If you’re strapped for cash, it can be hard to resist the temptation of using your credit card. It’s easy to think that spending money you don’t have is no big deal, but this attitude can land you in a lot of debt and ruin your credit score. You can use a credit card to make up for a lack of cash flow, as long as you follow some basic rules and are careful with your spending.
This article will go over a few tips for budgeting with a credit card.
1. Be smart about credit card usage
The first thing you need to do is be smart about how you use your credit cards. Think of it this way: using a credit card is like buying something with a loan. You’re taking out money and paying it back over time, so just like when someone gives you a loan, the more you borrow and pay back, the more interest they will charge.
If you only use your credit card for things that are within your budget, then there should never be any problems with paying off these purchases every month. However, if you start using them for daily expenses or emergencies (which could lead to late fees), then things get complicated very quickly!
2. Avoid cash advances
Cash advances are not good for budgeting, and they’re also bad for your credit score. They can be costly, the fee for a cash advance is usually 5% of the amount you withdraw, and that’s just the beginning. Cash advances can also ding your credit score by adding to your debt-to-credit ratio and reducing the age of your oldest line of credit.
3. Make your payments on time
To keep your credit score high and to avoid paying interest on your purchases, it’s essential that you make your payments on time. While some credit cards let you set up automatic payments, others don’t, so be sure to check the terms of your card and call the company if you need help setting up automatic payments.
The best way to make sure that you always pay off your balance in full is by paying more than the minimum payment each month. Even if this seems like more money than what’s necessary, it will allow you to eliminate debt faster because interest rates are typically higher than regular rates on bills like utilities or cable TV.
4. Keep your balance low
The interest rates on credit cards tend to be quite high. In fact, the average APR for a credit card is about 16%, which means that if you have a balance of $10,000 and only pay the minimum payment each month (which is usually around 2% of the balance), it will take over eight years and cost $1,600 in interest alone!
That’s why it’s important to keep your balance low by paying off your purchases as soon as possible. You can set up an automated reminder or send yourself an email when it’s time to make a payment so that there won’t be any surprises later on down the road when you’re trying to pay off other expenses while still having bills left over from last month.
Conclusion
Your credit card isn’t a license to go wild and spend like crazy, but it can be a great tool if you know how to use it. Make sure that you’re only using your credit card when you truly need it, and always take steps to pay off any debt and protect yourself against fraud.
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