- February 16, 2022
- Posted by: Curated Contributors
- Categories: Blog, Credit Cards
We always encourage readers that use credit cards to make purchases to use credit cards wisely, if they must use them at all. We would encourage users not to use credit cards at all if they can avoid using credit cards to purchase items. Now, with that said, we do understand that using credit cards to make purchases online or otherwise is a strategy that some people use in order to rack up credit card perks, cashback offers, credit card travel miles, and other credit card bonuses and benefits. Still, you need to be careful when credit cards, EVEN if you’re just using credit cards to get the miles or perks and pay your balance off every month.
Now, you might be saying “Everyone I know has a credit card and they get free travel miles by making purchases with their credit card”. Fair enough, there are a lot of people who have credit cards, use them to make purchases, and then pay the bill of every month before the interest hits in order to reap the credit card rewards and credit card travel miles. We’re not condemning this tactic, we’re just saying that you need to use credit cards wisely because if you forget to make a credit card payment, you’ll get hot with late fees, credit card interest, and your credit score will take a hit if you miss a credit card payment.
You need to make sure that both your job, income, and monthly expenses are stable before using credit cards and you’ll also have to make sure that you stay on top of your monthly credit card payment and pay your credit card balance off every month BEFORE you get hit with credit card interest. You’ll want to contact your credit card company and see when the interest is applied to card each month and ask them by what date you’ll need to pay off your credit card balance each month in order to avoid paying any credit card interest. Additionally you’ll want to find credit cards without any annual fees. Otherwise, if you;re paying credit card interest and annual credit card fees, the interest and fees may offset any potential credit card rewards you receive from making credit card purchases, such as credit card travel miles, credit card rewards, perks, bonuses, cashback, etc.
Finally, when people fail to pay their credit card off every month before the interest hits, they can begin to develop a credit card balance and it’s easy for that balance to snowball is something bad happens, such as a change in income, unexpected expense, job loss, emergency, health issues, hospitalization, divorce, layoff, loss of pay, or other life situation that may cause someone to miss a credit card payment. It’s important to be conservative with credit card use and use credit cards wisely, if you must use them at all. If you must use credit cards, make sure you use them carefully and stay on top of your payments. If you’d like to compare credit cards, feel free to visit the credit card comparison page that has credit card offers, credit line offers, credit services offers, and more.