Friend or Foe

It’s Christmas shopping time. Often, we’re told, do your Christmas shopping early to get the best bargains. But without our year-end bonuses, to shop now would mean mostly charging it to our cards. Is that wise?
 
Get the answer by reading through these six tips to help ensure that you’re using your credit cards wisely, all year round!
  1. Don’t own more than two or three credit cards. You’ll be tempted to say yes to all those offers for credit cards, but too many credit cards means you may have a difficult time tracking expenses and paying on time, plus you may have a tendency to overspend. One to three is enough!
  2. Don’t use the card to spend the cash you don’t have. Credit cards are for convenience, not to spend the cash you don’t have. Be sure that when you use your card, the cash needed to pay the bill is in your bank account.
  3. Pay your credit card bill in full. If you pay the minimum rate only on your credit card then it’s tantamount to borrowing money at the highest interest rates. It’s best to pay your credit card dues in full.
  4. Check your statements before paying bills. Double check the items on your statement to make sure you’re not being charged for something anomalous. It also helps you track your expenses.
  5. Immediately report a lost or stolen card. Have your credit card numbers recorded separately so that they’re on hand when you make the report.
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