The past years have showed us that most of us are still not making the best financial decisions and, given the huge amount of credit card debt, we’re clearly making a lot of credit card mistakes that cost us.
In the personal finance blogosphere there are many stories of people who are currently struggling with a lot of debt and a pretty big chunk of it comes from misusing their credit cards (or just being duped by the ‘small print’ and the ‘fear of missing out’ – rewards come to mind).
So, what are the biggest credit card mistakes we can make (or have made)?
- Getting a credit card ‘just because everybody has one’
- Getting a credit card for the rewards (fear of missing out)
- Not reading ‘the fine print’
- Not looking for the best rates
- Getting too many credit cards
- Making only the minimum payments
- Paying your credit card bill late
- Not checking your monthly statement
- Exceeding the credit limit
- Getting a credit card to solve your debt issues
- Using the credit card to buy all kinds of useless crap
- Using your credit card to pay for every-day items
- Not knowing your interest rate
Read the entire article on our brand new PFToday.com
Recent Comments
I would agree with most of these, but I only ever get credit cards for the rewards 🙂 I don’t carry a balance, so I wouldn’t sign up for a card if it didn’t have great rewards. I put all of my spending on the card, reap the benefits and pay it off regularly.
http://Dojo
October 18, 2014 at 7:07 pmHey, that’s awesome. If you can ‘play’ the rewards game, never lose money in interest or any other fees, then it’s really amazing. The only reason I’d actually consider having a credit card anytime soon. You are one of the few who are disciplined enough to really take advantage of a credit card and never lose money with it 😉