With technology and digitalization in full swing, less and less people feel the need to carry cash nowadays. But as more businesses go cashless, the ripple effect is mostly felt by low-income earners – those who rely on cash tips to get by and, even if you are not in this bracket, it can affect you too because credit cards make it easy to run into financial trouble.
Truth is, we all have milestones we strive to achieve in the long-term. Whether it’s an expensive gadget, a vacation, or a house, these milestones ultimately bring a sense of fulfillment. But planning for these long-term goals can feel especially challenging with credit cards at our beck and call. A simple swipe and a purchase – necessary or not – can be made; it is really easy to give into the temptation to indulge.
But the same credit card can help you plan for these long-term goals. Taping a reminder directly on your card is a great way to keep your focus and motivate you for your saving journey. This reminder will always be there in your face, guilt tripping you when you feel the urge to spend impulsively.
Other reminders that can help you maintain your sense of financial control include:
Bill Due Reminder
It is easy to forget the due date for your credit card bill, and once it’s a day late, you may have to pay a late see and, in some cases, your annual percentage rate may even be increased by your issuer. Platforms like Payment Due is one of the most common alerts for credit card users. For users who did not activate the auto-pay option for their credit card bills, this reminder system is gold. A quick notification could save you some extra bucks.
Keeping track of your credit score and performance is one of the most effective financial control methods. Rather than spend away while your credit score plummets, a balance notification can ‘caution’ you, as it were, before you take a wrong step. Some notification apps let you set custom messages you’d like to receive when your balance reaches a certain amount of the card’s limit. This way, you are able to keep track of your expenses and plan for your long-term goals.
Do you look at your credit card statement and sometimes wonder how you spent some of the money? A spending notification sends you alerts once your credit card is charged. This makes it possible for you to keep track of all monies spent, helping you trim down your spending in the future.
If used the right way, credit cards can be a powerful tool for building a strong credit without paying extra fees in interests. With a good credit score, you can save loads of money over time, especially as it qualifies you for auto loan interest rates as well as lower mortgages.