Amber Burton

speaker

331 appearances 7 recordings 1 series first heard Nov 2020 last heard Jun 2021

Amber Burton’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Black Friday Shopping: Avoid These Credit-Card Pitfalls · 27 Nov 2020 podcast

Before anyone even enters a store or goes online, what's recommended by a lot of different experts and analysts is that you take a step back and look at what bills do you already have on your credit cards? voice-verified

What's your utilization look like so that you know what you're walking into? voice-verified

And on top of that, go ahead and do that easy planning, like making a list and budgeting before you decide what you want to purchase. voice-verified

A lot of experts are really saying watch out for those impulse buys, those different little gifts that you see that are near the cash register. voice-verified

That's where a lot of things are going to kind of throw your budget into whack, those unexpected expenses on your credit card that could hang on even months after the holidays. voice-verified

Yeah, not necessarily. voice-verified

Stores do not always roll out their best deals on Black Friday. voice-verified

WalletHub research determined that 21% of items offered on Black Friday are not actually of greater savings than any other day of the year. voice-verified

So when it comes to in-store credit cards, you're really going to want to take a step back and think about, is this card really for you? voice-verified

If you're the type of person who typically carries balances on your credit card, this might not be the right card just due to the high interest rates. voice-verified

So really taking that extra moment, not making that quick decision could go a long way. voice-verified

You really can strategize your holiday shopping ahead of time. voice-verified

If you think about your cards and think about what the different payment dates are, you could spread some of those costs across the different cards and really match it up with your when you're getting paid your own pay schedule. voice-verified

That way, you know that I can pay this in full on this one card and then my next payment cycle, I can pay another card in full. voice-verified

If you do decide that you are going to get that in-store credit card, do keep in mind that they are going to do a hard pull of your credit. voice-verified

Anytime you get a new credit card, there is a hard pull of your credit, and that's going to knock your credit score down for just a little bit. voice-verified

That's always temporary, but it's something to keep in mind, especially if you're on the cusp of a good or a great credit score. voice-verified

That hard pull could push you down about five points. voice-verified

For example, Liz Lasher, the VP of Portfolio Marketing for Fraud at FICO, she's reminding people to just obsessively check your credit reports, meaning just keep an eye on your reports if anything looks suspicious. voice-verified

I think one thing that people often make a mistake on is not picking up the phone. voice-verified

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