Is It A Good Idea To Use My Credit Card To Purchase... - Other Questions


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Credit Card Applications » Questions » User Questions » Other » Is It A Good Idea To Use My Credit Card To Purchase Gifts For The Holidays?

Is It A Good Idea To Use My Credit Card To Purchase Gifts For The Holidays?

Answered on | Updated on November 5th, 2010
The content is accurate at the time of publication and is subject to change.

The holidays are the most exciting vacations of all. You get your day off from work and from school, get to eat and meet with your family and have a good time, and the most enjoying part, gifts! With every occasion, gifts are rarely forgotten especially when we have a lot of people on mind that we want to give these gifts to. This is the time when we spend most and not really think about how it affects our budget. As a result, most of the time we end up paying for a large balance and sometimes even have difficulty in paying them back.

Can I use my credit card to buy gifts for the holidays?

Yes, of course. Sometimes when the holidays come and we do not have enough funds in our savings account to pay for gifts, we turn to our handy credit cards. And to entice credit card holders to spend on their credit card even if they have money to buy it, discounts are given when they shop at a particular store. This is the time where credit card companies take advantage of the spending spree of their customers so they try their very best to lure their customers into spending more.

What can I do to prevent overspending?

Even if you do not have the money to buy gifts and you plan to use a credit card to take care of everything, you need to make a list. Before you purchase these things, you need to canvass what you can afford. Based on your salary or income, you now have an idea on how much you can pay for. Establish a budget and afterwards, add up the cost on your list and make sure that you do not go over your budget because if you do, you will be in trouble.

Banks are giving me discounts for the holidays. Should I buy it?

Well, this is one way for you to open up an account that you do not need. As much as possible, keep a few credit cards, only the ones that are most helpful for you. And if the only reason you are getting this credit card is to have the discount for the holidays then just forget about it. If you go through with it, you will end up with more debt than before and it is difficult to get out of.

I can max out my credit card since it’s the holidays. Can’t I?

Maxing out is not a good idea. Finance charges can be a pain. If you are not able to pay for your debt because you maxed out your card, you will be charged for it. Plus, you will not have room for emergency funds.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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