Common Mistakes Parents Make When Using Cash Back Credit Cards
Common Mistakes Parents Make When Using Cash Back Credit Cards
It's easy to fall into certain credit card traps as a parent. Read on to learn about three you should avoid.
1. Chasing sign-up bonuses
Kids require a lot of stuff. Be careful about going after sign-up bonuses on cash back cards. Don't spend more than needed to meet bonus requirements.
2. Charging child care expenses on a card for the cash back
Many child care centers impose fees for credit card payments that may exceed cash back rewards. Read the fine print before using your card to pay for child care.
3. Only making minimum payments on your credit cards
Avoid only making minimum payments to prevent accruing high interest and damaging your credit score. Use cash back rewards to pay off balances and avoid interest charges.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.