There are plenty of understood truths about credit cards: you can build up your credit score, you can earn cool rewards, you can pay for things quickly and easily. And as many positive understandings about credit cards that are out there, there are a bunch of negative myths that just aren’t true, if you play your cards right. (Get it?)
Long story short: don’t believe everything everyone says about credit cards. As the credit card experts, we’ve done the work for you, so here are a select few credit cards that crush common credit card myths.
Myth 1: Credit card points are difficult to claim
A few bad incidents shouldn’t taint all reward credit cards since there’s a lot customers can gain when using these cards.
For customers who are looking for no-hassle credit card programs, Capital One credit cards are known for their No Hassle reward credit card program. The program offers customers the option to use their credit card to pay for travel costs such as car rental, flights, or hotels with no seat restrictions or blackout dates. Customers then have 90 days to redeem the cost of travel with their travel points, which gives you extra time to rack up additional points.
Credit cards that are a part of this program include the Capital One Aspire Travel World Elite MasterCard and the Capital One Aspire Travel Platinum MasterCard.
Myth 2: Credit cards always have high interest rates
One of the biggest fears many people have in using credit cards is that if a balance is left on the card, customers will face a hard time paying it off due to high interest.
Sometimes extra costs come up that are out of our control and you may need to hold a balance. RateHub’s top three low-interest credit cards—the mbna TrueLine MasterCard, the RBC Visa Classic Low-Rate Option, and the Scotiabank Value Visa—all offer interest rates between 9.99% and 11.9% with very minimal annual fees ranging between $0 and $29. With these low-interest credit cards, you can show other lenders that you can use credit responsibly without worrying that balances will continue to balloon with high interest rate charges.
Myth 3: You have to know what type of reward you want to benefit from a rewards credit card
When it comes to choosing a credit card, customers may have a hard time deciding on what type of reward they want to receive. There are travel rewards, store credit rewards, and cash back, to name a few.
If you can’t decide, don’t worry—there are credit cards that don’t restrict you to picking and choosing one type of reward. The Scotiabank Gold American Express, for example, ranks as one of RateHub’s top picks for travel and store credit rewards since the points you earn can be used for either reward of your choosing. Meanwhile, the MBNA Rewards World Elite ranks high in travel and cash back categories. Earn points by swiping your credit card and pick and choose any reward that suits your fancy with these card options.
What are some other common credit card myths, and what are the best credit cards you’ve found to bust tall tales? Let us know how you bust them down in the comments.