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How are you paying for your Christmas Shopping?

So it is beginning to look a lot like Christmas!

How are you paying for your Christmas Shopping this year?

Statistics say a lot of us will put it on our credit cards.  Like any other time of year it still needs to be paid off preferably before interest kicks in.

Financial institutions are offering 0% interest for different periods for new customers.  So if you do not make it through the jolly season with a zero balance on your credit card it may be something to consider.

The goal of getting on the road sooner means we want to get rid of bad debt quickly.

christmas credit cardI am not a fan of not paying off your credit each month by the due date. There will be times this can be difficult.

We have paid for renovations on a property once on credit card (points!).  It was a big renovation and we were able to buy a lot of the materials on the credit card including Tiles, Paint Plumbing items and Air Conditioner.

Following Christmas we transferred the balance before the interest free period ran out. We had six months interest free and due to the higher rental return from doing the renovation the property had paid off the balance.

So when thinking how are you paying for your Christmas shopping you can use them to your advantage and make them work for you. Make sure they are paid off at the expiry of the term.

Check the interest rate after the honeymoon period. Also any annual charges and frequent flyers programs to avoid unexpected costs.

Sometimes the offer is too good to be true.

Cake and Eat it 3

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