Tips for responsible credit card use on Black Friday
Planning to shop this Black Friday? Here are some tips to help keep your credit in check while you're shopping for deals. Remember to do your research in advance and shop for the final price, not the savings.
- Keep your balances below 50% of your available credit limit.
Stay on top of your spending and keep your balance below 50% of your limit. For example, if you have a credit limit of $2,000, try and keep your balance under $1,000. Your level of indebtedness makes up about 30% of your credit score.
- Take advantage of 21 days of grace.
For purchases that appear on your enviro™ Visa* card statement for the first time, you will not be charged interest if you pay the balance in full by the payment due date. If you don’t, interest will be charged on the full amount owing starting from the original transaction date. So take advantage of the those 21 days, and pay as much as you can to save yourself as much interest as possible.
- Find out how long it will take you to pay off your balance or how much interest you’ll pay over time.
If you can’t pay off your balance in full every month, calculate how much time it will take you to pay off your existing balance and the maximum amount of interest you will pay.
- Don't miss a payment.
If possible, pay your bills on time, in full, every month. If you can’t, pay as much as you can. Set up an auto-pay from your bank account to ensure you never miss a payment. Your payment history makes up about 35% of your credit score.
- Use your reward points for financial redemptions.
If you have an enviro Visa card, you can use your reward points for financial gains by making a contribution to your Vancity Jumpstart® High Interest Savings Account or investing in an RESP, TFSA, RESP or mutual funds. You can also use your reward points to pay down your Vancity enviro Visa card balance. It’s just one more way you can stay on top of your credit card payments. See your points balance on your monthly statement, My Visa Account or My Visa Rewards Plus.
- Take advantage of the perks that come with your credit card
Most items you buy with your enviro Visa card will be repaired, replaced or reimbursed in the event of theft or damage within 90 days of the purchase date. And, if you charge the full cost of an eligible product to your enviro Gold Visa card and then find it at a lower written advertised price, you’ll be reimbursed for the difference within 60 days of purchase. Total claims cannot exceed $1,000 in any calendar year.
™ enviro is a trademark of Vancouver City Savings Credit Union.
*Visa Int./Vancity, Licensed User.
Jumpstart® High Interest Savings Account is a registered trademark of Vancouver City Savings Credit Union.