One of the benefits of having a benefits program tied to your charge card is all the stuff you can gain, from goodies and airline miles to money back. However, boosting your credit card spending to be able to gain these awards is a double-edged sword that can eviscerate your budget. Here's how to keep away from the perils of excessive credit card rewards spending.
Steering clear of extreme charge card rewards spending step No. 1 - Stay awake
Right off the bat, the most logical way to ensure that you are not letting your credit card spending run amok is to reign in the spending and pay attention to what is going on your credit card bill. Waving the magic plastic doesn't mean that you will not be paying with interest in the end - or in full. Knowing how much you're spending and the way much you owe are imperative.
Keep track of spending
If you have trouble keeping a mental tally of your credit card spending, write everything down. This is for those who do not like to view an online statement, but entering the 21st century is really a good idea.
Most essential thing is receipts
It is always a good idea to keep your receipts in case you have to return something, but it is even better to keep them so you can keep good track of all your spending. You can keep away from writing things down immediately.
Tools to help you out
You can link your charge card to Mint.com and keep track of all spending at it. The website offers cash management tools and budgeting tools to help you monitor spending.
Avoiding extreme credit card benefits spending step No. 5 - Open another checking account
Make sure you set up a checking account that is there specifically to pay off the charge card if you are having significant troubles. The free account should be a second account and only for your credit card.
Ensure you pay it off
The standard for paying a credit card bill is to pay once per month. However, to pay a card off more easily and minimize interest, making weekly payments where you pay off whatever was charged that week is a good idea. You'll accumulate rewards and stay away from having to pay interest.
Steering clear of extreme charge card rewards spending step No. 1 - Stay awake
Right off the bat, the most logical way to ensure that you are not letting your credit card spending run amok is to reign in the spending and pay attention to what is going on your credit card bill. Waving the magic plastic doesn't mean that you will not be paying with interest in the end - or in full. Knowing how much you're spending and the way much you owe are imperative.
Keep track of spending
If you have trouble keeping a mental tally of your credit card spending, write everything down. This is for those who do not like to view an online statement, but entering the 21st century is really a good idea.
Most essential thing is receipts
It is always a good idea to keep your receipts in case you have to return something, but it is even better to keep them so you can keep good track of all your spending. You can keep away from writing things down immediately.
Tools to help you out
You can link your charge card to Mint.com and keep track of all spending at it. The website offers cash management tools and budgeting tools to help you monitor spending.
Avoiding extreme credit card benefits spending step No. 5 - Open another checking account
Make sure you set up a checking account that is there specifically to pay off the charge card if you are having significant troubles. The free account should be a second account and only for your credit card.
Ensure you pay it off
The standard for paying a credit card bill is to pay once per month. However, to pay a card off more easily and minimize interest, making weekly payments where you pay off whatever was charged that week is a good idea. You'll accumulate rewards and stay away from having to pay interest.
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