If you’ve got your budget on your mind, financial experts say these are some charges that shouldn’t be put on plastic. PennyGem’s Justin Kircher explains.
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00:00 If you've got your budget on your mind, financial experts say these are some
00:06 charges that shouldn't be on plastic. You should think twice about putting your
00:10 rent or mortgage on a credit card. Aaron Lowry, founder of Broke Millennial, tells
00:14 CNBC there's usually a 2 to 3 percent processing fee, so even if you're
00:18 charging those payments just to get rewards, the fees could negate them.
00:22 Money Talks News says the same for buying a new ride, explaining that a
00:26 cheaper way to make car payments will likely mean getting an auto loan through
00:29 a bank or credit union. CNBC advises against using plastic for any large
00:34 purchases you can't pay off right away, explaining that aside from the toll from
00:38 interest, your credit rating will take a hit if you use up all or most of your
00:43 credit limit. As a way to guard your purse strings, avoid any impulse
00:46 purchases. Whether it's retail therapy or a night out on the town, these are some
00:51 scenarios that can really rack up debt in a hurry.