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The Perilous Nature of Credit Card Rates By Morgan Hamilton Do you use credit cards? Almost everyone these days do. Using them can be really convenient, especially if you’re not comfortable with carrying a lot of cash. The modern world can be quite dangerous Read more...
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Can You Get A Cash Back Credit Card? By Hugh Thorpe Heard about cash back credit cards? Sounds too good to be true, doesn't it? It's hard to even imagine getting money back for all the things you buy with your credit card. It really sounds Read more...
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Debt Consolidation Can Help You Get Out Of Bad Credit By Nikola Govorko Debt Consolidation Can Be the Way Out Of Bad CreditChance is that you have credit problems and a mountain of debt just like most of us in this country, and sometimes it may seem to you that Read more...
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Credit Card Debt And Your Pricey Purchases By Joe Hanoa One area of concern with card users is their possible inability to repay their cards when the monthly bills arrive. In some cases what had originally been small month to month balances eventually transformed into big balances with big monthly minimum payments. Not only are you finding it difficult to pay down the balances, but you are finding it more and more difficult to meet minimum monthly payments. How did you get there? Well, the answers may surprise you but I can tell you this: it has something to do with your types of purchases above anything else.
It doesn’t take a whole lot of effort to run up card bills. Oh, sure, if you buy that plasma television, outdoor furniture set, or pay for a weekend getaway with plastic, at some point the bills will come do: usually within a few weeks after your purchase!
However, it is often the little things that cause card woes such as:
Using your card for food purchases. While this is convenient and can result in a ton of points from your rewards card, it does cause you to do one thing: overspend. Perhaps that sirloin you would have bought only twice per month if you paid it with cash. With a card, you don’t necessarily think about the payouts as money technically doesn’t leave your wallet at the cash register. Only when you pay the bill is payment due, but by then you’re looking at paying the total, not individual purchases. Bet you don’t examine your bill that closely either!
Using your card for gas purchases. The pain at the pump is being felt by all with $3 per gallon gasoline common. One way that your pain is minimized is when you make purchases with your card. Sure, in most cases you must pay by – who accepts cash? – but selecting
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premium when you can get by with regular and then running inside to pick up a pack of cigs, beer, and snacks and putting that on your card can really add up. Quickly too!
Using your card for drug store purchases. CVS, Rite Aid, Walgreen’s, and Eckerd all take cards. They come in handy when buying prescriptions but are costly when you add in candy, personal care items, food, and the like.
What is common about all three categories I mentioned? Well, most cards will double or triple your points for gas, food, and drug store purchases. They know about your tendency to overspend and will reward you accordingly. Unfortunately, your interest charges cancel out your rewards points, but you didn’t realize that now did you? Joseph is the proud owner of Lender Guide, a website that will
explain everything you need to know about Finance Matters. We invite you
to visit our site today and see what we have to offer.
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