This common credit card mistake is costing you more than you think

Experts say this everyday credit card move could be sabotaging your finances.

Transcript

00:00The biggest credit card mistake is carrying a balance. I know sometimes it's unavoidable.

00:05Some people wrongly think that it helps your credit to carry a balance. The best way to use

00:10a credit card is like a debit card. You pay it off right away, but take advantage of credit

00:15card's superior rewards programs and buyer protections. If you can pay your credit cards

00:20in full every month, they're really working for you. It's about half and half in terms of

00:26cardholders who carry a balance and those who don't. I know sometimes life gets in the way

00:31and you need to carry a balance, but try to knock it out as quickly as possible. My favorite tip is

00:36to get a 0% balance transfer credit card and avoid interest for two years in some cases.