Spring into Financial Action
Since childhood, I've always favored summer. I'm drawn to warm weather and ocean views. Recently, though, I've found myself eagerly anticipating the shift from winter to spring - and not just for the warmer weather. Spring represents a fresh start, bringing a unique energy and buzz. This seasonal momentum has inspired me not only to declutter my home but also to tidy up my budget - to spring into financial action. If you feel the same, let’s talk about one of the easiest ways you can revitalize your finances this spring: making credit cards work for you, not against you.
Balance Transfer
Time to say sayonara to high-rate debt. Taking advantage of a balance transfer (even without an introductory rate) can be a useful way of refreshing your finances. Don’t let credit use or debt scare you. Debt can be a helpful tool in your toolbelt – when used responsibly. Not only can it teach you healthy financial habits by setting a repayment strategy, but more importantly, it helps you build and maintain credit. Good or bad, your credit is like a shadow – it follows you everywhere, whether you want it to or not. While it should go without saying, maintaining good credit is most advantageous. It will help you secure more favorable interest rates on other loan products, reflect positively as a potential renter, and even help you save money on your car insurance.
Rewards Cards
What do you look for in a rewards credit card? There are many options, and not all are equal. Some have changing rewards tiers or eligible merchants; others have a fixed structure. Some providers require monthly registration for rewards; others don’t.
Fixed vs. Variable Rates - Pros and Cons
When it comes to credit, one thing is certain: at some point in the relationship, interest will matter. Introductory offers are available, and some people avoid interest by paying off their balance each month, but for most cardholders, paying interest is common. Credit cards can have either fixed or variable rates: fixed rates stay the same, while variable rates may change based on market rates. Comparing cards based on these rate types is important, as both have their pros and cons.
Variable Rate
· Most frequently offered; more accessible to borrowers.
· Can benefit from decreased rates
· Typically, they offer a low introductory rate to new cardholders.
· Well-suited to short-term borrowing
· High risk and unpredictability
· Rewards may be more favorable than fixed-rate reward options.
Fixed-Rate
· When rates increase, your card is not impacted.
· Excellent option for transferring balances from a higher-rate creditor
· May have lower fees
· Stable and predictable
Why an InFirst Visa® Rewards Credit Card?
The InFirst Visa® Rewards Credit Card was designed to be the best of both worlds. It offers a stable, low fixed rate ranging from 10.90% APR to 17.90% APR, along with a robust rewards program that rivals other providers. Cardholders earn four points per dollar spent at Gas Stations, three points per dollar spent at Restaurants, and on Travel purchases, two points per dollar spent at Grocery Stores, Superstores, and Wholesale Clubs, and one point per dollar spent at all other retailers. There are also special rewards campaigns offered each year, including during Black Friday, where cardholders can earn Quadruple Rewards Points – or up to 16 points per dollar spent. Visa Rewards Credit cardholders look forward to special promotions throughout the year, whether it is our Black Friday - Cyber Monday Quadruple Rewards Points special, featuring up to 16 Rewards Points per dollar spent, balance transfer special rates, or Prime Day specials to earn an Amazon gift card. Considering that points are redeemable for merchandise, travel, gift cards, and, yes, cash back, it’s clear that this rewards credit card has a lot to offer, especially when you look to spruce up your budget this spring.
Trusting your local credit union with a rewards credit card is a smart financial solution because of its flexible, member-focused lending. As your community credit union, we are more willing to look beyond the credit score and see the person behind it than large for-profit financial institutions or lenders would be.
Introductory Offer
If you’re considering a rewards credit card from InFirst (and I hope you are because it’s the best), you’ll be pleased to know that you can earn 5,000 bonus points when you spend $1,000 within the first 90 days of card opening. Remember – you can redeem points for cash, so it’s a win-win.
Young Adult Visa® Rewards Credit Card
Your credit rating follows you, so build good credit early. The Young Adult Visa® Rewards Credit Card offers all standard benefits, including Rewards Points on every purchase, plus an even lower fixed rate. Click here to learn more.
Power of Protection
In general, a card is safer than cash because if you lose cash, you generally won’t get it back. With an InFirst Visa® Rewards Credit Card, you’ll have the power of protection from your credit union, plus the security of Visa®. That means you have a safe, secure payment method accepted everywhere. You aren’t liable for fraudulent use of your card, and if you choose to participate in a virtual wallet, you have even more security thanks to tokenization. This method assigns a one-time code (or token) to a specific transaction rather than using stored card details.
Aside from fraud and misuse protections, all InFirst Visa® Rewards Credit Cards offer the option to include voluntary Payment Protection in the monthly payment. Coverage options include Life, Disability, and/or Involuntary Unemployment, so you can choose the package that makes sense for you.
Leave High-Interest-Rate Debt in the Past
High-rate credit cards and debt are soooo last season. Or at least, it can be, when you transfer your balances to an InFirst FCU Visa® Rewards Credit Card. If you aren’t a Visa® Rewards Credit Cardholder, I would urge you to reconsider so you don’t miss out! I’ll drop the link right here so you can take a look at everything this card has to offer.
How do you freshen up your finances? Let me know in the comments below or email me directly.
Krista Kyte is a personal finance blogger and personal banker with over 23 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that help consumers reach and maintain financial security and live the lives they've always wanted.