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Be Money Minded with Credit Cards

By: Dylan Williams

It is so tempting to apply for credit cards when you are over 18 and in employment. Using them is so easy and the majority of stores and so on will accept them as payment for goods and services. With this in mind it is quite simple to see why so many people can get into debt by using their credit cards too much. So it really does pay to be money minded with your credit cards - but how do you do this successfully?

To start with you need to consider which purchases you will be making on your credit card. Some people think that it is totally acceptable to purchase their weekly groceries on their credit card and this is something they are used to. Unfortunately this is not a very money minded way of using credit cards at all. They should really only be used for purchases of larger items as this then allows you to spread the cost of a number of months. By constantly purchasing smaller items on a credit card you will soon follow up your credit limit and had very little to show for the thousands of dollars that you have spent on your credit card.

You also need to consider whether you should opt for a credit card gives you rewards or one that has a lower rate of interest. Whilst both of these types of credit card are very good choices some people benefit more from one than another. So spend a little time thinking about your needs and you will be able to decide which credit card is right for you.

Don’t be tempted to apply for credit cards simply because you know that you will be accepted for one of them. Far too many people make the mistake of getting credit cards just because they can and not because they have certain purchases in mind. Getting credit this way is a very easy route to getting yourself deeply into debt. So before you apply to credit cards take a long hard look at why you are applying to them. If you don’t have any real concrete reasons are doing so it is best not to apply.

If you are the type of person who is tempted to make impulse purchases it is sensible to leave your credit cards at home when you are going shopping. Only take one of your credit cards with you so you will be able to limit the amount of money that you spend. By taking several cards with you, you have more credit available to you instantly and this can be a very strong temptation for many people.

By understanding how to be money minded with your credit cards you will put yourself in a much better financial position. By all means use your card to make large purchases, but don’t fall into the trap of paying for everything on your credit card. Follow this advice and you will be very money minded when it comes to your credit cards.

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Useful Credit Cards Tips »

Choose a card that matches your needs. Make sure that the credit card you use is the most suitable for your spending patterns. If using a card for extended credit and don't pay off the balance in full each month, choose a card with a lower rate. It may not offer any interest-free period, but the lower interest rate should save you more in the long run. If you use your card for the convenience of paying for everyday purchases such as petrol or groceries, try a credit or charge card with maximum interest-free days, then make sure you pay it off in full each month. This way you get the benefit of up to 62 interest-free days on purchases, as well as rewards, discounts and frequent flyer points. But watch the annual fees on rewards cards.

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