Credit Cards
Finance is one area of life you cannot afford to “get back to” at a later time. This can conceivably cost you thousands of dollars if you let it go by the wayside. Getting a handle on your credit score and having good credit are a must.
One way to improve your credit score is by getting credit cards that are worth getting. This not only means using your credit cards, but getting the right ones, and then using them appropriately. You need to determine this according to your needs. For example, if you eat out a lot for business, you will want a credit card that will reward you for using it while you’re out eating with your clients.
Make sure you have the right cards. Cancel any cards that are not working for your benefit to make way for ones that do. Having a credit card that gives you frequent flier miles, but you never fly, is not going to do you a whole lot of good. Plus, while you’re wasting rewards on that card, you are not eligible for other cards with rewards because you can only be loaned so much.
If you’re on a strict budget, you probably spend for the minimum and don’t spend for extras, like Starbucks coffee. So, a credit card that will give you excellent cash back on regular purchases, e.g. gas and groceries, are going to get you what you pay for normally and put a little extra in your pocket. However, if you really really want that Starbucks coffee, a card with rewards can get you a Starbucks gift card to use. This way you will not go out of your budget.
To improve your credit score, use your credit card. However, pay off the full balance each month on the date they’re due. This lets credit card companies know you can be trusted. That is the whole point of why they lend to you in the first place. This is what you score tells them. Therefore, don’t go outside your budget. It can be very tempting because the number amount appears abstract. Keep a tally of what you spent and agree on an amount to not exceed before walking into a grocery mart or for any other purchases.
They say a penny saved is a penny earned. Well, so are credit cards that earn you rewards. Don’t be reactive by just paying off your balance. Be proactive to keep those balances at zero. Get cards with rewards that will put extra money in your pocket. You can’t afford not to.
