The Bank “Swipe Fee”
I was amazed at this piece of information. In my opinion banks never miss a beat to rip some money off you. As you can imagine banks are not my favorite institution.
Did you know when you charge charitable donations to your credit card, the bank “Swipe Fee” may be 3 percent. Debit cards and PayPal take a smaller cut. Capital One offers fee-free donations to nonprofits on its Giving Site. Good for you ‘Capital One‘. Alternatively send a check.
This is a fine example of how much extra you pay on your purchases if you only pay the minimum each month on your Credit card. I know which one I would choose to pay.
So every time you buy something and put it on your credit card and just keep paying the minimum monthly payment it will give you some idea how much extra that item is costing you.
MINIMUM MONTHLY PAYMENT – OR NOT
SOURCE: VISUALISING ECONOMICS
- Review bank and credit card statements carefully and often. I check mine every two days.
- Disputing false charges must be done within 60 days – make sure you question strange activity immediately.
Federal Law caps the liability for bogus credit card charges at $50 – So don’t forget Check statements often or you may lose your rights to a refund.
The statistics say there are two credit cards for every person in The United States. I guess that means it is twice the Hell!
I cannot emphasize more, how essential it is that all families reduce their credit card debt. Take a look at the follow infographic and understand that credit card debt is the demise of your financial security.
It is not productive to be negative about your financial future. If you have credit card debt be positive about paying it down to ZERO. Start believing you can do it.
This Infographic is an example of what happens when you take the deep dive into credit card debt.
IF YOU DON’T NEED IT DON’T BUY IT.
1. One Credit Card – If you have a problem with temptation when shopping, as all shopaholics do, posses only one credit card. Don’t be tempted by the store when they say you can get 20% off your purchases if you get one “Now”. The interest charged on store credit cards is some of the highest out there and they are not negotionable. The chances are if you are buying on a credit card you probably cannot afford it – am I right?
2. Limit color – This is a major saving. Try to stick to one major color in your wardrobe. When I travel I take white and black or white and brown. I mix and match. It is a very economical way to dress for work or social evenings and travel. If you are buying a lot of colors then you will find you have a problem matching things, then we hear – I have nothing to wear!
3. Take cash – If you are going shopping leave the credit card at home and take cash. When it’s spent, it’s spent. You can’t be tempted to buy more if you don’t have your credit card with you.
4. Keep receipts – When you purchase an item and have not used it, or worn it, in two weeks the chances are you really don’t need it – so return it.
5. Sell it – If you are looking to buy new clothes for the season, first go through your closet and clean it out and take your old wardrobe to a consignment shop and sell it. It will help pay for the new outfits.
6. Lay Away – Some shops will allow Lay–aways. Use them if you don’t have the cash and you can’t live without that item.
There are a lot more suggestions in my book Simply Fantastic: Living Better On Less, Chapter 11. Where Did All The Money Go.
It is so important in these economic times to stop the shopaholic habit and start being extremely concious of what and how we are spending.
Remember we are not what we wear!