Improving Your Credit Card Behavior

The beginning of a new year is always a time to set new goals for the 365 days to come. For the majority of people, these goals always include being conscious of the money they spend. There may be multiple ways of following the goal – setting a strict budget, sticking to a certain plan of expenditures, installing apps to control money, requesting a credit card report or paying credit cards on time.

We all want to become intentional about the money we have not depending on whether we make $60,000 or $600,000 a year. So if you want to learn more about the ways of protecting your credit card and the mistakes to avoid, just go on reading!

 

Keeping your credit card safe

Unfortunately, credit and debit cards will always remain a target for hackers no matter where and how you use them. One of the most massive is gas pumps. In the past, these attacks mostly relied on skimming hardware, which was installed on top of the pump’s hardware. It was an easy task even for beginners.

However, Visa is now warning users of more advanced attacks: FIN8, a group of elite hackers, is using vulnerable spots of gas station networks to hack card details without any physical modifications at pumps. So if you have a card with a magnetic stripe only, theirs is a chance of losing your money. The simplest and most secure way is exchanging an old-style card on a chip-and-pin one. However, it will be protected only if gas station hardware also supports this technology.

Such an approach concerns not only gas stations or online purchases: knowing the basics of depositing with credit cards in online casino saves lots of time and protects from hackers or malicious software.

 

Opening joint cards responsibly

Couples like proving their love and trust to each other. One of the ways is opening a joint card. But is it really wise to add a partner as another authorized user? How can it influence your credit history and relationships in general?

The first and probably the only benefit of such action is when one person has a good credit history and another has a thin file. Sharing a joint credit card in such a case may help a partner with a low credit score to build the credit. But before opening such an account, it’s necessary to know the money habits of each other.

 

Mistakes to avoid

It’s always better to learn from someone else’s mistakes. That’s why we have made a list of the top three mistakes that Americans distinguish as the most destructive ones. They are:

  • Paying unnecessary fees. Over 75% of Americans think that added fees are nothing but a waste of money. For example, when you are running out of time and are late with minimum card payments by the end of the month, you automatically get a late fee. Thus, people spend lots of money without even getting anything in return;
  • Paying excessive interest. When you have any sort of credit card balance, you automatically have to pay interest;
  • Impulse purchases. Do you remember the times when going to a supermarket to buy eggs and milk ends up with a $100 check? Impulse buying is almost impossible to avoid and is one of the biggest expense items according to more than 70% of Americans.

Even if you can’t reduce these expenditures to a minimum, try sticking to a particular plan of spending or use the best cards for great credit. For example, American Express Gold Card, Capital One Venture Rewards Credit Card, The Platinum Card from American Express, Bank of America Premium Rewards Visa Credit Card, Chase Sapphire Reserve, and others.

 

Be your own boss

On one hand, credit cards give us more freedom than our ancestors could ever imagine: we can satisfy our desires without a need to save money for years. However, it’s a slippery road, which can lead to debts and stress. To avoid this trap we recommend following a strict budget, covering the credit card limit on time, sticking to latest cards that protect owners from hacker attacks, and of course, learning on others’ mistakes.

We love making content for you. If you love what we do, consider supporting ADDICTED through Patreon today!
markmunroe

markmunroe

Founder, CEO at Addicted
Mark Munroe is the Creator and EIC of ADDICTED. He's ADDICTED to great travel, amazing food, better grooming & probably a whole lot more!
markmunroe
markmunroe