Not only are you responsible for the way you spend your money, but it is also your job to maintain good credit card habits as a credit card owner. For example, it’s a good practice to keep track of billing cycles and monitor your monthly credit card statement.
However, it’s also possible to pick up bad credit card practices. It may be difficult, but it’s essential to eliminate these habits before it hurts your bank account.
Do you have these bad credit card practices?
Using your card for everything
Paying with your credit card is convenient as it delays payment and is interest-free. As convenient as it can be, swiping your card at every occasion may create unnecessary debt if you don’t have a sense of control.
If you don’t want to have a pile of debt, leave your credit card for larger purchases such as vacations and purchasing furniture. For daily expenses and small purchases, stick to cash or debit card.
Carrying too many credit cards
It isn’t unusual to own more than five credit cards, but most people only bring a couple of credit cards when they go out. When you carry too many cards on your body, it becomes a risk and a problem if a robbery or theft happens to you. Not only will you lose your cards, but you’ll also have to go through the trouble of contacting all the banks.
Instead of bringing all your cards with you, only carry the credit cards that you frequently use.
Getting rid of all receipts
Most people throw away their sales slips and receipts, but it’s useful to keep these papers for at least two months before you toss them out. Why? Because if there’s a billing problem of an event when you’ve been overcharged, evidence of your receipt will prove to help in reviewing your credit card statement.
Losing track of your reward points
Many people have the problem of signing up for multiple reward programs and missing out on all the freebies and goodies they’re entitled to because they can’t keep track of everything. Instead of registering for many programs, stick to one, and make it a habit to check your point balance at the bank’s website.
If you find these habits familiar, you or someone close to you may have these bad practices. However, it isn’t too late to change and turn around your personal finances.
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