Surprisingly, many people don’t know how to use their credit cards. I know what you’re all thinking: “That’s easy. I’ll buy something big and expensive right now to prove that Fool wrong.” Please don’t! The thing is, we all know how to buy things with credit cards and transferring a balance is a cinch. But when buying we do things that cost us more money than it should, because we don’t take full account of the dastardly small print.
The first rule is simple: use the right credit card for the right purpose. If you want to make a big purchase, use a 0% purchases card. If you want to make a small purchase to be paid off quickly, use a reward or cashback card. If you want to transfer a balance, use a 0% balance transfer card….