One of the tools that can help you determine how much a credit card really costs is BillShrink.
“We are one of the only sites that shows you how much a credit card really costs in dollar amounts,” says Peter Pham, BillShrink’s CEO. This site has you enter your current balance, the credit card you have, how much you pay on it each month, and how much you spend each month to determine how much it costs you in interest, fees and other expenses.
The results can be surprising. Often, we do not think about how interest can add hundreds of dollars to the cost of something we buy. And, during the holiday season, it is especially important to watch our spending. “You don’t want that $100 gift to really cost $200,” Pham points out.
If possible, the best thing to do is to avoid a credit card Christmas if you are already in debt and pay a balance. If you want the reward points, and you do not carry a balance, make sure that you pay off what you buy in January — or February at the latest. Find the best Mastercard or best Visa today!
