Tips on using your credit cards wisely

Issuers of credit cards are required to make available to each customer an estimate of how long it will take to pay off a card's balance if he or she makes only minimum payments.
For credit cards issued by banks, which covers nearly all credit cards, estimates are available by calling the payoff information number on billing statements.
For nonbank-issued cards, estimated payoffs are available by calling the Federal Trade Commission at 1-888-600-4804 or by using the agency's online calculator at ftc.gov/creditcardcalculator.
According to the online calculator, a person carrying a $10,000 balance with an annual interest rate of 15 percent who makes no more charges and makes the minimum payment on time each month will shell out $3,281 in interest and make payments for 10 years before the balance is paid off.

Reap biggest rewards:
Credit card issuers have been curtailing cash-back and other reward programs in an effort to boost the bottom line. Here are some suggestions from online credit card reviewer CreditCards.com for fighting back:
Redeem now. If you have already earned a lot of points, redeem them sooner rather than later. The redemption value is largely hidden and can be changed by the card issuer at any time.
Be selective. Choose a reward that fits the type of spending you do, such as earning extra points for grocery, gas and drugstore purchases. Be wary of rewards that end up requiring you to spend extra money, such as getting a gift card to a store that sells only expensive items.
Consider cash-back cards. Cash rebates, although less flashy, are fairly straightforward in terms of how they are earned and what they are worth. And there are no blackout dates.
Stay on top of hidden fees. Be sure to read the fine print of the reward program's terms and conditions. Beware of expiration dates on points or miles, and know that terms are subject to change with little or no notice.
Practice monogamy. Be true to one credit card to maximize your rewards-earning potential. Select a card that has a low interest rate and no annual fee, then do all your spending with that card to reap the most rewards.
Double Down. Consider adding your spouse as an authorized user on your account to leverage all of your household card spending and increase your reward-earning power.
Skip reward cards if you consistently carry a balance. Reward cards tend to charge higher interest rates, making them too expensive for revolvers. Instead, focus on finding a card with the lowest rate.

(Patricia Sabatini can be reached at psabatini(at)post-gazette.com)

(Distributed by Scripps Howard News Service, www.scrippsnews.com.)
WITH CREDITCARDCRUNCH, Must credit Pittsburgh Post-Gazette