Why you should open the credit card offer that was in your mail
Junk, junk, and more junk. You probably throw away 90% of the paper that floods your mailbox every day. But before you toss another credit card offer — stop! It might actually be worth your time to open it.
Benefits of credit card offers in the mail
Although you shouldn't accept every credit card offer that comes your way — especially if you're trying to manage debt responsibly — it's a good idea to at least review the promotional offers that come to you.
That's because you've often been pre-approved for these offers. It doesn't mean you will definitely get the card, but based on a few personal details, the credit card issuer believes there's a good chance you'll be approved. And often, creditors want to entice new customers with special deals.
Introductory 0% APR
One of the most common deals banks offer is an introductory 0% APR for new customers or balance transfers. Usually, these introductory periods last 12–18 months, during which time you can carry a balance without being charged interest.
If you currently have a balance on a high-interest credit card or want to consolidate multiple credit cards, this is an excellent opportunity to pay off that debt faster. Just be sure you get rid of the balance before the introductory period is up.
Did you know? There could be huge savings hiding in your mailbox.
Rewards or bonus points
In addition to building good credit, another reason to use a credit card is for the rewards. There are thousands of credit cards on the market today that will give you rewards like cash back or travel miles for charging money you already have to spend anyway.
Look for credit cards that offer bonus points for opening or transferring balances. Usually, you have to meet a spending threshold within a certain period of time — for example, $1,000 within the first three months. Once you do, though, you can take those bonus points and use them to pay down the balance (or take a vacation — it's up to you!).
No annual fees
Finally, if you're paying an annual fee on your current card, consider finding a new card that doesn't charge you one. Many companies waive the annual fee for the first year or might not charge one at all.
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