4 things not to do with your credit card

by VoiceofPlay 8. September 2016 09:49

Pay of your credit card debtEver heard of the term plastic gymnastics? Maybe you know it intimately. Most people practice their plastic gymnastics the week before payday when cash is scarce and their credit card is shining even brighter than usual.

It’s tempting to reach for your credit card, we know, so here are a few tips on what not to do with that magic little piece of plastic in your pocket and stay ahead of the financial game.

1. Don’t get too many
Do you really need another credit card? Remember, it’s not a supplemental source of income and your debt can increase rapidly if you lose track of what you’re spending.

2. Missing payments
The penalties for missing payments depend on your bank, but interest rates will go up and your credit score will be influenced negatively. You don’t want any of the above.

3. Maxing out
Maxing out your credit card doesn’t only leave you open to the embarrassment of having your card rejected at a store, it also brings down your credit score. Avoid.

4. Transferring balances
If you’re using one credit card to pay the balance on another credit card you’re in a spiral of debt. Stop what you’re doing and reassess your spending.

If you’re wondering how you’re going to clear your credit card bills we have a prize specifically for you on Justplay. Play now to win R3,000 to go toward your credit card bill and put yourself on the highway to a debt-free life.

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