10 Items Under $10 You Should Always Use Your Credit Card to Pay For

Admit it: You sometimes feel silly paying for a small purchase with your credit card. After all, it just doesn’t seem sensible to use plastic for a $2 coffee or a $5 magazine.

But the truth is that there are 10 purchases under $10 that you should always use your credit card to pay for. Check out our list below for more details; if you can think of others, let us know in the comments below!

1. Your daily latte

There are lots of credit cards out there that give extra rewards points for dollars spent on dining out, and many people mistakenly believe that only sit-down establishments count. But usually, any purchase from a retailer coded as a restaurant will score you extra rewards – this normally includes coffee shops and fast-food joints in addition to fine dining. If you’re paying for your daily coffee in cash, you might be missing out!

2. Meals while you’re traveling for work

Grabbing a bagel or a sandwich while you’re on your way to an out-of-town business meeting might not seem like the right time to swipe. But if you plan to expense those meals, you should. Keeping track of receipts can be difficult, so just in case you lose one, having a credit card statement to fall back on is helpful.

3. Taxi fare

If you have a card that provides extra rewards on travel, there’s a good chance that taxis count as a travel purchase. Check your specific card’s terms and conditions, but again, don’t miss out on the opportunity to earn extra points or miles!

4. Chewing gum/candy

Chewing gum and candy are the ultimate impulse purchases. If you’re using cash, it’s easy to forget about them. But if you pay with credit, you’ll be confronted with your mindless spending every time you review your monthly statement. This is a good way to hold yourself accountable!

5. Home office supplies

If you work from home, make sure that the staplers and paperclips you’re purchasing for work are going on a credit card. Since these expenses may be tax deductible, you’ll want a record (in addition to the receipts) of your spending.

6. Your daily newspaper

“Newspaper” is really just a stand-in for any small purchase you regularly make. All of these spends should go on your card because the rewards you’ll earn on them will really add up over time.

7. Music downloads

Using a credit card for music downloads is preferable over using debit. If you accidentally purchase songs that you don’t want with a debit, the money will immediately disappear from your checking account and you’ll have to wait to get it back. With a credit card, no funds are deducted from your bank account and the process for getting a refund couldn’t be smoother.

8. Medical co-pays

A doctor’s office is a busy place, so sometimes there’s confusion about whether you’ve paid your co-pay or not. Putting it on a credit card will guarantee that you have proof of payment; this strategy has worked more than once for one of the Nerds!

9. Parking meter payments

If you have the option to pay with your credit card at a parking meter, you should. This way, you’ll have enough to pay for the amount of time you need without having to root around for change. There’s nothing worse than getting hit with a $50 parking ticket because you couldn’t find a spare quarter!

10. Recurring monthly subscriptions

If you’ve gotten hit with a charge for a recurring subscription you thought you canceled, going through your credit card company’s dispute channels might get it reversed. In fact, one issuer is even piloting a program to alert customers to these types of charges. This is just one more reason credit is the Nerds’ plastic of choice!

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I’m Single – Are There Any Credit Concerns I Should Be Aware Of?

Being single definitely has its benefits; after all, who really wants to argue about whose turn it is to take out the garbage?

But many singles worry about the financial implications of choosing not to partner off. Specifically, you might be wondering if there are any credit concerns you should be aware of. If so, take a look at the details below!

Marital status isn’t factored into your credit score

First, let’s review how your marital status is factored into your credit score. In short: It isn’t.

Your credit report (which is used to create your credit score) lists a lot of your identifying information. For example, your name, date of birth, Social Security number and current and past addresses are included. But other personal characteristics, such as your gender, religion and marital status aren’t. This means that these attributes don’t influence your credit score in any way.

All this is to say that being single has no direct effect on your credit score.

Single ladies – know your rights

It’s also worth pointing out that when you’re applying for a loan, your lender isn’t allowed to deny you credit because of your marital status. According to the Equal Credit Opportunity Act (ECOA) of 1974, banks can’t discriminate against borrowers because of their race, religion, age, marital status, gender or national origin.

This legislation was a major victory for the Women’s Right’s movement of the 1970s. Prior to the ECOA, single women were routinely denied credit even if they had the financial capacity to pay on it. This largely stemmed from sexist attitudes about women and money.

Luckily, we’ve come a long way since then – according to a Huffington Post report, in 2012 single women made of 18% of homeowners. This means that single women are accessing mortgages in numbers that probably wouldn’t have been possible before the ECOA.

Remember, you have only yourself to rely on

While it’s true that being single doesn’t affect your credit score or your ability to get a loan, it’s important to remember that bachelors and bachelorettes have only themselves to rely on when it comes to credit. This isn’t necessarily a bad thing, but it does add an extra layer of importance to taking your finances (particularly your credit score) seriously.

