While credit cards can be a useful tool, too often can people fall into the trap of an outstanding balance, or using their card too much.

The following tips will make it easier for you to stay on top of your credit card payments so that you can worry less and save more.

Pay On Time

Check when your credit card due date is and plan your spending so that you can always pay before the date. By paying before the due date, you will avoid paying interest or late payment fees but also keep your credit card score healthy.

When you have so much going on in life, it can be difficult to remember a date. Set a monthly reminder on your phone to ensure that you’re always paying on the due date.

Pay As Much As You Can Each Month

Pay the most amount of money you can for each repayment so that you pay the debt faster and save money on interest and late fees – this means paying more than the minimum amount. If you are struggling to pay the minimum amount, contact your bank or credit provider to see if you can renegotiate. You should also consider talking to a financial counsellor.

Taking action earlier rather than later will save money and prevent your debt from growing.

Cut Back On Your Credit Cards

Multiple credit cards can get overwhelming and result in you paying more than you need to. Aim to reduce the number of cards you have one at a time. You might choose to prioritise by:

• Smallest debt: Pay off the card with the least debt first and then move onto the next smallest debt.
• Highest interest rate: Pay off the card that charges the highest interest and then the one after.

Regardless of which option you choose, continue paying minimum amounts for all cards and only using one card. Once you pay off each card, remember to cancel it!

Reduce Your Credit Card Limit

The easiest way to avoid the temptation of overspending is by placing a limit on your credit card. You can do this by contacting the branch remotely or visiting in person and it takes at most, 2 business days.

Remember that you don’t have to settle on a bad credit card deal. If you realise that your bank is being unfair, or charging too much compared to other banks, make sure you get in touch with them to try and get the best deal for you.