4 Credit Card Management Tips for Valentine’s Day

A lot of people today find it hard to control their credit card spending habits, especially on Valentine’s Day. After all, they want to share the best experiences with their partners.

However, such difficulty can eventually lead to big financial problems. In fact, uncontrolled credit card spending has caused many cardholders to incur huge debts. And in time, their inability to pay off their financial obligations causes damage to their credit report.

Now, how can you, avoid such a scenario? How can you manage your credit card responsibly, especially with all the temptations to overspend on Valentine’s Day? Try to keep these 4 tips in mind as you enjoy your Valentines Day.

Four Tips for Credit Cardholders

1. Know your balance.

Before you use your card to pay for an expense, see to it that you determine the balance first. This way, it will be easier for you to know how big or how small of a purchase you can still charge on your credit card account, without going over your credit limit.

Keep in mind that maxing out your limit will not only cost you a great deal of money, in the form of overdraft charges and penalties. It can also cause your credit score to drop and thus limit your chances of qualifying for affordable credit deals, later on. So, don’t forget to check your balance before using your credit card for any transaction.

2. Use cash advance only when absolutely necessary.

If you’re short on cash, you can always use the cash advance feature of your credit card. Still, you have to remember that cash advance transactions often impose steep interest rates and huge finance charges. So, before withdrawing funds from your line of credit, check first if you can afford to pay off the additional fees that you will incur. Always look for more affordable options that can provide you with cash, before Valentine’s Day comes.

3. Pay off your credit card charges, in full and on-time.

Get into the habit of paying your credit card bills on time and in full, not only after Valentine’s Day, but every month. Thus, you avoid paying additional costs like late payment fees and surcharges. More importantly, such habits will help you build and maintain a good credit history.

If you find it difficult to remember when a payment should be made then, we suggest that you set up personal reminders in your mobile phone and in your office or home computer. This way, you will have enough time to prepare the funds to settle your financial obligations. At the same time, you will receive alerts when a bill is due

4. Do not get another credit card.

It might be tempting to just get another credit card, especially if your current line of credit is already maxed out.  However, keep in mind that if you haven’t gotten your spending under control you will probably max out this card too.  This could lead to having a lot of credit card debt, which is one of the biggest factors in personal bankruptcy cases. So, instead of applying for another credit card, it is still best to content yourself with what you have and to look for other ways, such as creating a budget and saving up the cash to pay for the items you want.

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Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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NHBS Inc © 2022

NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

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