If you have managed to build a high credit score over the years, chances are you are among the millions of Americans who receive attractive offers from credit card companies in the mail on a regular basis. One might offer exciting new “rewards,” while another links purchases to frequent flyer miles or hotel points programs. Frequently, if you already are a member of a particular rewards program, you’ll receive offers for branded credit cards that claim to rapidly increase the amount of “points” or “miles” as you buy things with your card. What you need to ask yourself is, are those seemingly great offers worth adding another credit card payment to the monthly budget?

A Tampa CPA from Reliance Consulting, LLC, can help you decide whether another credit card is in your budget – and whether the potential fringe benefits offered by a credit card company might be worth accepting. Basically, it comes down to how you intend to use the new card. If you’ve always managed your credit card debt wisely, you probably already know to avoid the following potential credit card pitfalls:

• Low introductory rates that expire and balloon to as much as 20 percent
• Low-rate balance transfers that balloon to higher rates with one late payment
• High annual fees
• Extremely high rates and withdrawal fees on cash advances

If your budget can handle another credit card – or if the offer includes a low balance transfer rate – the additional points, miles, and other rewards might be worth it. Contact Reliance today for a complimentary financial health checkup, including an analysis of the role credit cards play in your monthly budget.