There are more than 3 billion credit card offers mailed to consumers each year, but not all credit cards are created equal. Financial Expert Aaron Maguire offers tips on staying away from the bad credit cards.

Aaron where do we start?

Avoid accepting too many offers, there really is no good reason to have more than one or two credit cards

Credit card companies will target you if they see that you have the tendency to run up large credit card balances…that means more interest for the credit card company if you don’t pay the balance each month

If you do get a credit card and discover terms you do not like…Cancel it!

Are all credit cards the same or is the fine print important?

Read the fine print!

Be careful of the teaser rates…these lower rates usually only last for 6 months…if you have a balance after that, it will be subject to the higher rate.

Investigate the terms related to late payment charges and penalty rates of interest…some charges can be very high

Learn your credit card’s billing method…Will interest be charged from the day of the purchase or will you have a grace period.

Are there certain credit cards we should stay away from?

There is an American Dream card that card holders get a chance to win a cash lottery for every purchase…Stay Away!

There are some cards out there that offer you a $300 credit limit but will charge you $250 in fees…Stay Away!

The Millennium card has a $57 annual fee, charges you additional fees to use your own money and then charges you 19.5% interest as soon as you make a purchase…Stay Away!

MOST OF THESE CREDIT CARDS ARE TARGETING PEOPLE WITH BAD CREDIT.

For more financial related topics visit www.reliancewealth.com or if you have a question for Aaron, e-mail him at aaron.maguire@reliancewealth.com.