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Don’t be surprised if I tell you that some people don’t own a credit card and have never used one. So, how do you manage your credit cards finance?

For people that don’t own or never used credit card, it’s not that they don’t have a wallet to keep them or perhaps they are afraid of misplacing the cards.

The fact is that some people have never felt comfortable spending money that doesn’t belong to them.

The idea of credit cards finance is all about borrowing money to pay for something or services. It’s good, isn’t it?

However, the problem is that many of the credit card providers charge exorbitantly for using their cards.

In most cases, many of the card owners wouldn’t notice some of these hidden charges, after all, the card providers don’t ask for a total repayment at a go.

So how do manage your credit cards finance?

credit cardsMost people know that credit cards finance can be a flexible way to access extra funds when you need them, but have you ever considered how getting the right card could end up saving you money?

Choosing the right card and using it carefully can end up putting more than a few pounds in your pocket each month – something we could all do with in the current economic climate.

Below are 5 ways you can manage your credit card finance:

#1]. Carry out a balance transfer

If you have got outstanding balances on one or more cards and are paying a hefty interest rate, chances are you’re shelling out more than you need to.

Find a card with a lengthy 0% introductory balance transfer and you’ll a little extra breathing space to get your finances in order.


#2]. Use your credit card abroad

Credit cards are usually the cheapest way to spend abroad, especially if they are specialist travel cards. Using your credit card abroad is better than debit cards.

While debit cards can come with whacking fees and cash from the airport usually comes with an unfavourable exchange rate, a good credit card can leave you with cash to spend on the important things.


#3]. Get rewarded for spending

Another thing is that you can get rewards from your credit card spending. If you regularly spend in a certain store, it’s worth looking into whether a cashback credit card facility is available. This cashback credit card could save you money each month.

For example, some cards offer a certain percentage of cashback a specific supermarket. This means you’re effectively getting a discount on everything you spend in that store. And you will be rewarded as long as you pay off your balance in full at the end of the month.


#4]. Pay for holidays and big items on credit cards

Although you may pay a higher fee for putting those big purchases on your credit card, it may well turn out to be the best thing to do in the long run.

This is because credit cards usually offer better protection should things go wrong. For example, if a holiday firm goes bust, you’re more likely to get your money back. This is why people like to pay for such thing with a credit card than a debit card.


#5]. Remember that loyalty is not usually rewarded

Credit card providers can entice you with great deals on balance transfers and rewards. But the fact is that once the introductory period is over, they can become pretty expensive borrowing tools.

Therefore, it’s important for you to find out when your 0% period ends. Then, circle the date in your diary and look at doing a switch to a better deal when the time comes.


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2 COMMENTS

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