Keeping my credit card under control
Middle of the month and as I expected my bank account is red. All the grocery products are being bought with the credit card and we continue to be careful with extra expenses.
I know credit cards can lead us to a tricky situation with a roller coaster effect but I’m carefully using my credit car.
First of all my credit card, which I have for a few years, it’s the only one I have ever had. Although I was offered other well known credit cards I never accepted them. Why do I prefer the credit card I have?
- It gives me back 1% of the amount of every purchase I pay with it
- it is not associated with any bank account I have.
- I can choose the percentage I want to pay starting on 5%
- As long as I use it a few times a year I pay no annual fee to get the card renewed
If I spend €500 I earn €5. When the amount reaches €10 I receive a check at home of that amount to be used in some hypermarkets.
I can take control of the amount I owe without being afraid of the money being discounted directly on my bank account balance when I don’t want to.
By default I have a 5% minimum payment but I usually pay a lot more or even the total amount to avoid the high rates I have to pay.
As I use the credit card throughout the year it costs me nothing.
Even when I have enough money I usually use the credit card to take advantage of the 1% money return and on the same day or the day after I pay the amount through Internet. This way I get my 1% and at the same time I keep the balance €0.
Of course there are a lot of credit cards I can choose from, some probably offer better conditions than the one I use but I refuse to get another credit card for now. One is enough and I am going to stick with mine.
What about you, what do you look for when you search for a new credit card?
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Just be careful about using it, until today I never could understand why would anyone has more than 1 cc’s
I always feel that these 1% money back deals aren’t worth the risk of building up a balance and then paying out about 15% or whatever.
I guess they just try and real you in with these deals.
I agree with sammy its better to have 1 credit card rather than have more and lose account of how its being used.
I as well have a credit card debt that is slowly spiraling out of control. I have recently talked to the bank and they have dropped the interest down but my payments are still over 500$ a month. When i’m looking for a new credit card i’m not picky i’m just constantly looking out for low interest cards. I believe credit is important but keeping it under control should be a big priority.