As a friend of Credit Union marketers, I’ve been trying to share information that I think your members will appreciate. Information that will make their lives better. Information that will make them glad they’re a member of your CU.
Following are a few credit card tips from msnbc.com that might look great as web graphics on your site.
Things NEVER to put on your credit card, no matter how tempted you might be, unless you can pay it off immediately:
- Your IRS tax bill. Especially if it’s a big one. You’ll also be hit with a 2% processing fee. The better alternative? The IRS will set up a payment schedule for you with a much smaller interest rate (less than 5%) than your credit card probably offers.
- A gambling spree. Yeah, you’re in a slump in Vegas and a small infusion of cash will surely change your luck. They’ll even process your card for you right at the blackjack table. The interest rate on cash advances is often upward of 30% so it’s much wiser to A) get help for your gambling problem or B) gamble online without real money.
- Junior’s college tuition. Unless you can pay it off in full in three months, this is usually far too large an expense to stick on your credit card. Instead, look for grants, scholarships and student loans. Just be careful and make sure you have a repayment plan in place for those loans.
- A facelift. Or any other kind of plastic surgery. The desire to be beautiful is a strong one but it can also add up quickly and plunge you into debt. And most of these procedures are vanity projects anyway. This should be seen as a luxury item and saved for (or skipped altogether!).
- Your dream wedding. It’s not a good idea to start your married life with a huge credit card bill for the wedding and honeymoon. They may be once-in-a-lifetime events, but that doesn’t mean that you should be paying for them for the rest of your lives together. Stop and think about what’s really important; focus on the meaning rather than the material for a truly memorable wedding.
- A trip to Tahiti. We all deserve a nice vacation now and then and when it’s the middle of February and you just can’t stand to look at another pile of snow, you may be tempted to book a trip and pay for it with your plastic. Big mistake! This can end up being a week of fun with years of paying for it, not to mention all the accruing interest. As with other luxury purchases, it’s best to try to put aside money every month until you have enough saved to pay for your trip with cash.
Again, please share these tips with your members. Consider it your good deed for the day.
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