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How to make your credit card work for you in a softening economy
Managing finances wisely is always important and, in a softening economy, getting the
most value for your money is as important as ever. In times such as these, savvy consumers
look for ways to stretch their money, trim costs and get as much value for their dollar as
possible.
Here are some suggestions on choosing a charge or credit card:
- Make sure you know the costs associated with the charge or credit cards you use. For
example, check the annual fee, interest rate, grace period and late charges.
- Next, compare the benefits you receive for the fees you pay. For example, look for a
card that will protect your purchases against damage and theft, extend warranties and
ensure that you pay the lowest price. To find out more about these benefits from American
Express, click here or
call your credit card company.
- Spending money on a credit or charge card can – literally – be a more
rewarding experience than spending cash. By choosing a card that offers a rebate or
rewards program you can get something back for the purchases you make everyday at places
such as the supermarket, gas station, drugstore and even the U.S. Postal Service. In
selecting a rewards program, look for flexibility in the places where you can earn reward
points as well as variety in reward redemption choices. And don’t forget to watch for
special offers and promotions throughout the year that will award bonus points or miles!
- Get Wired – the Internet continues to be a great resource for managing money and
stretching a dollar. Check with your card company to see if they offer online account
services to help you stay on top of your finances, 24 hours-a-day, 7 days a week – a
place where you can check account balances and credit limits, make payments and track
purchases, anytime. Click
here to register for “Manage Your Card Account” at the American Express
website.
Shopping online is another way to trim costs. And, since you can shop from home,
you’re already saving on gas and parking fees. Comparison shopping on the net is
quick and easy. Also, search out major retailers that offer discounts for online purchases
and sites that offer free shipping and handling.
- Use your credit or charge card as a budgeting tool. Typically, you’ll receive a
monthly billing statement – either hard copy or online – that lists all of your
purchases. Also, to help manage your monthly finances, you can check and pay your card
statement online at any time.
Additionally, many card sites offer financial tools that can
help you set up and manage your budget more efficiently. Or check with your credit card
company.
May 31, 2001
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