What’s your spending personality?
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What kind of spender are you? What’s your relationship status with the plastic in your wallet? You might be able to save yourself money and aggravation by better understanding your spender personality and how you typically approach credit cards, spending, and making payments.
Keep ahead of the game by knowing your strengths and challenges!
Find your personality
You’re the kind of credit card user who makes the most out of all your points and rewards. You use your credit card for just about everything, and you pay it off in full every month. You’re looking good, but be careful not to overspend.
You break out in hives when money is brought up in conversation. Maybe you avoid using your credit, and thereby establishing credit, or perhaps you avoid payment due dates.
Be careful. Avoiding payment due dates could mean a late fee and impact your credit score. You can also get close or go over your limit without even knowing it. If this is your spending type, check out why making your credit card payment early is a good idea.
The Big Spender
Do you see something you want and just go for it? You get approved for a credit card and BAM, you buy a big ticket item? Slow your roll. Think about whether you can afford the item or if you have room on your card for it.
Your capacity, or debt-to-income ratio, is one of the five things lenders look at before giving a loan. If you have to ask yourself that last part, you might not want to buy it. You’ll have to pay it off eventually, right?
The First Timer
Is this your first credit card or one of your firsts? Welcome to credit! Go ahead and take a look at what you want to use your credit card for and think smart. Don’t overspend — even if you are mighty tempted to do so. Go slowly and start building your good credit.
Hey, this is one of the reasons for having a credit card. You make a purchase and you can’t pay the full balance when your credit card statement comes in the mail. That’s OK! You’re all good.
Make the payment on time and you keep going until your balance is at a comfortable level. We’re betting you have good credit, and, therefore a good interest rate. Smart move.
It’s all about the bonus, the lowest interest rate, the zero interest for six months, or whatever great deal you see. We get it. The temptation is strong. And while you might be saving yourself some money, take a look at how you might be impacting your credit score.
Do you have too many cards open? Too much potential debt? Are you racking up balance transfer fees? Is closing accounts hitting your score where it counts? If you’re going to make a move, just be cautious.
Whatever your personality make sure to...
Remember to make your monthly payment, treat your credit the way it deserves to be treated, and live within your means. Make sure your credit card is the right one for you and check out the cards Numerica offers in our fantastic plastic. Maybe you need to talk more about your spender behavior? We’re here to help with that too.