WSJ Article Chapter-6 Purchasing strategies and credit cards

WSJ Article Chapter-6 Purchasing strategies and credit cards

Mary, P, (2008), Shopping for credit card made easier retrieved from:http://blogs.wsj.com/wallet/2008/10/24/shopping-for-a-credit-card-made-easier/retrieved on 13th August, 2014
Shopping for a Credit Card Made Easier    
Summary of article
The Wall Street article selected for chapter-6 talks about the strategies by which we can get the best deals while purchasing goods or services. The article begins saying how we can control our spending, expenses and credit. And credit card is the first place to begin. First, figure out which kind of credit-card user you are. Do you 1) carry a balance every month or 2) pay off your balance in full at the end of the billing period?
 If you’re one who likes to carry a balance, your goal is to find the card with the lowest interest rate possible, so you can pay off your debt as soon as possible. Then article talk about various tools that will take your information and keeping in view your spending patterns give you the best possible ways of savings with the help of credit card i.e. for example if you are a type of credit card customer who pay the entire bill every month then go for a card that will give you something back and yield highest dollar value benefits. Finally the article ends by saying one should choose a credit card keeping in view spending pattern and then choose the one that suits your requirement.
Relation with Chapter-6 Purchasing strategies and credit cards
The article selected from WSJ relates with sixth chapter as it provides the best strategy to purchase from credit cards. It satisfies the various objectives of the chapter. The first objective of the chapter is to control your expenses, spending and credit (Didier, 2011). And credit card is the fine place to begin. Now the question arise what kind of credit card user you are, do you carry a balance every month or pay off your balance in full at the end of the billing period?
So keeping in view these questions you take credit card purchase decision. Now the second objective of the chapter is to use the various tools that will help in choosing the best credit card as per your needs. These tools basically help in understanding how much you spent and how much you pay off every month. Third objective of the chapter is to evaluate various different credit cards available and to choose the one best suited to you i.e. if you are the one who pays entire bills every month, go for a card that will give you something back. Even though you are happy with the card we have its always beneficial to cross check (Schneider, 2010). Thus article and chapter both includes purchasing strategies and credit cards.
Possible implications in our financial life
Nowadays with the increased use of internet and other automated things in our lives credit cards have also become one of the essential things to have. So in order to select which credit card will suit our needs we should know our expenses and spending clearly. For this, lot of help is given through internet and various attractive offers are also given to find the best credit card as per our needs. For choosing the credit cards we keep in mind both our spending and also credit giving capacity. Thus it is essential for us to understand our needs and choose credit card accordingly. This chapter has explained everything in detail that is relevant for us (Scott, 2012).BTEC Higher Diploma in Hospitality Management
References                                                                             
Scott W, (2012). Cashing In on Credit Cards, Trafford Publications, Business & Economics, Pg 14-15
Schneider, G (2010). Electronic Commerce. Cambridge: Course Technology. p. 497. ISBN 0-538-46924-2.

Didier, P (2011). The worst credit card in America is dead. Retrieve from Debt800.com. Retrieved on 2014-08-11

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