For instance, if one member of a married couple has poor credit, the other member might have a high enough score to qualify for a loan anyway. But singles don’t have this luxury, which means it’s essential to pay special attention to keeping your credit in solid shape.

Not sure what steps you should be taking to make sure your score is in good condition? Take a look at the Nerds’ top tips below:

• Pay your bills on time – no exceptions! This is the most important thing you can do to build and maintain good credit.


• Keep your credit card balances low. Specifically, don’t let your balance exceed 30% of your available credit on any card at any time.


• Establish credit as soon as you can. This is most easily accomplished by using a credit card consistently and responsibly.


• Only apply for credit you really need, and be sure to put a few months of space between hard inquiries.


• Review your credit reports at least once per year to make sure that the information is accurate.

The takeaway: Being single doesn’t have any direct impact on your credit, but it does mean that you should be extra vigilant about holding onto a good score. Don’t worry – with the Nerds in your corner, you have all the tools you need to make it happen!

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The Benefits of Memorizing Your Credit Card Number

If you thought your memorizing days were over when you finished your final exams in college, you thought wrong. As an adult, there are several numbers you should store in your brain — one of which may be your credit card number. Here are the benefits to memorizing your card number and a warning for our online shopping loving friends.

The benefits of memorizing your credit card number

You’ve memorized your phone number and Social Security number, but do you know the 15-16 digits emblazoned on your favorite credit card? Here’s why you may want to memorize them:

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  Reporting your card lost or stolen. When you call your card issuer, an electronic voice asks you for your card number before you’re transferred to a customer service representative. Since you won’t have your card in front of you, this will be made infinitely easier if you’ve memorized your card number. Otherwise, you’ll be stuck exasperatedly jabbing the “0” key trying to get an operator while the aforementioned electronic voice informs you that your card number hasn’t been input correctly.

  
  


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  Making a purchase on the fly. If you don’t have your card on hand, but want to make an online purchase, knowing your card number helps. You may also be able to load certain rewards gift cards — like your Starbucks card — on the go.

  
  


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  Ordering takeout during your commute. If you’re jonesing for Thai food and want it to be there shortly after you get home, you can recite your number without digging out your card on the road. Yellow curry and a safe drive? Win, win!

  
  

Online shopping addicts, beware!

Of course, there are drawbacks to memorizing your credit card number. Picture it: You’re on your way to work on a Monday morning. The bus is packed, so you’re holding onto the pole with one hand while skipping songs on Spotify with the other. Your iPhone chirps to alert you to an email. And look at that, J.Crew has a sale!

Without the memorization of your credit card number, you’d have to wait until you got into the office to buy that maxi dress and those cute metallic sandals. But since it’s stored in your brain, you can purchase them immediately, one-handed, without a second thought. Before you can say “buyer’s remorse,” you’ll have a shipping confirmation in your inbox and a balance on your credit card.

Online shopping fiends, especially those who receive sale emails, may want to avoid memorizing their credit card digits. No good can come from being able to spend to your heart’s content on the spot. In fact, you may want unsubscribe from those sale emails altogether — there will be another sale, I promise.

What exactly should I memorize?

Besides your actual credit card number, you should memorize your expiration date and CVV number. You’ll also need to know your billing address, which should be your current address if kept up to date. If these addresses differ, login to your online account and update your address right away.

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How to Avoid 5 Different Credit Card Fees

Getting hit with credit card fees is no fun, especially if you’ve been doing your best to avoid them. Talk about frustrating!

If this sounds familiar, take a look at the details below – the Nerds have some tips for shaking 5 common credit card fees.

1. Late fees

If late fees are a scourge you can’t seem to avoid, it’s time to get serious about setting up reminders to pay your bill by its due date. There are a few ways you can go about this:

• Sign up for text or email alerts with your credit card issuer; usually, you can arrange to have a message sent when your bill comes out and when it’s due.


• Set calendar alerts in your smartphone.


• Write your credit card bill’s due dates in your planner or paper calendar.

If you’re really forgetful, it might be wise to use all three of the strategies above.

Also remember that most credit card issuers will allow you to change your billing cycle so that your payment due date comes at a time of month that’s convenient for you. If the reason you’re paying late is because your billing date doesn’t coincide with your paycheck schedule, shifting things around might be a good option.

If all else fails, you could also switch to a card that doesn’t charge late fees.

2. Foreign transaction fees

If you frequently travel abroad or shop online at overseas retailers, you might be racking up big bucks in foreign transaction fees. If you’re not familiar with how foreign transaction fees work, it goes something like this: When you make a purchase with your card at a non-U.S. merchant, your credit card issuer charges a fee, usually 3% of the price of the item. That might not sound like much, but it can really add up over time.

