Some light reading for a Friday. The FDIC came out with a pamphlet of 51 credit card tips.

But I think it’s worth a review.

I only had to read to tip number two: Don’t have “too many credit cards”– before I found one that caught my interest.

The logic is that having more available credit than you can handle could hurt your chances of getting a loan. It’s something I should review as a couple of my cards have raised my balances multiple times and I recently opened a couple of new cards with better rewards programs.

Consider the long-term cost of the loan, not just the monthly payment is a good reminder too. We really get into a monthly payment mentality in this country. Sometimes, the total payment at the end of the term can be shocking.

I also like the FDIC’s reminder to periodically review your credit card terms and rates. This is a competitive area and credit cards are being introduced all the time with more better perks and APRs. You can compare cards at Creditcards.com, Cardratings.com, or Indexcreditcards.com. Or you can take TopLine Federal Credit Union’s Lower My Rate! Challenge to see if they can find a better credit card for you. If you ask other financial institutions, I’m sure they’d compare their card terms for you as well. Everyone’s hungry for new cardholders.

Don’t forget about that car loan too.

How did you pick your credit card? Months of intense comparison or did your bank just hand you one?

This entry was posted on Friday, August 17th, 2007 at 4:30 pm and is filed under Main, credit. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.