Until recently, I was one of those people that had the same credit card since I was 18. My mother was insistent on starting my credit off right as soon as I turned 18. With that, I have been just going along as normal, not realizing the amount of benefits you could actually get from a credit card. Janine has talked about this before, how she often gets free or greatly reduced flights all from points she has gotten on a credit card.
With that being said, just a few weeks ago my fiancé and I started to look through the copious amounts of credit cards and see which one would benefit us the most. There are plenty of different kinds, from cash back, travel credits, free products, etc. You name it and there is likely a credit card for that… you just have to figure out which one works best for you and your situation.
At the end of the day, it came down to two credit cards for me. The TrueEarnings® Card from Costco and American Express as well as the MBNA Smart Cash Card. I go to Costco quite a bit, and being able to have a card that can cover the Costco membership fee and well as include other benefits was huge for me! At the end of the day though, the MBNA card won me over. They have an incredible cash back plan where, as soon as you earn $50 in cash back, they send you a cheque without you having to do anything. I also considered some of the flight benefit/point cards, but honestly, we just don’t travel enough. We are both stay at home kind of people and our career is our focus right now. Travelling will be a priority for us in the future, just not at the moment.
Janine: Costco has actually just discontinued this credit card!
With all of that said, I learned a lot more than I thought I needed too, regarding credit cards. Sometimes when you are a fresh 18 year old, you seem to think all things are easy and black and white. Well my friends, they aren’t. So, make sure you know what you are looking for and will help you in your journey to financial freedom.
Overall, make sure you do your research and get the card that suits your needs best. Don’t be like me and not take advantage of the great benefits certain credit cards can have, I learned that one the hard way!