Luckily, there are a lot of credit cards out there that don’t charge foreign transaction fees. Consequently, the easiest way to dodge this fee is to apply for a card that waives the fee and use it whenever you’re making a purchase from a retailer that’s not based in the United States.

3. Cash advance fees

If you’re regularly using your credit card to access cash, you’re likely getting hit with hefty cash advance fees. Most issuers charge 2%-5% of the advance in the form of fees, which certainly isn’t chump change if you’re in the bad habit of tapping your card for dough.

The best thing to do to avoid cash advance fees is to use your debit card when you need cash. Even if you use it at an out-of-network ATM, the fees are usually much lower than they would be with a cash advance from your credit card.

If you’re avoiding using debit because your checking account is running dry, it might be time to reevaluate how you’re managing your money. Taking a cash advance from your credit card should be a last resort in an extreme emergency; if you’re using them regularly, go back to your budget to figure out what’s going on.

4. Annual fees

Sometimes people sign on to a credit card that charges an annual fee without realizing they’ve done so. If you find yourself in this situation and are uncomfortable with the fee, you have a few options. You can try to get in touch with your issuer to see if they’ll convert you to another, annual-fee-free version of the card you have. This is a good idea if you’re generally happy with the card, but don’t want to pay a yearly charge to keep it open.

Another alternative is to close the card that’s charging the annual fee and open a new card that doesn’t. Be careful, though — this move could ding your credit score. If you decide to go this route, be sure to follow the proper steps for closing a card.

5. Overlimit fees

Overlimit fees are charged when you exceed your credit limit. According to the CARD Act, issuers aren’t permitted to automatically let you go over your limit and charge you this fee; you have to opt in to be allowed to exceed your credit line. If you’re getting hit with overlimit fees, it’s time to get in touch with your credit card company to see what’s going on. If you accidentally opted in, let them know that this was a mistake and take steps to have it corrected.

But also keep in mind that if you’re habitually maxing out your card you’re probably doing damage to your credit score. Try to keep from exceeding 30% of your available credit, if possible.

The bottom line: Credit card fees are a nuisance, so use the Nerds’ tips above to avoid them!

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I Have Great Credit But Didn’t Get Approved for a Loan – What’s Up?

If you’re in the market for a loan, you’ve probably spent a lot of time and energy on improving your credit. This is a wise move, because your credit score is one of the major factors banks consider when deciding whether or not to lend to you.

However, it’s not the only factor. If you have great credit but still got denied for a loan, here are three possible reasons:

1. Your income is too low for the amount you want to borrow

If you’re trying to get a mortgage, you probably noticed that your potential lender is gathering a lot of financial information about you. One data point they’re particularly interested in is your income; they need it to calculate your housing expense ratio to be sure that your monthly mortgage payments will be affordable.

The housing expense ratio is determined by a simple math problem: monthly mortgage payment (including taxes and insurance) divided by your gross monthly income. Let’s use the following as an example: You’re a prospective homeowner making $50,000 per year. You’re interested in a home with a monthly payment that would add up to $1,000:

$50,000/12 = $4,166.67 (this is your gross monthly income)

1,000/4,166.67 = 24% (this is your housing expense ratio)

Usually, lenders like to see a borrower’s housing expense ratio fall below 28%. If you’re looking at a home that costs too much relative to what you’re making, your lender could deny you the loan.

To solve this problem, take a hard look at the income you reported to your lender – does it include what you’re making from your side business or extra job? If not, speak up; all sources of income are considered. Alternatively, you might need to adjust your home search to places that are a bit less expensive.

2. Your debt-to-income ratio is too high

When you’re applying for any type of loan, your bank is going to carefully examine your debt-to-income ratio (DTI). This is a measure of how much you’re paying out in monthly obligations relative to your income. To figure out your DTI, simply add up your monthly payments (including rent or mortgage, auto loan, minimum credit card and student loan payments) and divide by your gross monthly income.

Let’s use the following as an example: You’re making $50,000 per year. Your monthly payments include a $1,000 mortgage payment, a $250 car loan payment, and a $250 student loan payment.

$1,000+$250+$250 = $1,500 (this is the total of your monthly obligations)

$50,000/12 = $4,166.67 (this is your gross monthly income)

$1,500/$4,166.67 = 35.9% (this is your DTI)

In general, lenders like to see a total DTI of 36% or less. If your DTI is higher (or taking on a new loan will push you above the 36% threshold) you could be denied a loan. This is because banks tend to view borrowers with a DTI of 36% or higher as a risk; too many obligations means that you might be in over your head and might miss payments.

