You log on to Instagram only to be confronted with a cozy sweatsuit you were eying the other day.
Andthen, your friend texts you the link to a virtual sale for a brand you love.
Heck, you might even use these tools to buy face wash.
Many of these brand-specific credit cards carry no feeso, is there any harm in opting-in?
Are there best practices for using these various payment tools?
Youll be shopping like a financial expert in no time.
founder and CEO,Financial Gym
How to use payment tools wisely, according to a financial expert
1.
(Afterpay, Klarna, and Affirm are popular companies using this model right now.)
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That way, when you get a notification about your bill, you arent surprised.
Ultimately, point-of-sale loans arent necessarily good or bad, so long as you budget accordingly.
But this is one payment method to which McLay suggests avoiding tempation.
Store credit cards tend to drive more unnecessary spending.
Someone may shop there more than they normally would simply because they have the card, McLay says.
This is different from store credit cards, which only offer a discount.
founder and CEO,Financial Gym
In general, McLay is into reward programs like these if theyre connected to places you visit regularly regardless.
No matter how youre paying for your purchases, though, McLay emphasizes theimportance of budgeting.
With all the payment methods out there, sometimes it pays to stick to the basics.
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