Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Navigating the ins and outs of credit cards can be tricky if you’re a beginner.
I’ve always limited myself to one credit card because I’m afraid of falling into debt and lowering my credit score.
To clear up the confusion I asked financial advisors questions about credit cards that many are afraid to ask.
They clarified how credit card interest works, whether cash advances are worth it, and what happens if you carry a balance.
Read Insider’s guide to the best rewards credit cards.
Whenever I’m out with friends and we’re about to pay the bill for dinner or drinks, the topic of credit cards usually enters the conversation. When we put our cards on the table, everyone shares their opinion on what the best one is and what kind of perks they have access to.
As someone who is terrified of taking on any credit card debt or doing anything to lower my credit score, I usually store their suggestions in the back of my brain and continue to live my life with just one single credit card.
Yet I always find myself wondering if I’m truly being financially savvy by limiting my exposure to credit cards. The truth is, I have a lot of financial questions that I’m embarrassed to ask, because I feel like by age 34, I should know the answer to most of them.
In an effort to make sure I don’t fall victim to any money mistakes, I sat down with financial advisors and asked them the most common questions involving credit cards. Their answers cleared up doubt and confusion about things I never knew before. Here’s what they said.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
How many credit cards should you have?
Most of my friends have more credit cards than they can count on one hand. I only …read more
Source:: Business Insider