While paying for major events on a credit card can be the start of serious debt, it is still a convenient way to deal with all the costs that come from planning things like birthdays and weddings.
Having one payment option for an event makes it easier to keep track of expenses, manage budgets and deal with multiple charges quickly and easily.
If it is a credit card, it means you can also pay for things in a number of different ways, including:
- In person
- Over the phone
- Online
- Via direct debit
You may even be able to set up direct debit payments for long-term event planning, which could make it easier to deal with the bigger expenses like venue hire or entertainment.
On the other hand, credit cards accrue interest, which means that charging everything to one account could increase the risk of debt and add extra costs to the event.
Finding a balance between payment convenience and credit card expenses is often the hardest part about using plastic, but the following tips should help make things easier for events of any size.
Plan Ahead
Getting organized in advance makes it easier to deal with the event itself, as well as credit card management.
If you have an idea of the costs beforehand, for example, you will be able to decide whether charging them to credit or using a MasterCard or Visa debit card is a better idea.
Having a plan also gives you a chance to set funds aside for any card repayments, so that you can make the most of credit but not worry so much about interest charges.
Consider Credit Card Extras
Most credit cards now come with complimentary extras that could be a huge help when planning events.
Even something as simple as purchase protection insurance ? one of the most common extras ? could be invaluable when buying gifts or decorations because it means if anything goes wrong, you can get your money back.
Use Your Credit Card Rewards
One of the biggest benefits of using a credit card for events is that you could get a lot more points from a rewards card.
But even if you decide to only use your card sparingly, if you have a rewards option you may be able to make redemptions that save you money on the event costs.
While a lot of people think paying for everything on credit is a bad idea, there are just as many potential benefits as there are risks.
Considering all these factors ? along with the type of card you are using ? before you take action, will help you find the best way to finance any event so that you can sit back and have fun when the big day comes around.
Amy is a freelance writer and editor currently based in Australia. She has consistently written finance news and information articles for a variety of publications in Australia, Canada and the USA since 2008. Amy on Google Plus
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