Financial Education

July 8, 2019

When you’re choosing a credit card to add to your wallet, you want one with features that match your lifestyle. Take our quiz to evaluate your spending and credit habits to help find the right card for you.

Do you ever carry a balance on your card?

A. No, I pay off the full amount every month.

B. Yes, I sometimes (or always) carry a balance on my card.

C. Yes, and I’ve had problems keeping up with minimum payments.

Hint: If you generally carry a balance from month to month, you may want to look for a card with the lowest interest rate for which you qualify.

Are you looking for the lowest-rate card?

A. No, I’m not focused on interest rates because I don’t carry credit card debt.

B. Yes, I would like to transfer my balance to a lower-rate card.

C. Yes, and I’m hoping to repair my credit so I qualify for better rates.

Hint: Find out if you could benefit by transferring balances onto one low-rate card with no balance transfer fee.

What matters most to you when applying for a credit card?

A. A rewards program that gives me choices.

B. Low rates and fees.

C. An easy approval process.

Hint: Check your credit score before you apply and learn more about ways to improve your credit.

How do you plan to use your card?

A. Everyday expenses, restaurants, online shopping, travel and more.

B. Big purchases (electronics, furniture, etc.) so I can spread out the payments.

C. For emergencies only when I’m running low on cash.

Hint: Review your past spending so you can estimate how much you could earn with a credit card that earns cash back or travel rewards.

How do you feel about annual fees?

A. I might consider paying an annual fee if I could recoup the cost in rewards.

B. Annual fees are a deal-breaker for me.

C. It’s easier to manage a credit card without worrying about annual fees.

Hint: Review your credit card interest rates, fees and features periodically — and pay attention to any notifications you receive about changes to the cardholder agreement.

Your Score

Mostly A’s = Reward yourself! Enjoy the perks of a credit card with rewards you can redeem for travel, gift cards, merchandise or cash back.

Mostly B’s = Go for low rates. Choose a low rate and balance transfer options to help you reduce the amount of interest you pay on your credit card balance.

Mostly C’s = Rebuild your credit. If you’ve had credit problems in the past, it’s time for a fresh start. You can build or repair your credit with a secured credit card.

PeoplesBank offers a lineup of credit cards to match your needs. Learn more about our credit card options and apply today!


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