Spend Money Wisely - Swipe Smart
Credit cards are still not as common in the Philippines as they are in the United States, but more and more Filipinos own one. And those have plastic money use them more often, too. Most credit card companies report growth rates of about 20 percent every year. A higher spending pattern among cardholders has also been observed. Cardholders usually use their credit cards for day-to-day expenses: groceries, dining out, and shopping.Despite the occasional big spender that gets in debt trouble, most Filipino cardholders are now more judicious users of plastic. They don’t splurge although they take advantage of card offers to get the best value. Most cardholders know that it’s not OK to just swipe and swipe to get whatever they desire.
When used properly, credit cards can actually help shoppers get what they need and want. Some banks offer zero interest rates or instalment purchases for up to 12 months. This is particularly helpful to home makers and working mothers as is allows them to stretch their budget.
Indeed, credit card companies are cooking up ways to ease the financial burdens and worries of cardholders. here are some ways to swipe smart:
CHOOSE THE BEST CARD FOR YOU. There are over 50 credit card products in the market today (and the number keeps growing) so choose wisely.
SET A BUDGET AND WORK WITHIN IT. Don’t fall into the trap of buying things just because they’re on sale. Schedule when best to use your credit card without going over your personal limit. Use your card responsibility. Budgeting helps you organize your spending.
CHECK OUT OFFERS MADE TO YOU. Read your statement of account for ongoing deals and promotions that may give better value for your money.
NEVER SKIP A PAYMENT to avoid late payment fees and finance charges.
PAY AT LEAST THE MINIMUM PAYMENT DUE on time every month. But don’t make it a habit. The minimum payment is not only amount you owe. You will be charged interest on the portion of the balance that you don’t pay by the due date.
SPEND AS YOU EARN. Don’t overextend your credit card limit. Don’t spend more that what you can repay. Don’t borrow in anticipation of future earnings.
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