Unlock the Full Potential of Your Credit Cards | Guiding You Forward
Credit cards are a big part of your financial picture. Discover expert tips to maximize your benefits.
In today’s challenging economic climate, more people are turning to credit cards to bridge the gaps in their budget. To help you make the most of this financial tool, we’ve invited Jonathan Brouse, vice president of direct consumer lending for Mountain America Credit Union, to share his expertise on responsible credit card usage.
In this episode, you’ll learn:
- The impact of late payments on your budget
- Strategies for managing multiple credit cards effectively
- Why selecting the right credit card matters
One of the most crucial tips Jonathan shares is regarding late payments. Did you know that the late payments can lead to higher interest? “At Mountain America, we have a 10-day grace period before you’re considered late,” he explains. “[But] many credit cards will charge you a higher interest rate if you are a day late.” This penalty could be significant, potentially adding 5%–6% or more to your current rate.
For those juggling multiple credit cards—whether it’s two or 10—Jonathan emphasizes the importance of using them strategically. He outlines key factors to consider when deciding which card to use and what to do with those you use less frequently.
Maximizing your credit card benefits requires aligning card features with your spending habits and financial goals. For example, if you typically carry a balance, opt for a credit card with the lowest rate. However, if you travel often, a card that offers travel rewards or discounts might be more beneficial.
Your financial health could be significantly impacted by how wisely you manage your credit cards. For personalized strategies, we recommend speaking with a Mountain America representative. Our team is dedicated to helping you achieve your financial goals.
