Love using the hassle-free plastic card which makes it easier for you to purchase things? Don’t we all? However, misusing your credit card and not making informed decisions can land you in a lot of trouble with debt.
Whether it’s putting the wrong expenses on your credit card such as business expenses on your personal card, or making late payments, we all falter in some ways. However, making this a regular habit can soon make things go out of control.
Learn how to be smarter about using your credit card so you can reap the most benefits from it. With these tips from expert credit card users, you’ll steer clear of credit card debt.
Always make your payment on time
No matter how busy your schedule is, forgetting to make your payments on time can cost you. The number one rule of owning plastic is to always avoid carrying a balance. When you make full payments and that too on time, you can avoid the higher interest and fees that usually accompany this practice.
Tip: Go for an automated payment plan with your bank so that you can make your payments automatically. Make sure you always keep track of how much you’re spending and whether it’s exceeding what is affordable to you.
Using your credit card wisely while travelling
Your local credit card may not be suitable for international places and purchases because it is more likely to have higher fees and interest rates. The foreign transaction fees can impact the value of your rewards.
Remember to take multiple cards when you travel so you can use the most appropriate one which doesn’t charge any fees.
Make payments as soon as possible
The sooner you make your payment, the lower the cost incurred to you. Your credit card company charges interest on your card every day and the more you delay, the higher the cost you end up paying. You can also request for a lower credit card limit so that it complements your budget more efficiently.
Avoid impulsive retail therapy
This might be easier said than done for some of us, but impulse buying things you need is troublesome. Not only are you buying something you might not need later with money you don’t have but sometimes the rewards just aren’t worth it either. When you control your spending habits and use it for the right expenses, you’re good to go!
New to using your credit card? We can help you with credit repair and restoration and other credit help services. Contact us for more information at 1-844-620-8796.