8 Things You Should Never Put On Your Credit Card

• Avoid using credit cards for stock market investments; regulators prohibit it to prevent debt spirals from volatile market bets.
• Court-ordered payments like child support or alimony are rarely accepted via credit card, requiring liquid assets.
• Do not buy money orders with credit cards; banks block this to prevent manufactured spending and money laundering.
• Paying taxes with a credit card often incurs high convenience fees from third-party processors.
• Using credit cards for overseas property purchases is strictly prohibited by regulations like India's FEMA.
• Avoid putting medical bills on credit cards; hospitals offer better payment plans and financial assistance.
• College tuition should not be paid with credit cards due to high interest rates and processing fees; student loans are better.
• Mortgage payments are not accepted directly by most lenders via credit card, and third-party services charge high fees.

Key Questions Answered

What are the hidden costs of using credit cards for large payments?

Using credit cards for large payments can incur hidden costs like forex markups, processing fees, and GST on applicable fees.

How can avoiding credit card use for specific payments improve financial health?

Avoiding credit card use for specific payments can improve financial health by preventing high interest charges on debts like medical bills and college tuition.