Many people are now inclined to exaggerate the real situation and rush to buy everything they see. Starting with long-stored products and ending with hygiene items. Some are also buying household appliances and electronics. All these actions (and not the actual lack) create a deficit and increase the cost of ordinary goods which may lead to dire consequences. Below, we have collected some tips that can help you make shopping with your credit card more secure and avoid rash costly purchases.
- Check Your Supply
- Set a Spending Limit
- Make a Shopping List
- Shop Online
- Pay Your Balance Back on Time
- Contact the Issuer in Case of Financial Difficulties
Start with taking an inventory of what you already have. It is likely that your stocks already contain enough groceries and other essentials, so you don’t need to worry much.
The next step is to count your finances. Decide how much you are really willing to spend on the necessary goods.
Try to defer unnecessary expenses. Remember it is not the end of the world and the pandemic is going to stop in several months. But you risk staying with huge debts that you will need to pay off somehow.
Whatever the situation in your area is at the moment, it is best to refrain from visiting crowded places, including supermarkets (even small ones). Shopping online is now as easy as pie! Moreover, many retailers have launched special deals and free delivery. The same applies to visiting cafes and restaurants – just order food home.
Remember that all money spent with a credit card must be returned very soon. And if you do not manage to pay your balance back before the next due date, interest will apply. Thus, assess your financial situation sensibly and do not forget to stick to your payment schedule.
If you already understand that you don’t have enough money for the necessary expenses, you can turn to your credit card issuer for assistance. Many large banks (for example, American Express, Capital One, Chase, etc.) have rolled out financial hardship programs to help coronavirus victims. So, for example, you can be granted a late payment fee waiving, as well as with a lower APR or higher credit limit.
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