(NC)-As a recent grad landing your first job, entering the workforce and earning money represents an exciting development in your life. It's also the time you're likely to consider applying for your first credit card. Credit cards come with a variety of rewards, features, fee structures and interest rates. Taking the time to understand the options will help you choose a card that suits you best.
Mike Kitchen, Vice President, Retail Cardholder Products and Marketing, BMO Bank of Montreal, offers some advice and one caution. "Be careful, about pre-packaged credit cards that bundle services or options that you may not need," he said. "The annual fee is priced to reflect the cost of the entire package, so you can end up paying for features such as travel or baggage insurance that you might never or rarely use."
Kitchen said the practice of bundling products or services is commonplace in the industry, but BMO Bank of Montreal's Mosaik MasterCard has broken that mould. According to Kitchen, a BMO Mosaik MasterCard allows cardholders to pick and choose only the rewards, special features and even the interest rate option that suit them. "They can even pick their own card design," he said. "And if your needs change, you don't have to reapply for a new card with different features, you can simply add new options or delete what you no longer need with a simple phone call to the bank or a click of your mouse."
Once you've chosen your credit card, use it responsibly. Paying at least the minimum payment each month will help to maintain a positive credit rating, which will be important if you apply for a mortgage, loan or line of credit later on.
Information provided by BMO Bank of Montreal. For more information about Mosaik MasterCard log on to bmo.com/mosaik or call 1-800-263-2263.
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