My credit score is 780+ and, before the coronovirus pandemic hit, I was debating on starting a new credit card that has rewards attached, and 0% intro APR. My utilization % is very low, and I intend to keep it that way, I just wanted to build up money back rewards as we prepare for a newborn (due in June!). 

I know very little about a lot, but I'm wondering if anyone who is credit savvy could weigh-in and let me know if I should continue moving forward with my plans to open new credit, or if we should wait this out?

Thanks in advance for any constructive input!

Original Post

Hi Kate! I don't see any reason why you should wait out this pandemic to open a new credit card right now. In fact, I'd argue that the more credit you can have open the better in these uncertain times.

The only word of caution I have is that if you don't pay the balance off in full each month after the 0% promotional period ends, the interest you'll pay will eat up the value of any rewards you earn and then some.

Oh, and congrats on the upcoming new addition to your family! It's wonderful to hear some good news right now. :-)

Add Reply

×
×
×
×
Link copied to your clipboard.
×