Choosing a credit or debit card? What's in it for me?

The question that most sensible shoppers ask themselves when deciding to use a credit card is, can I afford it this month? A smart question that everyone should ask but often don't is, what each card can do for you? Many cards offer different types of rewards that should be considered before making a decision on which card to use.

Many credit cards offer introductory offers where you pay no interest on purchases for six months. Just be sure to pay off the card before the six months are up or move the balance to another card. Just be sure to read the fine print as some cards will charge you all the interest from the introductory six month period at the end of the six months if the balance is not paid off.

Other credit card companies offer 'cash back' on your purchases; anywhere from a half a percent to one and a half percent of your charges. This is great depending on the interest rates that a company may charge. Shop around; after all it's your money. Some credit cards offer a special introductory interest-free payment periods on large purchases made. Others may offer special financial services at a no cost or for a low fee as a bonus for being a member.

Another benefit to using some cards is the protection offered. If you are purchasing something online or from someone you are not too familiar with, using your credit card can offer you protection from fraud. The Consumer Credit Act protects you from buying something that is 'not as described' or just doesn't work. The credit card company will reimburse you and will get the money back from the retailer if it can.

Finally, many cards offer air miles that you can build up by making purchases, even your debit card can offer this if tied to a major bank. So think carefully, be sure you can afford the purchase and weigh the benefits that each card offers so that you get the most out of the card you chose.