I know this is not "news" for those who are die hard followers, but as I seem to be fielding a few questions about cc I thouhgt I post a simple 101 and expand on it so everyone is on the same page. I promise to get back into analyzing credit cards very quickly.
We all choose credit cards in a very random manner with a simple objective in mind; obtaining the dream product/ service that will satisfy our needs. Whether it be the dream trip to Fiji, taking the grandkids to DisneyWorld or a discount on your next car, choosing the right credit card can save you few thousand dollars a year.
The first thing one should do is create a goal of what they’d like to achieve with the credit card: travel, financial reward (i.e. cash back), groceries discount, future car purchase discount, etc…
Let’s start with travel. There are two types of cards that one can obtain: 1) A card directly associated with an airline program (i.e. Aeroplan, WestJet, British Airways, etc…). 2) A card that gives you points that equate a dollar value towards any type of travel/purchase/ cashback.