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Credit cards: use these tools wisely
Credit cards can be friends or foes, depending on whether you use them wisely or impulsively.
Used wisely, a credit card can be your ally
Being careful and thinking ahead is the right attitude to have when using credit.
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How you can make credit work for you |
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Build a good credit report |
If you pay for your purchases with a credit card, pay your balance in full each month. You'll build a good credit report, which will come in handy later when the time comes to borrow a more substantial
amount, such as to buy a home, for example. To find out more, see Your credit rating.
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Pay for unexpected expenses |
Be sure to pay your credit card balance in full each month to avoid paying interest charges. There is, however, an even better way to pay for unexpected expenses: you can save up for an emergency fund. |
Reserve or rent goods and services |
Credit cards can come in handy if you need to rent a car or reserve show tickets. However, the same rule applies when it comes to paying your card balance: pay it in full by your statement due date.
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Accumulate reward points |
Some credit cards give you reward points when you use it to buy goods and services and when you take out an RRSP. Desjardins cards, for example, give you BONUSDOLLARS. Find out more about the Desjardins BONUSDOLLARS Rewards Program. |
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Used impulsively, credit cards can harm you
If you consider your credit card as part of your available income and use when you need extra cash, watch out!
By doing so, you are artificially inflating your income and deceiving yourself about how much you really make.
To help you see more clearly into the situation, Desjardins has a section for you about budgets.
The next step
See Pay off your debts.
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Select the right card for you Find the card best suited to your needs and budget. |
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 At the caisse
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Money question
Do you think you use credit well?