Keeping Your Credit Card Usage Below This Percentage is Key

Posted by CapWay in Credit CardsDecember 19, 2019(Last Updated December 30, 2022)•1 min read
Key Takeaways
  • Keep your usage rate at 30% or below.
  • If you have a credit card with a $1,000.00 limit, you should not make more than $300.00 worth of purchases on that credit card. 
  • Your credit card utilization has a direct impact on your credit score.
Are you ready to make some real money moves?

Money Fact or Hack

 

Keep your usage rate at 30% or below. For example, if you have a credit card with a $1,000.00 limit, you should not make more than $300.00 worth of purchases on that credit card. 

 

What else you should know

 

  • Your credit card utilization has a direct impact on your credit score.

 

  • We all know that life comes at us fast, and sometimes credit cards are our only lifeline. However, if at all possible, try to keep your usage rate below 30% because if you go over, it will play a factor in lowering your credit score. 
Was this content helpful?
Comments (0)

Sign In to leave a comment.

Download the CapWay App

Access more features to your Money Account

  • Money Goals
  • Request Money
  • Categorize Spending
  • Money Talk

The CapWay, Inc Debit Visa Card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Visa U.S.A. Inc. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014.

1. For Money Account holders with a negative balance, the CapWay debit card will go into freeze until funds are deposited to bring account back to current. See terms and conditions

2. Sending or receiving money from other CapWay account holders will be instant. Transfers from other accounts could take up to 48 hours, depending on the financial institution.

3. Early access to funds requires direct deposit. Early payment is not guaranteed and is dependent on the timing of payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.

4. Money Goals allows account holders to save money towards financial goals created within the CapWay platform. Funds can be transferred from your Money Account or saved through the rounding up of your transactions from purchases.

5. CapWay offers financial content through Learn Money free of charge, but may include advertisements through affiliates. Phunds, CapWay's literacy program and session, is paid content or co-branded content.

© 2019-2024 CapWay Inc. All Rights Reserved.