It is not uncommon for people to get new credit cards to go with a new Holiday. Many do that, and the ones that do it after the first few times are usually experts in the old game, but the rest need to be careful, after all it is your credit card and you need to pay it.( even if you claim you haven’t spent it)
5 Tips for Holiday Credit Card Spending
So here are a few things that you can avoid to have a better spending experience when using your card on a holiday
1.The New card– Don’t get a new card just for you Holiday, if you really can avoid. Remember everyone, including the card issuer, knows what you are doing with your card or what you are going to do with it and so it is not easy to max up on your new holiday card and get away with it. And if you honestly plan to return every penny, go in for a card that works much like your favorite card, so that there isn’t a big difference in usage. A new card can be tricky with a whole lot of hidden costs involved and so know it first.
2.The change of scene– Remember that the deals available at the holiday location are very different from the ones that you are used to, as a part of your routine. You will know your local spending better and so can avail the discounts and deals, while it won’t work in a foreign land. Many of the benefits that you get used to, may not be in force in a different environment. There are some coverages and protection that may not be applicable in a change of location ( outside your country) and so the risks are more.
3.Buying Pattern- Buying pattern tends to change when you are on a holiday and from experience we know for sure that Holidays means buying souvenirs for others too. Singapore is one big big shopping mall that is simply too tempting. While buying gifts and souvenirs, never forget that you are doing that on credit and so at a later point, when unpaid, the actual cost of the trinket, you so lovingly bought, could be more than your TV. Never forget, even once that it is on credit that you are buying things that are not ‘absolute musts’.
4.The shop till you drop syndrome- Holidays almost always are characterized by the “ drink till your out” and “ shop till you drop” syndrome. Every time you carry a big balance on your card, your rates shoot up. Your credit card rates don’t always stay the same, a big balance also hits your credit rating. Avoid the “ shop till you drop” syndrome, even when everyone else is doing that around you. Don’t give in to peer pressure.
5.The Holiday trap– Well known holiday spots are well known with fraudsters too. Holiday spots with high volume of transactions are big targets for skimmers and card information fishers. In Thailand and in Singapore there are markets that are favorite haunts for credit card frauds, who know that once the tourists leave the spot there is nothing much they can do.
In addition to all this, just be extra cautious with where you keep your card and in whose presence you use it.