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If given the choice of a retail credit card and a standard credit card that can be used everywhere, some people may choose the latter. Retail credit cards often receive flack because they have higher interest rates and use is limited to one store. But retail credit cards aren’t all bad. As a matter of fact, retail cards such as a BestBuy credit card can help you save money on electronics and appliances.
Are you thinking about applying for a BestBuy credit card? Here are four tips for getting the most from your credit card.
1. Buy all your appliances and electronics with the credit card.
Some people only use credit cards when they don’t have cash. Credit cards, however, shouldn’t be your preferred payment method only when you’re cash strapped. It makes good financial sense to save up for purchases. This teaches patience and budgeting, plus you avoid consumer debt. But since a BestBuy credit card features a rewards program, using your card for purchases made in-store and online can help you save on future purchases. The concept is simple: earn points for every $1 spent, and then redeem points for certificates. The more you use your card, the more you can save.
2. Know the promotional offers.
As a Best Buy cardmember, you can take advantage of different promotional offers, such as special financing. Credit card companies charge interest, and if you’re trying to avoid long-term debt, you might limit credit card use. There is, however, a way to use your BestBuy card and reduce your risk of debt.
Keep a watchful eye for special financing deals. For example, use your card and pay 0% interest for a specific length of time. Special financing deals are limited to purchases that total a certain amount and higher. While all your purchases may not qualify for 0% interest, this promotion comes in handy if you need to purchase a high-ticketed item, such as a refrigerator, washer/dryer or a computer.
3. Pay before the interest kicks in.
Getting the most from your credit card involves more than taking advantage of special financing. To really benefit, you need to pay off your balance before your interest kicks in. Special financing varies, with some purchases qualifying for 0% interest for the first 6, 18 or 24 months.
Make sure you have a repayment plan in mind before you swipe your credit card. Minimum payments may not pay off your balance before the introductory rate period ends. At which time you’ll have to pay a standard rate, which will be between 17% and 24%.
4. Don’t forget about your rewards.
A rewards credit card is only beneficial if you actually redeem your points. You can request reward certificates after you’ve accumulated 250 points, and for every 250 points, you get a $5 certificate. Letting reward points accumulate can help you afford something special, such as a tablet computer or a flat screen television. But at the same time, you shouldn’t forget about the rewards program or your points. The purpose of a rewards credit card is to earn points and save on purchases. To benefit the most from your card, regularly review your points balance and redeem your points.