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.
Read Also Related News
-
28 May
In the modern world, plastic seeks to replace cash. We are so accustomed to cards - credit and debit, that we try to pay with them wherever it is possible. Especially if we are to earn cashback, points or miles rewards for these...
-
19 Nov
Tis the season to spend money we may not have on things we may not need. As the winter holidays approach, many kids are preparing their letters to the North Pole and dreaming of the presents they hope will be under the tree on Christmas...
-
23 Sep
Rotating rewards credit cards are popular with consumers because every quarter, they offer bonus cash back in a different set of spending categories. Usually, this means extra rewards when spending on gas, at department stores, or when...
Customer Questions
-
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
-
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
-
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
-
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...