The Wise Ways of Using Credit Cards
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Cardholder Benefits » The Wise Ways of Using Credit Cards

The Wise Ways of Using Credit Cards

By
Add to Favorites:

One gets too excited when he receives his first or new credit card. What first comes to his mind is that latest gadget he just in a shop a couple pf days ago. Yes, true. Credit cards are meant to extend your shopping expenses but this plastic card is also the same reason why a lot are burdened financially.

There actually nothing wrong owning several credit cards so long as you can manage them. The problem at times is that they are used on things which are unnecessary so by the time you needed it on something real important, you`ll realize you`ve already maxed it out.

If you are guilty of this, then here are some reminders you need to take note of:

Don`t use your plastic card for daily purchases. Basic necessities like your food or car gas should be purchased on cash. If you make this as a habit then you surely will be into a deep debt. When you go shopping for your daily needs, better leave your card to avoid temptation.

Try not to make minimum payments on your credit card dues. When you do so, the interest charge increases thus making you more indebted. If you can`t make the full payment for the month, try your very best to pay as much as you can of course without compromising the family`s budget. Using your credit card on things which you actually can never afford is an easy way to say hello to a load of debts.

Never ever close a credit card without understanding its full effect on your rating especially with card which has some balance left in it.

Use your credit card to buy things you can`t afford. Living a borrowed lifestyle is the quickest way to get into debt. If you can`t afford a purchase today, chances are you won`t be able to afford it tomorrow, or even next month.

A wise cardholder knows the definition of a want and a need. Credit cards should only be used for your needs, besides you still can survive without those wants. As much as possible, try to stay on the range of 30% credit limit. This will help you keep a good score and lower down your bills for the month.

But the most important thing, don`t spend more than you earn. If you want a car and you can`t afford it then wait for the time until you are capable of having one. It is better to wait than get stressed and depressed and even lose your remaining assets due to unpaid and accumulated debts.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

5 Reasons to Get the Capital One Venture Miles Rewards Card

By Herbert Moore, Posted: January 18, 2017

If you’re looking for a great travel rewards credit card—one that offers unlimited earning opportunities, flexible redemption, and lots of perks—look no further. This card from Capital One has you covered. Continue reading

Credit Card Tips For Holiday Shopping 2016

By Herbert Moore, Posted: November 23, 2016

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household ... Continue reading

Credit Cards to Save More on Holiday Shopping

By Herbert Moore, Posted: November 22, 2016

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door ... Continue reading