So, you’ve got a credit card that rewards with with airline miles or points. Yeah, you know there’s a monthly fee and an above average interest. Yeah, you carry a balance each month to win more miles. It’s worth it, right? You’ll get a free plane trip soon, and the value of that outweighs the extra interest and fees you pay. Right?
Not even close. CardWeb.com did some research and came up with the horrifying numbers. It’s a dirty secret that the price you pay isn’t worth what you get.
Flexo’s tip: Get a card with no yearly fee, cash back on purchases (not carried-over balances), and pay your balance off each month. And don’t buy what you can’t afford.
In other news, I have added a link on the top of the sidebar which will allow you to subscribe to this blog using BlogLines.
Updated May 7, 2011 and originally published September 23, 2004. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.