Credit Cards No Noís
We all wanted to have credit card especially if you love shopping, dining out or youíre a gadget techie. But did you know that credit card is one of the main reasons why a lot of people are in debt? There may be many people who suggest that you get a credit card. So in case you are wondering if credit card is necessary in your life.
Credit card can be a useful tool, when used properly and with discipline. There are times that you always wanted to use credit card and get hold of the cash you have on hand.
Let me give you some reasons why you should not use your credit card?
1. Loan Payments Ė never use your card to pay out your loan. Debt should not be transferred to another debt, this will just cost you more in a way that you already have interest with your loan then youíll transfer it to your card charging you also for interest. The very simple solution here is Do Not BorrowMoney that you canít afford to pay.
2. Impulse items Ė if you are shopping, never use your card to avoid impulsive buying of things you donít actually need. Use your cash on hand and buy only what you are supposed to buy.
3. Cash Advance Ė do not do cash advance on your credit card. This comes with sky-high interest rates and service fees, making them a far too expensive way to get cash.
4. Donít lend your card - never let anyone borrow your card, otherwise you are putting your financial future on that personís hand.
5. Taxes Ė donít use your card paying taxes, no one enjoys paying it so why pay even more than necessary in extra interest and fees.
6. Donítí pay minimum amount Ė always pay the full amount of your bill to avoid additional interest. And pay on time to avoid late finance charges.
7. Living expenses - if you are on a grocery buying all your basic needs and suddenly your cash is short, never use your card. This only means that you are spending more than what you are earning. This will also put you to another financial problem. Make adjustments on your budget.
8. Donít make purchase just to earn points Ė making purchase to earn those freebies and points is very irresponsible.
With so many credit card facilities some are so eager to have their own credit card not realizing that they are just putting themselves in a hole of problem. Now, that you know all the disadvantages of using your credit card, itís time for you to get out of debt. You can live without a credit card.
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Credit Cards No Noís
Credit Card fraud is more and more common especially at this time of the year. One of the most common misconception is that credit card fraud only takes place online. While it is easier to hack your credit card details online, scammers are also operating at ATMs. Even if credit cards have more security features, it remains important to apply the following tips to protect your credit card.
1) Keep Safe or Destroy your Credit Card Statements
It is relatively easy to generate credit card numbers, however scammers prefer to find you credit card details. One of the most common tactic is to look into rubbish bins to find financial papers, so make sure you either keep your credit card statement safe or make sure you destroy them properly.
2) Hide the KeyPad When You Type your PIN
Over the last 5 months, scammers have used more advanced strategies. Video cameras were set up and pointed to the ATMs to record PIN numbers while people were withdrawing money.
When they managed to capture PIN numbers, scammers followed people to robe their credit cards and withdraw money.
One of the best way to protect yourself from such situations is to hide the keypad when you type your PIN code.
3)Do not send Credit Card Details via Email
One of the most common way of stealing credit card details is through email. When someone sends his credit cards details via email, some hackers can either access his email server and record all the information or hack his email account and have access to all his information.
Obviously not sending your credit card details via email is the best way to avoid such issues.
4) Look for Alternatives
Although credit cards offer plenty of advantages including credit card rewards, insurance, etc..., there are plenty of alternatives to credit card payment. For example Paypal is a very secure payment system, which offer guaranteed security when you pay online. Whenever you can, BPAY or Bank Transfer are also valid options.
At the end of the day, credit card are not compulsory and you can live without.