"That’s why it’s important to read terms and conditions carefully to understand which redemptions are most valuable."Retailer Costco Wholesale offers membership cards that have different perks, including the Gold Star membership . Other grocery store brands offer points.Consumers are often presented with financing offers on store credit cards that provide deferred interest as an option.
"This kind of offer may be advertised as ‘no interest if paid in full’ within a certain promotional period, but with this offer, interest is collecting in the background," Lambarena tells FOX Business. If the promotional period ends and you haven’t paid off the original balance in full, she explains you’ll have to pay the interest that has been adding up all the way back to the date of the original purchase.
"That can come as a big surprise if you’re not prepared to pay it off or didn’t clearly understand the terms," Lambarena states. "This form of financing is not a true 0% intro APR offer in which you would only pay interest on the balance remaining at the end of the promotion."You may not always need a credit card, but you may want to reserve the option to use it.
"Credit card issuers are known to close credit cards that become inactive," she adds. "You can lessen the risk by putting automatic recurring purchases like a streaming service subscription on the card."
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