If you are using a credit card to earn rewards, always remember that the interest rate can sometimes offset any rewards that you are earning. How can you figure out exactly how much interest you going to pay, if you make minimum payments, or carry a balance and make regular monthly payments.

To find out if your credit card is paying you those travel rewards that you want to earn, or those free hotel stays the sheer rewards credit card provides, use our free credit card calculator, to get an idea how much that credit card is actually costing you.

Remember, to always check your credit card for fine print, hidden fees or annual fees, and always be aware of interest rate hikes, that can occur from late payments, or from a nationwide rate hike.