It’s no secret that the cost of living is on the rise. With rent, groceries, and everyday expenses increasing year after year, it can be hard to stay afloat when your funds are running low. Fortunately, About my area offers resources to help cope with the financial stress. Below are tips on using your credit card when low on finances.
Take Advantage of 0% APR on Purchases and Transfers
If you’re looking for a way to stretch your dollars, taking advantage of a 0% APR offer on purchases or transfers can be a great option. This will allow you to avoid paying interest on new purchases or transferred balances for a set period, which can save you money in the long run. If you have a rewards credit card, be sure to use your points and miles to get statement credits or gift cards that can help you out in a pinch. For example, when you’re short on cash for groceries, you could use your rewards to get a $50 grocery store gift card. This will help you avoid putting your groceries on credit and pay interest.
Check for Gift Card Options That Might Help Through Tough Times
In addition to using your rewards for gift cards, you could also look into the options available from certain retailers. For example, Amazon offers a program to help customers who are struggling financially and need help putting together an emergency kit with food and supplies or paying for utilities. If you’re an Amazon.com shopper, you can also use your rewards to help pay for your purchases.
Pay Off Your Balance in Full Each Month To Avoid Interest Charges
When you use your credit card responsibly, it can be a great way to help meet short-term needs. However, if you’re not careful about how and when you use your card, the interest charges could quickly negate any benefits that using plastic might have provided in the first place. So make sure to pay off your balance each month to avoid unnecessary fees.
Keep Track of All Transactions
One of the best ways to use your credit card wisely is to keep track of all your transactions. This way, you can be sure that you’re only using your card for necessary purchases and not racking up unnecessary debt. You can do this by tracking them in a spreadsheet or using an app like Mint, which will help you stay on top of your spending and avoid racking up interest charges.
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