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Credit Cards: How to Use Them Wisely in the COVID-19 Pandemic Era

There’s no doubt that the current pandemic is challenging all of us, and many people are experiencing financial hardships. However, the more you can do now to set yourself up for success in the future, the better off you’ll be. You may not realize it, but there are actually ways to go about using your credit cards during this time that will ultimately help you out down the road.

Try to Defer Payments

Depending on your line of credit, some banks are offering credit card holders the option to defer or delay payments to a later date in light of the pandemic. Check your bank’s website or mobile app for more information, or you can always call and check to see if you have payment deferment available to you.

Turn Off Autopay

Turning off auto pay requires that you make payments yourself, and while this puts more responsibility on you as the cardholder to make payments on time manually and to avoid late fees, you’ll have the ability to adjust your autopay as needed. For example, you may be paying more than the minimum payment and wish to only pay the minimum, or your income might be coming in at different time and you may need to make payments earlier than your scheduled auto-pay date.  Taking your account off auto pay allows you to make the adjustments that are going to be most beneficial to you at this time.

Don’t Cancel Your Cards

Cancelling any credit card can negatively impact your credit score which in turn can impact your ability to take out a loan, finance a car, or purchase a home. If you’ve been considering cancelling one or all of your credit cards, don’t. Instead, continue to make the minimum payments for the card you wanted to cancel, or if possible, pay it off completely, but keep it open for emergencies. Using a card for small emergency purchases and paying it off right after can also increase your credit score.

Use Your Cash Back Cards

Cash back cards can be quite useful right now, and depending on the percentage you get back from your purchases, that money can really add up. If you already have cash back money available, now may be the time to use it.

Monitor Your Credit Card Spending

It’s always a good idea to monitor how, when, and where you’re spending money on your credit cards, not only for security purposes, but to keep you from accumulating debt. However, in some instances, like being in the middle of a national crisis, debt may be unavoidable for the time being. 

Look for Changes in Rewards and Benefits

Some banks and credit card companies are offering different or new rewards for cardholders that may benefit you, such as extra percentage cash back points or increased cash back for the purchase of groceries. Check with your financial institution to see if any new offerings are available or have been applied to your account. Every little bit helps!

Key Takeaways

  • Defer Payments
  • Turn Off Autopay
  • Don’t Cancel Cards
  • Use Cash Back Cards
  • Monitor Spending
  • Look for New Rewards
  • Get Debt Relief Help

Get Debt Relief Help

Credit card debt can still add up, especially during a pandemic and recession, which is why seeking debt relief is one of the best options if you’re struggling to pay off yours. PCS Debt Relief can help you with your debt settlement needs. Call (636) 209-4481 for a free consultation to get the relief you need in these trying times. A stable financial future is the goal for all of our clients!

PCS Debt Relief

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At PCS, our programs are tailored to the client’s specific financial needs. What sets us apart from our competitors is that clients see relief, before any payment is received. Our NO UP-FRONT FEE policy ensures our client’s a 100% satisfaction guarantee. We also do not charge any monthly fees or any cancellation fees. We want the client to feel comfortable during the whole process that’s why we allow them to be part of it every step of the way.

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