14 Items New Yorkers Should Never Use A Credit Card For

Here's what financial experts say you should think twice about before charging.

Credit cards are convenient, they earn you rewards, and they can be a genuinely useful financial tool.
But there are some purchases where swiping the card can quietly cost you a lot more than you realize.

14 Things You Should Never Put On A Credit Card

Cash Advance

Experts say that cash advances are one of the worst ways to use a credit card. The interest rate is typically much higher than your regular APR, and unlike normal purchases, interest starts accruing immediately with no grace period.

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Gambling

Most credit cards actually treat gambling transactions the same way they treat cash advances, which means those same high fees and interest rates apply right out of the gate.

Mortgage Payments

Most lenders won't even accept credit cards. Those that do typically charge processing fees that wipe out any rewards you'd earn.

Student loans

Most providers don't accept credit cards at all, and those that do may tack on extra fees that make the convenience not worth it.

Taxes come with IRS processing fees when paid by credit card. If you don't pay off the balance immediately, the interest that builds up will likely cost you more than whatever rewards you earned.

Medical bills

These bills feel urgent, but most healthcare providers will work with you on a payment plan. Those plans almost always come with far lower interest than a credit card, or no interest at all.

Rent

Most landlords don't accept credit cards, and those who do often charge convenience fees. Missing a payment or carrying a balance makes an already expensive line item even more costly.

Large purchases

Large purchases you can't actually afford are where a lot of people get into real trouble. If you can't pay off the balance at the end of the month, you'll end up paying significantly more than the original price tag once interest kicks in.

Unnecessary subscriptions

Unnecessary subscriptions can pile up quickly. A few streaming services here, a membership there, and suddenly you're paying for things you forgot you even signed up for.

Impulse buys

The ease of swiping makes it easy to spend beyond your budget. If it wasn't a planned purchase, think twice before charging it.

Non-refundable purchases

Non-refundable purchases carry extra risk on a credit card. If the transaction can't be reversed and you end up regretting the purchase, you may have very limited options for getting your money back.

High-risk transactions

High-risk transactions like buying foreign currency or investing in cryptocurrency often come with additional fees and can trigger fraud alerts from your card issuer.

Items you can't insure are worth paying attention to as well. Some cards offer purchase protection, but if what you're buying isn't covered, you're taking on risk with no safety net.

Peer-to-peer payments

Peer-to-peer payments through apps like Venmo or Cash App often charge a fee when you fund them with a credit card rather than a bank account.

There's a common theme among these. If the fees or interest will outpace any benefit you're getting, the card isn't working for you. It's working against you.

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