Like an athlete at the top of their game, forming good spending habits and staying on track requires training. We all have different strengths and when it comes to having a credit card, being able to recognise potential pitfalls will make it easier to avoid issues and have you finishing a winner. Feeling secure and confident in your ability to be a credit card olympian, will help you make even better choices and achieve financial gold.
Track your expenses
Staying on top of your spending is a really important skill to managing your credit card. Check your statement online or through your app a few times a month, use a budget and be strict with the type of purchases you outlined for the card originally, this way you’ll avoid any unwelcome surprises.
Pay your statement on time, every time. Setting up reminders is a great way to stay on top. With our Orange One card, you can set a pre-bill reminder to give you a heads up when your bill is due. Your repayments will also be automatic so you’ll never miss a repayment. It’ll come straight from your preassigned Orange Everyday, Saving Maximiser or other eligible ING Direct accounts.
When it comes to credit, knowing what it is and how to avoid forming overzealous spending habits is imperative. Treated right, credit can be your friend as using it in the short term can help you manage your spend and outgoings in order to meet your commitments. A key thing to keep on top of is interest. If you miss a payment, interest can build up which means it could cost you more. But we know our ING customers are ahead of the pack, so put aside a portion of your pay as a safety net to keep you ahead of the curve.
Have a game plan
Setting clear financial goals each month is the best way to achieve success. Without a destination, it’s hard to stay motivated to reach the finish line. A credit card can be a key weapon in your financial team, so work out ahead of time what you will and won’t use it for. Your goals will evolve over time but stay on top by checking in often and staying dedicated to achieving your financial best!
By keeping these credit card best practices in mind, you’ll be the Usain Bolt of personal finance in no time flat.