Tuesday, May 20, 2025
  • Login
GoTradingAsia
  • Awards
  • Forex
  • Crypto
  • Stocks
  • Education
  • Broker Directory
  • Contact us
No Result
View All Result
GoTradingAsia
  • Awards
  • Forex
  • Crypto
  • Stocks
  • Education
  • Broker Directory
  • Contact us
No Result
View All Result
GoTradingAsia
No Result
View All Result

4 Moves That Can Fail Your Credit Card

Lisa Ramadhani by Lisa Ramadhani
6 years ago
in Finance News
4 Moves That Can Fail Your Credit Card

Credit card rewards can be tempting, yet costly at the same time. Many people are not aware of this possibility. Most of them only focus on the possible small benefit they can gain. Thus, in order to avoid the cost here are 4 moves that can fail your credit card.

1. Looking for Cashback

According to a survey, nearly 70% of people with credit cards debt are always trying to get cashback and other perks from their cards.

These people usually are aware that they are carrying a balance that cost them interest. The simple math for that is 2% cashback on a 17% interest rate is a losing proposition.

Also read: 6 Basic Mistakes of Using Credit Cards

RelatedArticle

How Distrust in Banks is Hindering the Fintech Revolution

Profits of 5 Global Banks High Despite ECB Rate Cut

Global Cryptocurrency Tax Pt. 2

Cryptocurrency Advertisements Shut Out by Bing

2. Sticking with One Type of Credit

10% of your score is about the variety of your debt. It is good for someone to have a car loan, a personal loan, a credit card, and a mortgage. Yet, he or she needs to handle them all well. Then, that person will have a higher score than someone who has just had a credit card.

That’s because lenders have more data points to pull from to make their decisions. However, you shouldn’t go out and get a loan you don’t want or need just to bump your score a bit.

Also read: Don’t Use Your Credit Card for These Transactions!

3. Paying Off an Old Debt

When an old, unpaid bill resurfaces, you maybe want to make a partial payment on it.

However, sometimes these debts are already so old they’re not legally enforceable. Besides, once the debt collector makes a record of your active payments, it’s legal in many states for the debt to be treated as new.

Therefore, the easiest thing to do, she said, is to pay off the balance completely.

4. Closing A Line of Credit

After you’ve paid off a credit card, you might want to close the line of credit.

However, you need to keep in mind that doing so will lower your overall credit limit. Consequently, that may increase your utilization rate (how much credit you’re using versus what’s available to you).

Often people with credit scores above 800 commonly maintain a credit ratio below 10%. Thus, to offset the smaller credit limit, you should have a strategy for paying down the remaining balances as quickly as possible. Other than that, you need to also bring the utilization ratio back within an acceptable range.

Tags: Credit cardsfailurefinanceMoves
Lisa Ramadhani

Lisa Ramadhani

Reading and travelling bring us the opportunities to understand the complexity of this world.

Related Posts

How Distrust in Banks is Hindering the Fintech Revolution

role of fintech in transforming financial services, over-trading biggest mistake. distrust in banks hindering fintech
by oney
October 23, 2024

Introduction The fintech revolution promised to transform the financial industry, offering innovative solutions and improved access to financial services. However,...

Read more

Profits of 5 Global Banks High Despite ECB Rate Cut

central bank policy decisions, profits of global banks
by oney
October 22, 2024

Introduction Despite the recent rate cut by the European Central Bank (ECB), the profits of five major global banks are...

Read more

Global Cryptocurrency Tax Pt. 2

role of stablecoins in the crypto ecosystem, diversify your crypto portfolio, how to use a Forex economic calendar. Cryptocurrency Advertisement tax global
by oney
October 5, 2024

After the crypto tax system in South Korea, US. and UK. in the first part of this article, here are the taxes...

Read more

Cryptocurrency Advertisements Shut Out by Bing

role of stablecoins in the crypto ecosystem, diversify your crypto portfolio, how to use a Forex economic calendar. Cryptocurrency Advertisement tax global
by oney
October 3, 2024

Microsoft’s search engine platform, Bing, on January 25, 2019, said it had blocked more than 5 million cryptocurrency advertisements. Before...

Read more
Load More
Next Post

3 Ways to Generate Leads for Your Business through Social Media

Trending Issues

  • Cristiano Ronaldo makes Coca-Cola losing millions businesses

    Cristiano Ronaldo and His 6 Successful Businesses

    0 shares
    Share 0 Tweet 0
  • List of Countries in The World That Banned Bitcoin

    0 shares
    Share 0 Tweet 0
  • Shein Pursues IPO in U.S. Stock Market

    0 shares
    Share 0 Tweet 0
  • Understanding Right Hand Side in the Forex Market

    0 shares
    Share 0 Tweet 0
  • Ola Cabs’ Strategy of Multiple Acquisitions

    0 shares
    Share 0 Tweet 0

Get the latest market news and trading tips to your inbox daily, subscribe now !

Topic

  • Asia News
  • Asia Trade
  • Bonus+Promotions
  • Broker News
  • Business News
  • Cryptocurrency
  • Currency Analysis
  • Finance News
  • Forex & Market
  • Forex Tips
  • Hot News
  • Investment Tips
  • Learn to Trade
  • Market Analysis
  • Politics Issue
  • Reviews
  • Social Media
  • Stock Analysis
  • Stock Market
  • Stock Trading Tips
  • Technical Analysis
  • Tips
  • trading strategy
Go Trading Asia

Go Trading Asia covers the latest in Business and Economic News and Market Analysis, with the aim of Providing Readers with the knowledge and tools to make better informed financial decisions.

  • Contact us
  • Privacy Policy
  • Disclaimer

© 2021 Go Trading Asia.

No Result
View All Result
  • Awards
  • Forex
  • Crypto
  • Stocks
  • Education
  • Broker Directory
  • Contact us

© 2021 Go Trading Asia.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In