Omaha is considered as one of the largest cities in Nebraska and the county seat of Douglas County. It is geographically located in the Midwestern United States, surrounded by rolling hills and on the Missouri River’s bank. According to reports, Omaha has a median household income of $59,266 and an average credit card debt of $7,500.
If you have plans to get a credit card soon, several financial institutions offer credit cards in Omaha, NE. However, you must get one from a reliable and trusted financial institution and learn about the essential things regarding credit cards, which include the following.
Annual Percentage Rate
Whenever you have credit card debt and don’t pay the whole balance off every month, you will pay for a corresponding interest. In a nutshell, the annual percentage rate (APR) is the cost of borrowing money on your credit card.
According to the Federal Reserve, the debt-to-income ratio in Omaha, NE, is 1.172, which is not an ideal statistic. This is why you must select a credit card with a cheap annual percentage rate. In this way, if you are not able to pay off your whole balance in a month, you won’t suffer from large interest rates.
Cash Back
Cashback is an amount of money that is refunded back to your account, depending on how much you spend on particular items. For instance, most people in Omaha, NE, travel by driving, with an average commute time of 18.3 minutes. Because of this, most credit cards in Omaha, NE, offer 3% cash back for purchases made each year at gas stations.
According to Data USA, households in Omaha, NE, have average car ownership of two vehicles per household. If you happen to live in Omaha, NE, and own two cars, choose a credit card with cash backs for gas stations. In this way, you can maximize the benefits of a credit card.
Rewards and Loyalty Points
One of the benefits of using credit cards for your purchases is rewards and loyalty points. Every time you use a credit card for your purchases, you receive points that add up. You can then use these rewards and loyalty points to pay for new goods or services.
According to a report by Best Places, Omaha has an overall high cost of living because of its 89.8 ratings on the cost of living indices. Utility services, grocery, health care, and miscellaneous costs reached more than 90 on the cost of living indices.
Choosing a credit card that offers high rewards and loyalty points is beneficial because you will be able to save money on Omaha’s different goods and services.
Introductory Interest Rates
When opening a credit card account for the first time, choose one that offers great introductory interest rates. Introductory rates are promotional offers given by financial institutions wherein you start off paying a low rate of interest on your credit card or none at all.
As time goes by, your interest rates gradually increase until it reaches the standard annual percentage rate. For example, you will be able to use your credit card for a month or two without paying interest until you reach the third month. Be sure to check how long the introductory rates last when you choose a credit card.
Nowadays, there is no shortage of financial institutions that offer credit cards in Omaha. But because of the several options, it might get difficult to choose the right one. The things mentioned above can help you in choosing the right credit card that would be perfect for your lifestyle.