To reduce your DTI, consider paying off some of your existing debt. This will make the loan application process much smoother.

3. You’re self-employed or make an irregular income

Most banks like to see a strong history of income and employment before granting a loan; this is especially true if you’re shopping for a mortgage. If you have a traditional office job, this might not be a problem. But for folks who are self-employed or have an irregular income, qualifying can be more difficult.

Again, lenders don’t like making risky loans. Even if you have a great history with paying your bills on time and in full, if the bank thinks there’s a likelihood that you could lose your income, you might get denied.

In this case, your best offense is a good defense. Keep meticulous records of your income and employment history, and be prepared to turn over lots of tax documents to prove you’re a good earner. If you’re trying to purchase a home, offering a big down payment might also help to grease the wheels.

The bottom line: Besides your credit score, there are lots of factors that banks look at when they’re deciding whether or not to lend to you. If you are denied a loan, communicate with the lender to determine why. Then get to work with the Nerds’ tips above!

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5 Things Keeping You in Credit Card Debt and How to Get Past Them

The average indebted American household is carrying credit card debt of $15,191 as of April 2014. I’d also venture to say the average indebted American household wishes it was carrying $0 in credit card debt. Here are a few reasons why you’re still in debt even though you don’t want to be.

#1. Lifestyle inflation

When you transitioned from broke college kid to less-broke entry-level professional, you probably started spending more money. You tossed your futon in favor of a real mattress, you started buying groceries instead of seeking out free food at campus events, and you decided that forgoing the dentist to save some cash is silly. And there’s nothing wrong with that, right? Right.

But then you got a raise. And you realized that mattress could be plusher, those groceries could be organic, and Invisalign would make your teeth look better. This is called lifestyle inflation — or the tendency to spend more as you earn more. Once again, there isn’t anything wrong with this, as long as you are also saving more as you earn more. The problem is when credit cards are supplementing this inflation.

Let’s say you started using a credit card for vacations when you got your first job. You never miss a payment, but you only make the minimums. Then, your income goes up and your issuer raises your limit. If you then choose to upgrade your vacations, but continue to make only the minimum payment, your credit card debt increases as your income does, keeping you in debt.

Solution: If your credit card debt is rising as your income goes up, you aren’t making any progress. Use your next raise to put extra toward your credit card debt until it’s paid off instead of upgrading your lifestyle.

#2. Living in a high cost of living area

As a general rule, the more desirable an area, the higher the cost of living is in that area. If you’re only able to pay your living expenses and minimum payments on your credit cards, you will be stuck in debt for the foreseeable future.

Solution: The obvious solution: move to a lower cost of living area. However, this may be undesirable if you have a job you enjoy or family nearby your current home. The other option is to make more or spend less. Living in a high cost of living region means you’ll have to sacrifice financially in other areas, so decide what’s more important to you — your location or something else.

#3. Anticipating a higher future salary … and spending like you have it

In college, you likely took out extra student loans because you expected a great salary upon graduation. Then, you got your first job and “invested” in a killer wardrobe in order to dress for the job you want. As you continue to move up the income totem pole, if you’re spending like you’re earning money one tier up, you’re going to stay in debt. It’s simple math — spending more than you’re making creates a deficit.

Solution: Spend no more than what you’re making right now. In fact, spend less —you should save a portion of your income and pay off existing debt. You’ll probably make more money in the future, but don’t spend it until you have it.

#4. Debt? What debt?

Debt denial — or the ostrich approach to credit card debt — will keep you in debt forever. Because you don’t really know or care how much debt you have, you can’t eradicate it.

Solution: Open your bills, list out your debts and start paying them off. Ignorance may be bliss, but it’s also really expensive — possibly costing you thousands in interest and fees. The only way to get rid of debt is to face it.

#5. Failing to plan

You’ve likely heard the saying “failing to plan is planning to fail,” and that’s definitely the case for paying off credit card debt. You need to create a plan that enables you to pay more than the minimums each month.

Solution: Here’s how to make a debt payoff plan in four simple steps:

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  Write down your debt balances and interest rates.

  
  


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  Prioritize them from highest interest rate to lowest.

  
  


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  Make minimum payments on all of your debts except for the highest interest rate debt — throw your extra money here.

  
  


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  If you want to increase the amount you’re putting toward debt, make more or spend less and put the excess toward your highest interest debt.

  
  

That’s it! Creating a debt payoff plan really isn’t difficult.

Bottom line: If you’re stuck in credit card debt and don’t want to be, identify what’s keeping you there. In most cases, removing a barrier — like high cost of living, spending like you’re making more, or simply opening your credit card statements — is the first step to achieving debt freedom. Use the solutions above to get your debt paid off once and for all!

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