If an event as big as the COVID-19 outbreak were to happen again, how ready would you be? Most New Zealanders rely on their credit cards to make online and offline transactions. Even for stores in rural communities, swiping a credit card is one of the easiest options to pay for goods and services. Withdrawing money from your credit card is not a good option either, as there are few ATMs that exist outside urban areas. Sure, paying with credit cards is a quick and easy option … but it is still a debt unpaid! During calamities like a pandemic, it’s the last thing you want to worry about. If you own a credit card, it’s important to manage your spending wisely. Here are a few tips that Glimp has to help you manage your credit card better.
While you can technically pay for one credit card by transferring funds from another, is it really worth it? It’s like paying off your debt with more debt! One way to avoid this trap is – don’t get another credit card if you don’t have the need to. Stick with one account that you know you can pay; so in cases of emergency, you won’t have the difficulty of deciding which to off.
Some finance experts would tell you to leave your old and unused credit card open for a good credit score. This is true, but only if it’s not charging you any annual fees; which some banks will. If keeping an account open only adds to your expenses, it’s not worth it for the credit score. Plus, if the account has a rather low spending limit and there is no debt in it, you’re better off to just close it. If you don’t really need it, why have it, right?
By becoming a bit more disciplined, you can pay off your debts faster. You can do this by paying off all your debts first before using your credit card again for more purchases. Will it be hard to do? Most likely, but it will take you a long way in clearing your debt. Getting your hands on that latest smartphone or designer shoes is tempting for sure. However, imagine if a disaster hit, those purchases won’t be high on the priority list. Rather, it’s the necessities such as food, water, and clothes.
Fees stack up over time, and you can see these once you receive your credit card statement. You’ll be shocked to see just how much late and interest fees cost when you delay your payment. Aside from this, late payment can also affect your credit score, rewards points, or worse, your credit card being defaulted! You can use a series of methods to make smart payments to ensure you pay on time, like automatic payments and scheduling. Just make sure you pay at least the minimum amount you owe.
If you want to utilise your credit card to the fullest, use those perks and incentives! You can have that guilt-free overseas trip, knowing that you pay your debts regularly. You can also use these perks to purchase any necessities you may need during calamities. Perhaps, you can also indulge a little while remaining safe by buying that new washing machine or stove you’ve been needing to replace for so long. Calamities like this pandemic have taught us many things, and one of those is becoming wiser with your spending. As cash flow is tight, make sure to use your resources like a credit card to its full potential. It’s also worth taking some time to review the credit card provider you’re with - it might be worth switching to a new one! If you’re considering switching to a new provider, use our online comparison services. We can help you find the best credit card provider to match your needs – and wants here at Glimp!
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Glimp were bloody great. I have very recently lost my wife and was dreading changing everything out of her name and resigning and looking for best deals but Glimp made the process so bloody easy. Thank you so much Glimp you guys rock.
Thank you. Very helpful, lots of info and friendly!
Their was no report shown when I was credit checked and I went through the check to many times two days of checking thank you Emil
I found Glimp when I was looking for Internet Providers that I would have to sit through and compare myself. I at first thought Glimp was an Internet provider but then I was pleasantly surprised when they came up as a website solely for comparing all sorts of different things so the customer could find the best deal. I found my new Internet provider on there and even found out I could be with a better Power company then the one I am with now. Very Useful and I recommend Glimp to the bargain hunters!