Thereâs a simple answer to this question. Yes! You should put all your purchases on your Mine Card. Mine is designed to be used on a daily basis as your primary card. To make matters even better, using your Mine Card can help you build credit and earn even more rewards. And Mineâs daily repayment cycle (which you can automate with daily Autopay) makes it easy to spend without worrying about debt and overspending. Letâs take a closer look at why you should put everything on your Mine Card and how it can help you get ahead.
Why should I put everything on my Mine Card?
There are a few reasons why you should be putting all your expenses on your Mine Card. First and foremost is the fact that using Mine can help you earn rewards around campus, when you go home, when you travel, and even when you shop online. You can see where youâll earn cash back by checking out the rewards tab on the Mine app - and you might surprise yourself if you end up spending money at a place that you didnât even know was a part of the Mine cash back network.
Itâs also important to use your Mine Card regularly from a credit building perspective. Without regular purchases, your account could close due to inactivity. Using your Mine Card regularly is the best way to avoid accidentally closing your account, which could hurt your credit score. Pro tip: if youâre going abroad for a while and wonât be using your card, let us know so we can make a note on your account.
Getting in the habit of using your Mine Card for all your purchases is also a great way to ensure youâll be able to spend at most places. Some smaller businesses only take debit card, so if you walk in trying to use a credit card, you might be stuck with a minimum purchase requirement or an extra processing fee. Mine, however, is a debit card - so you wonât have the same worry.
Mine is also the best way to keep yourself from overspending and going into debt. With Mine, budgeting is easier than ever. With our budgeting tool and features like daily Autopay and SafeFreeze, using your Mine Card for all your purchases is the best way to stay on top of your finances.
Busting a popular myth
Thereâs another reason why itâs a good idea to put all your spending on your Mine Card is that itâs actually more effective at building your credit than a normal credit card. You may have heard about credit utilization or, more simply put, how youâre only supposed to spend a little bit on your credit card every month to help your score. This isnât the case with Mine!
With a normal credit card, you spend all month and build up a big balance that you have to pay back at the end of the month. If youâre constantly using your credit card, this process can drive up your credit utilization rate and harm your score.
Your Mine Card, on the other hand, operates on a daily payment cycle when you use daily Autopay. This means that you purchases are paid off on a daily basis, keeping your credit utilization low over the course of the month. This can be a big boost to your score and it allows you to use your card on a daily basis without worry about putting too much on it.
The bottom line
You should definitely be using your Mine Card for all your purchases. Thereâs no reason not to, aside from the occasional big purchase that might be larger than your total available to spend balance. Using Mine for everything is the best way to earn rewards, stay out of debt, prevent yourself from overspending, and build your credit score. Plus, itâs way easier than having to think about using multiple cards.
The Mine app is available now and available to anyone who wants it. So donât wait! Head over to the App Store, sign up for Mine, and start building for your financial future today.
*This communication is for informational purposes only and should not be considered financial advice.*
