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There are some new credit cards out there called spend to save cards. These cards promise to help you save money whenever you go and make a purchase. It is a new trend that is sweeping the Nation, but like any trend you really need to make sure you know what is going on. The following is some information about spend to save cards that we think you can use. If you are looking into a credit card then you have to pay attention because you might find that a spend to save card is just what you are looking for. You always want to make the right decision no matter what card you are thinking about getting.
Keeping the Change
Spend to save cards will tell you that they want to help you keep the change. If you have trouble saving money then this might have the appeal that you are looking for. Say you go and buy clothes, and the total is $44.65. $.35 will automatically be transferred to a savings account for you. In some instances the credit card company will even match the amount that is transferred for the first few months. The only problem that could come from this is that people need to realize that keeping the change means that they are taking money from their checking and putting it in savings. It is not free money. This will mean that you need to pay attention and make sure that you are not going to overdraw your account.
Incentives
Like we stated earlier, the card issuer might match your transfers for the few months. This is something that is pretty neat to have. You might even get an incentive of an automatic transfer right when you open up the account, or make the first purchase. There are some good aspects to this type of card that can be really helpful. Do not let the incentives cloud your judgment though. You still need to pay attention and really make sure that this card is going to work out just like you want it to. Make sure that the card issuer is really looking to help you save money and not just looking to get money in the end.
This is Still a Credit Card
Yes, this might be a great way to help you with savings. Yes, it may be providing you with great opportunities. The thing that you must remember is that it is still a credit card, and you still need to pay attention. All that good saving will go away if you have a lot of debt that you are going to have to pay off. This is why you always need to pay attention to what is going on. Let the good times roll! Just make sure that those good times do not come at the expense of more of your money. That is when it starts to have the opposite affect.
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