you have a habit of carrying a balance on your cards, it’s a better idea to find a different card with low interest rather than focusing on a travel rewards card.
Issuers Cracking Down
Travelers have signed up for travel rewards cards and subsequently canceled them before the interest fee kicked in for the last couple of years. Card issuers picked up on this and are cracking down. Signing up for too many might now mean you get rejected for credit cards you might actually need in an emergency down the road.
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