Millennials are racking up credit card points—here's how that could backfire via CNBCMakeIt
Almost 40% of rewards cardholders say they've paid for purchases with their cards just to earn points, according to the annual"Chasing Points" study from Finder.com, a personal finance website.
Swiping simply to acquire points could backfire and dig you into debt, Rachel Dix-Kessler, Finder's consumer advocate, tells CNBC Make It, negating any value the points have and hurting your overall financial health. You shouldn't buy something simply because it's included in a rewards category. Make sure you apply for the card that's right for your individual financial situation, not a friend or family member's, Dix-Kessler says. Start with one that will give you money back on your most common, non-negotiable purchases, like groceries or gas. If you do not travel often or have a lot of money to spend on traveling, for example, then a travel rewards card might not make sense for you, even if your friend raves about their card.
"It can be really easy to be drawn in, it's the really big bold letters that draw you in, but that's why you need to take your time," says Dix-Kessler.
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