How to Shop Responsibly for Holidays with Credit Cards

Balance Transfer Credit Card Offers

Credit cards are one of the reasons people overspend. Not paying hard cash usually makes people not feel like they are spending any money. Buying things for others is another reason why people overspend. It is easier to buy expensive things for people we love than ourselves. We want to make them happy, we want them to have the best of everything, and the combination of credit cards and these feelings mean that we throw our budgets out of the window.

When you start seeing your credit cards as financial tools that can help you save money as well as spend it, you will start benefitting more.

Create a Credit Budget for Holiday Shopping

Because you are not spending the money you have, it is easy to overlook your budget, but, having a budget is the key to spending mindfully. When you just go on spending, you will eventually max out your card, this will then harm your overall credit score.

As adults, we know how important a credit score is to make meaningful financial transactions and investments. You don’t want to toss it off while shopping on the sale adrenaline.

Approaching your credit card limit, maxing out the card, and even after that chances are that you will carry a balance. You will spend months after the holidays paying off the interest rates. Make a budget, keep your balances low, save on interest charges, and stay on budget.

Keep an Eye Out for Bank Deals

Now that you know that you will have to be mindful of your spending, being aware of deals for credit cards is another way of saving some money. Many banks have special deals and reward multipliers for their credit cardholders. 

Many businesses support the extra discount that certain credit cardholders receive. You can check for special deals for the bank’s card you have. Do that by checking your bank’s websites, mobile apps, promotional material, etc.

Not only discounts and rewards, when you use your card for online banking, you also have a chance to get cashback. So, instead of going into debt, you can actually save money on your purchases.

Final Thoughts

The secret to shopping responsibly for holidays with your credit cards includes a combination of planning and research. You have to put in the effort to do these things and that will help you be wise about your purchases.

List down all the saving programs and perks that your card issuer offers and cross-check it with the things you want to purchase. This will help you make the best of what is offered to you. If your card issuer can’t come up with reasonable offers, then the best thing to do is replace them with one who can. You will also get lucrative sign-up bonuses, which is an additional win.

Also Read- Steps To Improve Your Credit Score

6 Things to Look for Before Investing in an ICO

Option trading

An Initial Coin Offering (ICO) is a fundraising means – a form of crowdfunding activity – in which a company attracts investors. Firms partaking in this issue digital “coins” or “tokens” in return for a payment from the investors.

An ICO is very similar to an IPO; if you understand one, you can easily understand the other. The main and the only difference is that instead of selling shares in the company, startup companies using ICO to sell crypto-coins in exchange for money.

1. Understand the Team

You have to try to find out everything you can on the team behind the ICO. The more difficult it is to get information on them, the more suspicious the ICO. Try googling team members individually, see what kind of projects they have been involved in previously, what their experience is in other crypto-centric projects, and what kind of impact they have made on that project.

2. Usage of Funds

You must also look for information on how the funds will be used. Reputable cryptocurrency companies will present a detailed list of projected expenses. In contrast, a company that is seeking to defraud investors will never reveal details about how they plan on using the funds. And even if they provide the details, it would be too vague.  

3. Community Feedback 

ICOs will be announced on community forums whose members will include a large number of cryptocurrency enthusiasts and investors. You should look at how the members respond to the news. Are they excited? Or are they not even bothered? 

A lack of interest is usually a sign that the company will not meet with any initial success. Visit the social media pages of the company and look at how people are responding. Now, be wary of fake comments and responses which will try to make the ICO look like a once-in-a-lifetime opportunity.   

4. VC Interest

Venture capitalists are famous for lending their support for bright prospects quite early on. You will (or should) have access to the names of prominent investors on the company website. If you have some well-known names listed out, it gives you some reassurance about the project’s viability.

5. The Cap

When the whole crypto ICO wave began to take the world by storm, you really couldn’t make out the difference between an open or hard cap since the demand level was crazy.

An open cap simply means that investors are allowed to send an unlimited amount of funding to the project and get the corresponding investment value through a high number of tokens.

The downside of this is that it pulls the value of the token down south. When you have too many tokens in circulation, your token deteriorates in value owing to the fact that there’s less demand for it.

6. Beta Preview 

Find out whether the company is offering a beta preview of the coin. It can be anything from a full-fledged beta client that you can download and test, to a simple YouTube video that shows the current stage of coin development. 

Whatever it may be, a brief glimpse of the product is a good sign since it shows that the company is actually developing something and not just talking about a plan for a coin.

Final Thoughts

Investors who are looking for the next big crypto score are attracted by the companies by releasing their own digital currency in exchange for a crypto-coin or fiat currency. Being an investor, you need to be careful that you aren’t just falling for shiny promises.