Resource Center

Expert Insights header
  Creating change since 1868. Learn more. You earned it. We'll grow it. Busey Wealth Management.
Expert Insights

5 Tips to Use Credit Wisely

credit card

From cash-free convenience to protection from fraud and beyond, credit cards provide a number of advantages to consumers. It’s no surprise that 7 in 10 Americans have at least one credit card and 60 percent are “convenience users” who pay balances in full each month.

Before you use plastic for making purchases and managing your personal finances, ensure you use credit wisely. Busey shares the following five tips:

  1. Payback is key. By making only the minimum payment, it could take years to pay off your purchases. The minimum payment may cover just more than the interest on your balance. To determine how long it will take to pay off your credit card, use the credit card minimum payment calculator provided by Bankrate®.

    Plus, if you don’t pay at all, you will be charged a late fee and it may cause your annual percentage rate (APR or interest rate) to increase.

  2. Don’t nickel-and-dime yourself. From morning lattes to afternoon snacks, small purchases can add up to a big monthly balance. You can quickly find yourself in over your head and unable to pay off purchases. Remember, nickel-and-dime items can easily be paid for with cash.

  3. Think first, charge second. Impulse purchases can be problematic. Ask yourself, “Would I buy this item if I had cash to pay for it?” If your answer is no, don’t pull out the plastic. Also, check in on your emotions. Discover® recommends the following alternatives to emotional impulse buying: walking or working out, calling a friend or reading a good book.

  4. Avoid the danger zone. Warning signs include taking cash advances on one credit card to make payments on another or struggling to meet minimum payment requirements monthly.

    If you realize you have a credit problem, the American Bankers Association suggests making a budget and being realistic, letting creditors know you want to pay and contacting local consumer credit counseling services at 800.388.2227.

  5. Know your score. You are entitled to one free credit report from each of the U.S. credit reporting agencies—Equifax, Experian and TransUnion—annually. The report will help you identify fraudulent activity and mistakes—which can drag down your score, prevent you from getting a loan or cause you to pay a high interest rate.

Offering industry-leading expertise, Busey associates are committed to helping you use credit wisely. Visit any Busey location or call 1.800.67 l Busey today.

Member FDIC

 

Back to Expert Insights

 

  • Rated 5-Star "Superior" by Bauer Financial
  • Busey Bank BBB Business Review
  • Certified Green Business by the Illinois Green Business Association
  • Norton Secured; powered by VeriSign
  • Website powered by Digital Insight
  • Surcharge-free access at any MoneyPass network ATM
  • Equal Housing Lender
  • Member FDIC

 

 

 

 

 

 

 

With five lines of business—personal, mortgage, commercial, cash management and wealth management—working together as One Busey, we can meet all your financial needs with confidence. Customers who partner with us are rewarded with the Busey Advantage—regional capabilities and local priorities. It's a commitment that has stood the test of time.

On the personal side, Busey Bank promises to make your banking hassle free with smart personal checking and savings accounts, convenient online banking and mobile banking solutions and consumer loans. Whether you are ready to buy your first home or simply want to refinance the one you currently own, our practical home mortgages, participation in a wide range of special loan programs and in-house mortgage expertise mean your home loan is tailored to your individual needs.

From opening your first business checking account or loan to creating a strong succession plan, Busey can help you manage your growing business. Our business banking, lending and cash management solutions give you the tools you need to keep your business successful and nimble. Our participation in a wide variety of specialized programs and in-house credit expertise allow us to tailor commercial lending packages to your unique situation and make faster credit decisions. Busey knows that cash flow is the lifeblood of a business—whether you need help with receivables, payables, liquidity, fraud protection or information reporting, we can customize your cash management solution to your growing business' needs.

You've earned it. We'll grow it. Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. We build a team of local professionals around your needs to establish the best strategy for your situation. We work closely with you to develop a personal, comprehensive plan that will help you meet your goals and objectives through each phase of the wealth management process.

Innovative Banking. Simplified.

It's your money, and you should be able to access your accounts whether you're out shopping or out of the country.

Busey makes it easy to securely manage your finances whenever you want, wherever you are.

Personal Banking Learn More »

First home. Or dream home.

There's no place like it.

Busey promises to find the home financing that's best for you - whether you're just starting out, tired of renting or purchasing your dream home.

Mortgage Learn More »

A top partner for your bottom line.

You've worked hard to realize your dream of opening a business.

Busey promises to partner with you so you don't have to handle difficult decisions alone.

Business Banking Learn More »

You earn it. We'll grow it.

After years of hard work, you want to see your efforts pay off - literally.

Busey promises to make your money work for you.

Wealth Management Learn More »

Our customers are our neighbors.

When it comes to navigating your unique financial journey, you want a partner who understands who you are, where you came from and where you are headed.

Busey promises expert advice to guide you through every important financial decision.

Resource Center Learn More »

Our roots run deep.

With roots that trace back more than 145 years, our professional farm managers are entrusted to care and maximize value for landowners controlling a combined 100,000+ acres of prime farmland in Illinois.

Ag Services Learn More »

A top partner for your bottom line.

You've worked hard to realize your dream of opening a business.

We'll build a relationship with you so you don't have to handle these difficult financial decisions alone.

 Learn More »

Your Dream. Our Promise.

You have big dreams.

Busey promises to help you realize those dreams.

The Busey Promise Learn More »