4 Ways Credit Cards Help With Holiday Spending

\"manWith the holiday shopping season officially upon us, many people are thinking about what to buy, where to buy it from and how much to spend. They are also thinking about how they are going to pay for all of those purchases. Obviously, most people will be spending more than they normally would in order to pick up all of those great gifts for family members and friends. And it’s not always easy for them to stay within their budgets.

It is, of course, very possible to stay within a budget. Quite clearly, it requires discipline. But we could all use a little bit of help staying disciplined. According to Georgie Binks on CreditCards.ca, using a credit card for your holiday spending is an ideal way to keep within a budget. Now, you may be thinking that the opposite is true. A common stereotype about credit cards is that they continuously put people into debt.

Of course, the only way to go into debt is to not pay your bills on time or to not pay them off in full. But Binks writes that, “before you head out the door (to do your holiday shopping), it’s best to not only have a budget in mind, but also ways to keep yourself within that budget.” He goes on to provide four ways that credit cards can benefit customers who need help staying within their budgets.

1. Use your Christmases past. “A great way to take control of holiday spending is to look at your past credit card statements,” writes Binks. He points out that credit card bills are excellent itemized accounts of what you buy. By taking a look at your holiday shopping bills from previous years, you’ll get a good idea as to how much you can afford this year or how much you should be cutting down from previous spending.

2. Think hard about getting a new card. “Many credit card companies have specials for new customers, offering thousands of bonus points when you spend a certain amount on the card within the first few months,” Binks continues. He notes that taking advantage of rewards, bonus points and cashback offers are great ways to save money and take advantage of all of that extra holiday spending.

3. Use your statements to keep a tally of your spending. “Most credit cards allow you to see your credit card statements online,” Binks informs us. So while you’re looking at your old bills, you’ll also want to stay on top of the current bill that you are racking up. Your credit card bills do the work for you by adding up your spending totals to give you an idea of how much you’ll have to pay when you receive the bill after your closing date. Stay on top of it!

4. Lower your limit. “Finally, you may choose simply to decrease your credit limit before the holiday shopping really gets in gear,” concludes Binks, “Or, if you do open a new card, open one with a much lower limit than your everyday credit card and use only the new card for holiday purchases — leave your regular card at home. Again, make sure the limit is within your budget to pay off in full.”

Each of the tips listed in today’s blog highlight excellent reasons for your customers to use their credit cards in your store. Are you currently accepting credit cards as methods of payment? If so, you’re bound to reap the benefits that are sure to come this holiday shopping season. If not, be sure to contact Canadian POS Corporation today to get set up with a top-notch POS terminal within three days. Give us a call at 1-877-748-2884!

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