Be sure to take advantage of 0% APR introductory offers when paying for your wedding.
While you commit to making your partner richer or poorer, no one wants to start a new marriage in crushing debt. The joining of two lives shouldn’t be triggered by the joining of two huge credit card bills.
Unfortunately, many people caught up in the frenzy of trying to make their special day perfect end up putting their happily ever after spending on a credit card. Considering that a recent report from CreditCards.com Putting the average credit card interest rate at over 17%, those once-in-a-lifetime moments could lead you to a lifetime of debt.
There’s a way to pay for your wedding with a credit card without going into debt, but you must proceed with caution.
What is a 0% intro APR credit card?
A 0% intro APR credit card gives you a promotional period, usually between 12 and 21 months, during which you pay no interest on purchases. It’s an interest-free method of financing that lets you make purchases and pay them back later without having to worry about exorbitant interest charges.
However, this 0% interest “honeymoon period” is limited, and if you do not pay off your balance in full at the end of it, you will immediately begin to accrue interest charges. Also, it is essential that you read and abide by all the terms and conditions of your 0% intro APR offer. A single late payment may result in the termination of the promotional period and immediate activation of the credit card’s regular APR.
Paying For Your Wedding With A 0% Introductory APR Credit Card – Is It A Good Idea?
A 0% interest credit card can be used as a short-term loan to spread the cost of your wedding expenses over a period of time and make it more affordable. However, you should only go this route if you plan to pay off your balance in full before the promotional period ends and the regular APR begins.
For example, suppose your venue, catering, and wedding planning bills are all due at the same time and total $15,000. You only have $10,000 right now, but you know you’ll earn $5,000 more in disposable income over the next six months. In this case, you can pay the bill using a 0% intro APR credit card with an introductory period of 12 months, and then pay off that balance over the next six months.
The biggest downside to using your credit card for your wedding expenses is that you run the risk of missing a payment or not paying your balance on time. Both of these scenarios are unfortunately very common and leave people facing mountains of debt due to high interest charges.
Keep in mind that even if you can think you can pay the balance before the end of the introductory period, you will probably incur many unforeseen expenses for the wedding and as newlyweds. Even the best-laid plans can go wrong and cause you to fumble in your payments.
Don’t start your marriage in debt
Ultimately, paying for your wedding with any credit card, even one with an introductory APR of 0%, is incredibly risky. It is a better idea to save money for your wedding in advance. Take extra hours at work or consider starting a side hustle to temporarily boost your income. Ask family members to contribute or have them pay for specific expenses like the cake or the photographer.
If you’re still unable to afford the wedding of your dreams, it might be time to go back and cut costs. After all, the true purpose of your marriage is sentimental, not monetary.
You can significantly reduce expenses by foregoing some of the more traditional wedding options. Choose to plan the wedding yourself instead of hiring a wedding planner. The venue you choose can be very expensive, so consider hosting a wedding in your backyard or renting a facility in a national park or other inexpensive location. Host a cash or limited bar, or consider buying the alcohol yourself in bulk to get a better price. Instead of providing a full meal, you can set up an ice cream and candy bar. Many small details can also save you money. For example, you could host your wedding party and do the flower arrangements and centerpieces while you sip champagne and prepare for your big day.
The best way to ensure the success of your marriage, financially speaking, is to avoid high-interest debt. Your forever future with your new spouse shouldn’t include eternal debt in exchange for a day of celebration.
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