Playing safe while using credit cards

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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 » Playing safe while using credit cards

Playing safe while using credit cards

The content is accurate at the time of publication and is subject to change.

The way credit cards are used varies from customer to customer. For some, it is an alternative to cash, that is used for only online transactions and when the cash isn't available for a quick payment. There are others, who use their credit card for every single transaction. If you belong to the second category, you need to play safe and maintain some precautions in order to avoid accumulating a credit card debt.

Spend only when you need to

The fact that customers don't have to pay cash immediately, often leads them towards unnecessary expenses with a credit card. Customers have forgotten that credit cards are in place to make payments easier. However, at the end of the day it is still a debt that one must repay. In such a scenario, customers have to be really careful to purchase items that they absolutely need irrespective of whether they have cash or card. Remembering that the payment is due at the end of the month would help.

Don't miss your payments

The very fact that you have an outstanding balance at the end of the billing cycle indicates you have made purchases that were beyond your means. However, you must ensure that you pay the outstanding balances as quickly as possible. If the balance is within your reach then pay it off before the due date to avoid late fees and other penalties such as an increase in the APR. If the balance is beyond your reach, as far as repaying a single payment is concerned, ensure that you make the minimum payments or bit more. That way you will prevent it from accumulating.

Don't shop for rewards

Rewards should be the result of your spending. Rewards shouldn't really be the cause of your expenses. Buy what you must and if you have a good credit card you might earn some savings, whether it is through cash back or discounts. On the other hand, those who shop to avail loyalty points or discounts that come with milestone purchases, always end up with a massive debt.

Be wary or multiple credit cards

When it comes to using credit cards, stick to just one card instead of maintaining multiple accounts. Numerous accounts lead to multiple debts, varying interest rates and utter confusion that would only harm your credit history without offering any real benefits.

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

Related Research:

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Posted: February 12, 2018

The sun shines more and more each day, flowers are in bloom and you already feel how hot it is getting - summer is here. Summer holidays are almost here, and you are in need of dire preparation. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!