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The Gold Card-Business from American Express

I was VP of a large Mortgage company for three years. Fortunately I was able to help a lot of people save money. One of the things that was disturbing was to see how much credit card debt people had accumulated.

As a formal financial consultant, I would tell my clients that having one credit card for emergencies or convenience is fine as long as they can pay it down monthly and even better yet pay off the balance monthly. Perhaps two cards can be justified is someone travels a lot and perhaps wants to get an airline rewards credit card that helps them build up free travel miles when they are on business or vacation.

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A credit card is not a good thing or a bad thing. It’s a financial tool meant for good. But the credit card companies are not guilty of making people charge things they can’t afford. How you use a credit card is a matter of self control. It’s not the card’s fault if a person can qualify for a high limit and then rack up charges to the max.

You will see credit cards advertised on this blog. We are proud that one of the most popular cards in the USA is offered below. If you qualify it is a good card to have in your wallet or purse. Act responsibly and good credit can work for you.

There are credit cards for people with great credit all the way down to cards to help people restore their credit. If you have a card charging you a high interest rate and you can get a card with a lower rate that will pay off your current card balance and flip the amount to the new card with a grace period and lower interest that is often a smart move to buy you some time.

Only you know when your spending is out of control or you are using credit cards for the wrong reasons. If you keep to the two card maximum rule and only use the card when you can pay off the balance quickly, then keep the best cards and cut up the rest.

Perhaps one of the biggest problems are parents who give there college age children a credit card without and discussion about responsibility and guidelines. No one else is going to teach them about managing money unless they learn it at home or at the school of hard knocks.