WATERLOO – U.S. financial consumers are big credit card users. A recent survey by Experian found 62% of Americans have between one to five credit cards.
With that much familiarity, you may think consumers know how to optimize their card experience. But ask the average card user about common (and costly) credit card mistakes and you’ll get an earful.
“A couple of years ago, I was traveling to the USA for a holiday with my family,” said James Gall, founder of the U.K.-based Money Builders, a consumer financial website. “I wanted to take a credit card and after some research found a card that charged zero commission on dollar transactions while in the U.S.”
While traveling abroad Gall could use the card in any store or restaurant with zero fees — a big advantage on a pricey vacation. “I ran up a couple of grand worth of debt on the card, however, I neglected to pay full attention to the high-interest rate once we were home. I ended up having to transfer the debt to another card after clocking up way too much interest at a horrendous rate,” explained Gall, who said he made a fatal mistake with credit cards.
“I didn’t read the fine print,” he acknowledged.
To learn more about the different types of credit cards available and how they can help improve your financial situation, visit multi-lender marketplace Credible. You can learn about fees, APR and the benefits of various cards in one sitting.