How To Use Your Credit Card Properly

You have a credit card to build your credit, GREAT! Now what? It is important to know how to use it properly so you can increase your score without experiencing penalties. It's very easy to see a credit card as extra money when it's really not.
  1. Use 30% of your limit. THIS IS KEY. My score has decreased because I've been going over this.
  2. Pay a little bit more than your amount due.
  3. Know your due date and cycle date (due date is when your payment is due. Cycle date is when your statement comes out, usually 5 days after your due date).
  4. Make multiple payments per month: one per paycheck at least.
  5. Monitor your credit score.
What I use it for: 
  1. Small purchases like Dollarama or Shopper's 
  2. Certain online purchases
  3. Lunch or dinner dates
  4. Odds and ends

Your credit card is not for shopping sprees. You really need to have discipline to consistently raise your credit score. I check my Capital One app multiple times a week and I haven't missed a payment in a year. If you have any questions, let me know.

All love, always, Shay.💛

Instagram: @financefortheculture

Email: financesfortheculture@gmail.com

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