4 Thing You Should Never Buy With Your Credit Card

Although credit cards can be useful tools in aiding you when you need extra cash, they can also be dangerous as they provide such an easy means of paying for things. There are some items that you should never pay for with your credit card. Reason being is that there are better means to pay for some items, whether they small, everyday purchases or big ticket buys. Its a big temptation when your pockets are empty to simply use your plastic to pay for things and later on find yourself in debtcredit_card_debt

Here are 4 things you should never buy with your credit card:

  • Medical Bills: If you don’t have a medical aid, its a good time to get one found here on Likemoney which can hugely assist you in covering medical bills. But if you don’t already have a medical plan in place, instead of using your credit card to pay for medical bills, you should ask your medical practitioner to set up an installment payment plan for you. Most medical practitioners will do this  and the interest rates that they charge (if any) will be lower than the rates attached to your credit card.
  • Unsecure Online Purchases: Even though the new credit cards are embedded with a computer chip which is supposed to make in-person credit card transactions safer, the cards don’t offer much protection against online credit card fraud.
  • Big Holidays: Year end, we all want and deserve a break, but rather save the money in advance. It is so so easy to rack up thousands of rands in credit card debt on a single trip. Don’t fall into this trap. If you save for your vacation and stick to a planned budget while you are traveling, you will feel much more relaxed when you return.
  • University Fees: The interest rates on student loans, found on LikeMoney are typically lower than those attached to credit cards. Many universities will even charge you additional fees when you pay with your credit card.

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