4 Helpful Tips for Using Credit Cards Wisely
posted on Wednesday, October 28, 2020 in Financial Tips
When used strategically, a credit card can yield numerous benefits—from improving your credit score to supplementing your monthly budget. If you’re planning to apply for one or already own one, here are some ways to maximize its usage:
Make Timely Payments
Making payments on time is incredibly important. Once you receive your monthly credit card statement, pay your bill before its due date. This allows you to avoid incurring interest and penalty fees on your purchases. It also helps maintain a clean credit history and boost your chances of approval if you apply for a loan later on.
You can also ensure you don’t miss a deadline through monthly reminders. Whether it’s setting an alarm or marking it in your planner, find a method that works for you.
Pay Monthly Bills in Full
Include your credit card usage when planning your monthly budget. This will allow you to determine if you can pay your balance in full on the next cutoff. On top of that, you don’t have to worry about dealing with interest costs.
Take Advantage of Rewards
For every purchase you make with your credit card, you can earn redeemable points. You can exchange these for merchandise, gift cards, discounts from partner companies, and even cash back opportunities. Use these perks wisely for your future transactions and save a great amount of money on your purchases.
Be Mindful When Using Your Card
Always double check your invoice every time you use your card. For in-store purchases, make sure the amount is calculated correctly before signing the sales slip. Additionally, credit card fraud is quite common nowadays. When engaging in online transactions, check the credibility of the website before inputting your details. If you detect suspicious activity, notify your service provider immediately so they can deactivate your card if needed.
Enjoy the Different Benefits of Your Credit Card!
At Community 1st Credit Union, we offer different types of credit cards for our members. You can be sure to find one that suits your lifestyle. Our cards come with an array of benefits like redeemable rewards and cash backs. If you’re interested in getting one, visit us or apply for a credit card online today.