5 Ways to Save on Your Credit Card Bill

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Whoever said ‘money saved is money earned’ clearly got it right. It’s a time-tested way to increase your wealth. But how does one do that in the age of plastic cards, when the fulfilment of your every material desire is just a swipe away? Saving on your credit card bill can seem like climbing an unending hill!

For starters, be prudent and keep an eye out for online deals as you shop; be conscientious and pay your bills on time; and pin up the following tips to remember them for life!

Watch this video if you prefer not to read:

1. Keep an eye out for free entertainment options

Enjoy Singapore! From treetop walks and hiking to dolphin spotting and free movies under the stars, there are freebies all the way right here. Keep an eye out for free concerts at the Esplanade, chill out at the Botanic Gardens (pack a picnic, we say!), go museum-hopping for free or try kite-flying at the Marina Barrage. If it has been a while, walk to Gardens by the Bay and gape in wonder at those Super Trees. All this while ensuring that your credit card stays put in your pocket, reserved for the time when there’s actually something to buy!

Alternate these weekends with buying tickets online for other paid attraction options to bring down your entertainment costs.

Additional read: 25 Free and Fun Things to Do in Singapore

2. Check your credit card statement

A very simple way to keep a check on your bill – but often ignored – is cross-checking your statement each month. If you can’t be bothered with keeping each credit card slip and then tallying them against your statement (tick marking each entry can be quite a drag!), do yourself a favour and make time just to go through the list. Look out for charges by unfamiliar companies, duplicate charges and large/unusual amounts. You will be surprised at the discrepancies you may come across!

Credit card folklore has stories about people who have paid bills without looking at some of the spends, realising later that they have been scammed.

Additional read: 7 Simple Things You Need to Do to Not Fall Victim to Credit Card Fraud

3. Get the best credit card deals

Most of us use more than one credit card, so it is wise to compare deals offered by various companies and get the correct mix. A well-researched decision made on the basis of a comparison of all aspects of the card will get you cards that best suit your situation.

All this research can be quite a pain, so a good idea is to take the help of comparison websites that help you make correct choices and decisions that will save you money. Once you zero in on the card of your choice, pay attention to detail; don’t get blown away by fancy deals and perks offered by credit card companies in the form of rewards.

Be sure to check interest rates of cards that are dressed up with travel miles, cash back and other reward schemes – they usually charge a higher rate of interest.

4. Cook at home

Yes, seriously. There may be a deluge of offers on online food delivery sites and very tempting dining credit card schemes, but nothing helps save as much as just going old school and cooking at home. So hone your culinary skills, get that apron on and head for the pots and pans! And you can save more if you keep an eye out for credit card deals on grocery shopping and delivery; after all, money saved is money earned.

Sticking with the topic of food and cooking it would be worthwhile if you know How to Save Money by Shopping for Groceries and 8 Ways to Get Cheaper Groceries in Singapore.

5. Don’t overspend and trap yourself

This one is right out of save-on-your-credit-card-bill 101; a very successful theory which involves basic stuff like being aware of how much you have versus how much you can spend. Usually, the answer to this riddle is quite simple; but when credit cards are involved, we tend to alter our financial reality a bit!

So keep tabs on your monetary status and remember to use your cards only if you have the money to pay off the balance. Carrying balances forward month after month only makes you vulnerable to high rates of interest charged by card companies.

If you’d like to get a credit card, BankBazaar is here to help. We provide you with numerous choices so that you can find one that best suits your needs. And when you’ve made up your mind, go ahead and apply directly on our site.

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