MyCredit Matters

The Holiday Season is festive, joyous and exciting, but it's also the time of year for holiday shopping and peak consumer spending.

 

Just as anytime throughout the year, credit card users rely on credit cards to completie their purchases. Keep in mind these credit card tips while doing your holiday shopping:

 

Make a budget and keep it

Because it's easy to use credit cards, card holders can easily forget how much they're spending. In fact credit card users need to be aware of how much they're spending and how much interest they are paying.

 

Card users need to set a limit on their holiday spending that is in line with their money goals. Cardholders who carry a balance should restrain themselves so they can continue to pay down thier balances.  Paying minimums keeps the credit card companies happy and you in debt.

 

Those who are not in debt should limit their spending so they can continue to pay their balance in full and on time.

 

Consider promotional credit card offers

Credit card users who need to carry a balance will do well by opening up a new account and take advantage of 0% APR  promotional balance transfer offer.

 

These offers extend six to 18 months and can apply to new purchases, balance transfers or both.

 

Most balance transfer offers require a 3% fee. Credit card users can avoid that by doing new purchases.

 

Don't get caught in holiday shopping sales traps

With all of the holiday sales, it can be  easy to get too excited and make unnecessary purchases. Remember even at a fantastic price unnecessary purchases are still a waste of money.

 

Avoid store credit card offers

Stores may offer an additional 10% to use their card. They are rarely worth hundreds of dollars in points, miles and cash back. If you have applied two or more times throughout the year, just filling out the application will lose you valuable credit score points.

 

Shop smarter

The people you love will be more appreciative if you put thought into their gifts rather than an extravagant one. Try to buy gifts your loved ones will appreciate and not compete with buying the most expensive ones. Both the person receiving the gift and your budget will thank you for it. With these tips in mind you'll be able to enjoy the holiday season and your finances in the new year.

 

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