Money Don't even think about putting these expenses on your credit card

16:06  17 april  2018
16:06  17 april  2018 Source:   CNBC

Report: Ex-NFL offensive lineman Evan Mathis sells 1952 Mickey Mantle card for $2.88 Million

  Report: Ex-NFL offensive lineman Evan Mathis sells 1952 Mickey Mantle card for $2.88 Million A 1952 Mickey Mantle Topps rookie card in mint condition sold for $2.88 million Thursday night, reports ESPN's Darren Rovell. A 1952 Mickey Mantle Topps rookie card in mint condition sold for $2.88 million Thursday night, reports ESPN's Darren Rovell.

Even though building credit and racking up credit card rewards can be great for your finances in general, there are some things you should never put on your credit card because you can incur big fees and higher interest rates. But there are problems with this thinking .

7 Expenses To Never Put On A Credit Card . November 11, 2015 BY Michelle Schroeder-Gardner - 70 Comments. This post may contain affiliate links. Before you put any college expenses on a credit card , you should think about how much that large interest rate is going to impact you.

  • It's easier than ever to pay for anything with plastic, but that doesn't mean you should, says Experian.
  • Outstanding card debt has hit $1 trillion, and 86 percent of card debtors regret it.
  • From medical bills to taxes, here are six things to think of other ways to pay for.

Consumers can use credit cards to pay for nearly everything, everywhere these days. But just because you can doesn't mean you necessarily should, warns credit reporting agency Experian.

Outstanding card debt has now hit its highest point ever, surpassing $1 trillion in 2017, according to the Federal Reserve. And 86 percent of Americans who have or had credit card debt said they regret it, according to a recent report by NerdWallet.

7 things to remember when doing this year’s taxes

  7 things to remember when doing this year’s taxes  

If you're nodding your head at the expenses above and would never charge them, you might nevertheless think it's fine to charge little expenses , such as that coffee you buy each morning or Compare Brokers. Current. Never Put These Expenses on a Credit Card @themotleyfool #stocks.

Avoid putting the following 10 expenses on credit cards . The bottom line is that it’s not worth it to pay tuition with a credit card , even if you’re having trouble making your tuition payments on time. Most of these are really just wrong and you SHOULD put them on a credit card if you have the cash

Here are six expenses Experian advises you to not put on plastic.

a man wearing a suit and tie© Provided by CNBC

1. Taxes. If you get slammed with an unexpected tax bill this April, it could be tempting to pay Uncle Sam via Visa or Mastercard. Not so fast: The Internal Revenue Service will charge a merchant processing fee of anywhere of up to 2 percent and, if you use third-party filing software, you'll pay even more. And why pay interest charges of taxes owed? Instead, consider a short-term personal loan or ask the IRS for a payment plan; the government interest rate is usually only around 0.5 percent, according to Experian.

More from Investor Toolkit:

How to take advantage of market volatility

Investing with borrowed money can be a big win

Beware of online financial quick-fix stories

Quebec ex-wife gets $95,000 monthly alimony

  Quebec ex-wife gets $95,000 monthly alimony The ex-wife of a Quebec-based property developer has been awarded $95,000 in monthly alimony in what her lawyers are calling one of the largest divorce settlements in the province's history.Of that amount, $75,000 is intended for her needs, while $20,000 is destined for the couple's two children, aged 15 and 20.

However, I think you can simply state that you will not put it on your personal card for the reasons you state above. I too vote for putting work related expenses onto your personal credit card with monthly reimbursements. Failing that, ask for a corporate credit card , even if it is in your name, or

Either way, putting these costly expenses on a credit card is a great way to rack up the rewards if your card has a program. 8 Expenses You Thought Were Deductible but Aren’ t . Popular Posts. Walmart Check Cashing: A Look At The Service 11 comments.

2. College tuition. This is one for the books: Don't ever pay for education with credit, as the interest on student loans is nearly always lower. In addition, large charges such as tuition fees will up your credit utilization ratio, which can result in a ding to your credit score. What's more, colleges and universities often add a processing fee of up to 3 percent for card payments.

3. Mortgage payments. Most home-loan lenders won't let you pay your mortgage by credit card but there are plenty of third parties who will gladly help with that — for a huge fee, of course, says Experian. And if you don't pay off your credit card balance at the end of the month, you'll compound your mortgage debt and eat up a lot of your available credit — again impacting credit scores.

4. Big-ticket items you can't really afford. Here's rule No. 1 for credit card buys: If you can't pay it off in full by the end of the month, don't put it on plastic. Only open a new account offering a 0 percent introductory rate for a set period to pay for such a purchase after you figure out how many months it will take you to pay if off at zero interest and set up those automatic payments. And remember, the hard inquiry to open the new account will impact your credit score.

What Canadian Tire’s loyalty changes mean to you

  What Canadian Tire’s loyalty changes mean to you Can I still use my Canadian Tire Money?ALT

Should you put medical expenses on a credit card you already have? In that case, you should think about a couple of things Applying and being rejected for this card could possibly hurt your credit .

We'll start with some overall guidance, and then offer 8 tips for using a personal credit card for work expenses . First, get reimbursement policy clear Before you ever buy even a Not everyone has the cash flow to be able to float these expenses upfront, and employers don ’ t always think that through.

5. Medical bills. Health-care costs are soaring and show no signs of slowing down. But if you need treatment you cannot actually afford, there are options other than credit cards for paying off balances. Many medical providers will offer low- or no-interest payment plans, or will negotiate lower bills altogether, notes Experian.

6. Stocks and other investments. It's not only difficult to buy investments such as stocks with credit cards, it's also a bad idea because there are such high risks involved. By way of example, Marketwatch recently reported on one Canadian financial analyst who gambled this way and lost big, notes Experian.

$1 million Chase the Ace prize won in The Pas .
$1 million Chase the Ace prize won in The Pas Organizers confirmed a man from Flin Flon was the winner of $1,009,870 after a 16-month long Chase the Ace game in The Pas that drew so many people it had to be moved from the Royal Canadian Legion Branch 19 to the Roy H. Johnston Arena.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!