How to Save on Credit Cards with success
The Cost-Effective Ways to Bigger
Savings When Times are Tight
Statistical reports prove that Americans are in love with plastic.
Consumers know it more as credit cards. In fact, nearly 81% of
American households have at least one credit card. They find these
plastic as the most convenient tool for shopping and paying utility bills.
The credit cards make payments and expenses so convenient
that the average credit card balance Americans have amounts to
$8,000. That is, indeed, a great amount of debt.
So if you want to avoid debts and save more on your credit card
bills, try to cut back on your expenses and follow the rules on how to save on credit cards.
Here’s how:
1. Choose the best credit card
Not all credit cards are created equal. There is a particular credit
card that will suit your needs. Getting this type of card will provide you
the rewards, services, and interest rates that will suit your needs.
For instance, if you want convenient shopping but can't afford to
go the extra mile in shopping expenses, it is best to get a credit card
that can offer you with reasonable credit limits. In this way, you will
not be tempted to max out your card and accumulate debts you simply
can't afford to pay.
2. Go for the lowest interest rate
If you think you can't pay your credit card bills on time but are
willing to pay your balances in another period, it is best to get a credit
card with lower interest rates.
Consumers may not be aware of this, but one of the reasons
why debts are getting higher is based on the interest rates. The actual
balances are made worse through interest rate charges.
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3. Choose the reward credit cards that suits your lifestyle
Don't get a credit card just because it can provide you with
several rewards. Not all rewards are worth your time and money.
For instance, a frequent flyer’s rewards credit card may not be
functional if you aren't a frequent traveler. But if you are, getting a
flyer’s reward credit card can give you discounts as well as points that
can be converted into tickets. This will be savings considering the
prices of airline tickets nowadays.
4. Keep a record of all your expenses
With credit cards, convenience is the name of the game.
However, it doesn't necessarily mean that you neglect your
responsibilities. One of which is to keep a record of all your expenses.
In this way, you will be able to identify which purchases weren't necessary at all. So the next time around, you will know what to avoid.
5. Do not keep balances
Never let your balances stay on your credit card bill statements
for long. This means that if you have accrued balances for the month,
try to pay them immediately.
Paying your minimum balance only won't do you any good. In
fact, this might trigger further debts. Besides, interest rates only apply
whenever you have balances. And interest rates are additional
expenses for you. If you pay your balances monthly, you won't be
charged with interest rates, so you get more savings.
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6. Be wary of cash advances
If it isn't an emergency, never take cash advances on your credit
card. Financial experts say that cash advances reap higher interest
rates compared to the ones that you have on your credit card
purchases, which are, by nature, soaring as well.
Combination of these two will definitely bring you to debt problems. Besides, cash advances don't take on certain periods, so
that means the charges will take place instantly. That would be very
hard if you aren't prepared to pay off your balance immediately.
7. Ask for a lower rate
If you have been an obedient customer and pay your bill on
time, it wouldn't hurt you to call your bank or your credit card issuer
and ask for a lower rate.
Surveys show that nearly 55% of those who participated in the
survey were reported to have trimmed down their interest rates simply
by requesting their bank or their credit card companies to act
accordingly.
With lower interest rates, you can definitely save more especially
if you are the type of credit card holder who doesn't get to pay the
balances on time.
All of these things are catered to help you cut back your
expenses and save more on your credit cards. These things have been
proven effective. It is now up to you if you will heed this advice or not.
Just remember, your actions will always tell you the kind of life
you want to live, so better make good choices and start saving now.
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