Are you interested in ways to save money? Are you looking for ways to get out of debt? Do you want to be more financially stable? If so, you’re not alone, and the Money Saving Expert Credit Club may be able to help you get where you want to go with your finances. Learn how the club works and the services it offers in this detailed guide on the benefits of becoming a member.
1) Sign up for the card
Does MSE credit club affect your credit score? – The short answer is no. You shouldn’t see any changes to your credit score as a result of signing up for a MSE credit card. If you do apply and get accepted, you’ll need to use it responsibly. Try not to miss payments and always pay at least 50% of your balance by the due date (you can set up automated payments) to keep things running smoothly. Having two active accounts on one bureau will show on your credit file, but shouldn’t cause any problems provided there are no missed payments or late fees attached. How do you cancel CreditExpert?
2) Track your spending
Does MSE credit club affect your credit score? Not all websites are created equal. Read on to find out which is right for you, and how best to save money. How do you cancel CreditExpert? For most people, a subscription to a free service like Mint or Yodlee will be more than enough to track your spending and credit.
3) Use your app sparingly
Instead of using your credit monitoring app as a crutch, save it for special occasions. For example, check your credit score before applying for a car loan or mortgage to see if you’re likely to be approved. You can also use it periodically when big purchases are coming up—like if you’re planning on buying a home—to make sure that you have good credit. However, make sure that you use these kinds of apps sparingly; checking your score frequently can affect your credit in its own way. So, if possible, try not to check it more than once every few months unless there is an actual event like applying for a loan in which case you would want to check more often and only take out what is necessary.
4) Treat yourself occasionally
There’s nothing wrong with treating yourself every once in a while. One day a week, treat yourself to something you wouldn’t normally buy for yourself. If you know that you have an item on your credit card statement, treat yourself to it (within reason) before paying it off. Just make sure not to do it too often, as each purchase will hurt your credit score slightly until paid off. You also want to make sure that you aren’t spending money on anything frivolous or unnecessary; don’t spend money just because you can afford it. Make sure that whatever item you buy is going to improve your life in some way or bring greater happiness, even if only a little bit.
5) Reap the benefits of rewards points
If you love your credit card and travel frequently, you probably already enjoy your rewards program. But did you know that for just £5 a month, MSE’s CreditExpert can help protect your scores from going down because of missed payments? And unlike other leading credit protection products, there’s no need to cancel when you no longer need it – in fact, we encourage our members to keep using it! There are two ways to get coverage: via your monthly card payment or a direct debit from your bank account. Both options cover up to £2m of unsecured debt (which includes credit cards) and ensure one monthly bill is paid on time each month without further intervention required. Click here for more information.
6) Avoid cash withdrawals from your credit card
Instead of withdrawing cash from an ATM, use your credit card to make purchases and pay off your balance in full each month. This reduces your interest charges because you’ll be avoiding cash advances altogether. Just remember to pay off your card before interest kicks in (typically after 21 days). Otherwise, it can cost you a fortune in late fees. To save even more money, sign up for a rewards credit card that gives you a few points on every dollar spent and redeem those points for cash back or airline miles.
7) Don’t get carried away by perks
It’s nice to have money-saving expert credit club to fall back on, but it won’t offer any real value until you use it. If you don’t need it, then don’t get carried away by perks – there are always plenty of credit cards out there without any strings attached. Remember: The biggest perk is knowing that you won’t be racking up debt when a cash flow crisis hits.