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How to Finance Everyday Purchases: A Guide from Gravity Lending

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We’re living in a time of record-high inflation. The Consumer Price Index reported that inflation rose 9.1% from a year ago in June. Swiping your credit card as payment for smaller, everyday purchases can lead to dangerous spending habits and, eventually, a deep hole of debt.

When Is It Beneficial to Finance Smaller, Everyday Purchases?

It’s important to note that, when done wisely, financing everyday goods and services with a credit card can be beneficial for your financial plan. When you decide to swipe or not to swipe, keep the following points in mind.

Credit Score

Achieving great credit takes smart financing decisions, and maintaining a solid credit score is essential to landing the best interest rates. If you’re preparing for a large purchase like a new vehicle or refinancing your home, charging small items responsibly can help save money and raise your score.

  • Building Credit: For those just entering the world of credit, using a credit card for small, necessary items like groceries or gas can quickly rack up positive credit.
  • Improving Credit: If your credit score is lower than you want it to be, you can use a credit card for everyday items and make payments in full and on time to raise it.


If you’re concerned with protecting yourself from the unknown, financing provides an added layer of security that cash and debit cards cannot. Credit cards offer the following perks:

  • Prevention of Fraud: There is often limited or even zero liability if a purchase is made without your consent.
  • Extended Warranties and Purchase Protection: Warranties and protection plans are excellent for all electronics or gift purchases.
  • Price Protection: If the cost of your item drops after you’ve purchased it, they’ll grant a refund for the difference.

Rewards for Purchases

Earning rewards is a common driver for financing everyday purchases, with the two main types of reward cards being cash-back and travel points. If you’re using a card with rewards, each purchase can contribute more money in your wallet. There are also permanent and rotating bonus opportunities available when you pay before interest kicks in!

  • Cash-back Cards: Receive a percentage back on each purchase.
  • Travel Cards: Receive points or miles on each dollar spent to earn free flights, hotel stays, and more.

Financing Smaller, Everyday Items

If you decide to finance smaller, everyday purchases with a credit card, staying on top of spending is crucial. Keep your credit healthy with the following tips in mind each time you opt for financing!

Pay Your Balance in Full

If possible, try to pay your balance in full so there’s no carried balance. Credit cards hold very high-interest rates. Revolving balances put you at risk of accruing deeper debt.

Make On-Time Payments

Keep your account current! Always pay your monthly bill on time, and at the very least, make the minimum payment to remain in good standing. Auto-pay is an excellent way to avoid missed deadlines, late fees, or APR penalties. You can also monitor your credit score with tools like Lending Lounge and make sure there are no outstanding issues.

Utilize Interest-Free Periods

Take advantage of cards that offer “interest-free periods on new purchases.” These allow you to buy necessities with time to pay off the debt with no additional fees.

Track Spending

Be diligent about managing your monthly statements and transactions. Money management software and mobile apps make monitoring simple!

Finance Options with Gravity Lending

If you’re considering financing your smaller purchases, Gravity Lending can help. We are a premium fintech company providing custom, low-interest-rate refinancing for auto loans, student loans, and credit cards. Contact us today to learn how we can help you budget!