Never Fall Prey To These 9 Cash Back Credit Card Traps
Bangalore: The allure of “free” money is the most attractive aspect for many customers to buy cash back credit cards. A smart use of these credit cards can serve you as a source of good monthly bonus that would help you in paying bills and saving additional money.
However there are few credit cards mistakes that most of you commit. Luke Landes of Consumerism Commentary has listed some of the cash back credit card traps that must be avoided.
1. Credit Card Users Spend More
People who have credit card tend to spend more money than those who don’t. The act of paying bills though cash could be a deliberate activity, but when you see a bunch of money being spent it has a psychological effect.
It is not the same when one tries to pay through credit cards. Credit cards that come with rewards program like cash back encourage higher spending, because that cash back is seen as a reward and can be maximized by spending more.
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