1. Not all credit cards are the same! Just because two different cards both say "Visa" doesn't mean they are identical. In Visa's example, they are computer system that allows for the processing, but not the issuer that sets the card and payment details. In other words, with your Honor Credit Union Visa, Honor is the issuer. When Honor says that they have an interest rate as low as 9.99% APR*, that is an interest rate offer from HONOR, not from VISA.
2. Read the fine print! Make sure that you know the specific details of the credit card you choose to go with. Those tempting 0% interest rate offers are great, as long as you stick to the issuers payment schedule and terms. Often times, that interest rate will drastically increase if you pay late or don't pay the balance off completely by a certain date.
3. Local cards = local service! Just like all cards are not the same, all cards are not serviced the same. When you get a credit card at a big store, it is not typically that big store that will help you if there is an issue. When you call the customer service line on some of those national cards, who knows where the person (if it's even a real person) is located! When you get a credit card at your local credit union, though, it is your local credit union that will take care of all service needs. For example, if you have an issue or question with your Honor Visa card, you call Honor and we will be able take care of you.
Want to hear the full Mason Jar Monday episode on "Credit Card 101?" You can listen to the full recording below!
*Click here for Honor Credit Union's full disclosure
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