Our credit card guides and reviews are designed to help you find the best card for your financial goals as well as to avoid the credit card debt trap.
My rent is $1,850, so I would have earned $18.50 worth of points based on the 1% cash back rate of my credit card. But the Chexy fee on credit cards is 1.75%, which works out to $32.58. So, I would have ended up $13.88 in the hole.
The only way to understand the true cost was to do it myself and crunch the numbers. I withdrew $100 from each credit card. Here’s how much it cost me, and how much it could have cost me.
If you’re earning less than $60,000, it may not be worth it to pay an annual fee for a credit card.
My goal? To see what it’s like to sign up for each of those virtual cards, verify my identity, add it to my wallet, and actually use it in the real world.
