The holidays are here. ‘Tis the season of shopping, giving, traveling and hosting friends and family. It can also be the season of debt.
Many of us will do all of the above. If you are like me and you plan on doing your part to support the economy with your purchases this holiday season, why not investigate ways to reward yourself from all that spending? I am talking about credit card rewards.
KEEP CREDIT CARDS WORKING FOR YOU.
Credit cards can be quite beneficial when used responsibly. They provide access to money when you need it most. Credit card rewards have become quite sophisticated and offer a wide range of perks and rewards like cash back, travel rewards and loyalty coupons and discounts. If you are planning on shopping this holiday season take a minute to shop around for the credit card reward program that can benefit your lifestyle the most. To help you find the credit card rewards that are best for you click here.
Keep credit cards working for you this holiday season and not against you by making sure you use credit responsibly. Try to pay off credit card balances each month. Carrying large credit card balances from month to month can wrack up interest charges that negate the rewards benefits you are so diligently trying to earn. Paying your credit cards on time each month can also help maintain your credit score.
BE SELECTIVE.
Be selective when opening credit cards during the holiday season. While those discounts for opening a new store credit card are incredibly tempting, opening many lines of credit in a short period of time can have a negative impact on your credit score.
After you find and receive your favorite new rewards credit card, consider not cutting up and throwing away your old credit cards. Those old credit cards may be boosting your credit score. The length of time you have good lines of credit open, and the amount of unused credit available to you, may weigh positively into your credit score.
For more tips on understanding your credit score this holiday season visit credit score on amerisbank.com.
Reviewed November 2022
By: Marlene Sheard
Marlene is the mortgage marketing representative for Ameris Bank and previous Sales and Marketing President for her local Home Builders Association who enjoys sharing her experiences in the buying, selling, and financing of homes.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Opening new credit cards are subject to credit approval.