Smart Tips for Using Your Credit Card This Holiday Season
It’s the Holiday Season and while it can be a “holly jolly time” it’s also the time of year where stress can creep in especially when it comes to finances. In fact, recent statistics, according to the American Institute of Stress, state that nearly 69% of people are stressed by a perceived “lack of money." (Source)
And because of this, many people turn to credit cards to buy gifts, decorations, and all the things the holidays entail. Here are a few tips that can help you manage your holiday spending this year.
[Use these tips to help you budget before, during, and after the holiday season.]
Use Your Card like Cash
When you use your credit card like cash, you don’t spend more than you have in your account.
Tip: Don’t max out your credit card and try to only use about 30% of your credit limit.
Avoid Opening Credit Cards at Places You Don’t Shop at Frequently
If you’re only buying something from a store once, chances are you don’t need that store’s credit card. Store cards can be notorious for high interest rates. So, unless you shop there frequently and can pay your balance monthly, it might be a good idea to skip it this year.
Look at Balance Transfers (and Your Rate)
Similar to refinancing a home for a lower rate and better monthly payment, you can do the same with credit cards. Look at your current rate--there could be a better rate out there. Some banks even promote 0% balance transfers!
Tip: Click here for more information on the FGB Rewards Credit Card.
Pay Off Your Credit Card Every Month
Make sure you pay your balances off each month. This not only helps your credit score, but it can also help save money since you won’t be paying interest.
Don’t stress this holiday season. Make a plan for your finances and stick with it!