Author: Erin Roberts

Posted on November 28, 2022July 7, 2023 by Erin Roberts

Side view of woman sitting on bed at home packing christmas presents. Woman celebrating christmas sitting at home.

We all love the holidays – a time where family and friends are brought together by food and gift-giving. But that last part can be tricky for some. To manage holiday shopping, many people utilize credit cards which can boost your credit score and earn you perks like reward points. However, without careful planning, you could end up with an overwhelming amount of debt and negative marks on your credit report. Avoid these pitfalls by learning about the pros and cons of using credit cards for holiday purchases.

Pros of Using Credit Cards for Holiday Purchases
Reward Points
Some credit cards offer reward points for different types of purchases. Depending on your credit card, you could be earning miles, points, or even cash back. Our Wheelhouse Visa Platinum Rewards credit card offers cash back at qualifying stores and can even earn you bonus reward points such as 2x the points on utility bills and 5x the points per dollar at certain restaurants and retail locations (bonus reward points are subject to change at any time). If you manage your rewards wisely, you could see some serious benefits.

Fraud Protection
Perhaps one of the most overlooked perks of using a credit card for holiday shopping is safety and protection. The holidays are notorious for financial fraud, so it’s important to do everything you can to ensure your information and finances are protected. Most credit cards have a zero-liability policy that protects you from unauthorized purchases. Make sure you carefully read your credit card’s disclosure details, so you know what’s covered.

Improve Your Credit
Lastly, if you use your credit cards wisely, you may potentially help your credit score. Carefully monitoring your credit card utilization and not missing payments will allow the holiday purchases on your credit card to boost your credit score (since 35% of your score is based on your payment history). For more tips on maintaining good credit health, read our blog post on How to Maximize Your Credit Card.

Cons of Using Credit Cards for Holiday Purchases
Risk of Overspending
The biggest pitfall of using credit cards for holiday purchases is simply how easy it is to overspend. Good thing we have the tips you need to stay on track this gift-giving season.

The key to using credit cards wisely is to not spend outside of your means. Essentially, if you can’t afford something without a credit card, then you shouldn’t purchase it. When it comes to holiday purchases, it’s best to stay within your budget to avoid paying more than you need to in interest down the line.

Final Thoughts
So, should you use a credit card for your holiday purchases? When used properly, credit cards can be a convenient way to make purchases, rack up rewards, and increase your credit score all at the same time. If you’re worried about the risk of overspending, the WheelhouseCards App can help you monitor your Wheelhouse credit and debit card usage, set up alerts for high-risk transactions or set spending thresholds. You can also instantly “turn on/off” cards with the click of a button.

Posted on September 23, 2022July 7, 2023 by Erin Roberts

Group of mature women carrying their surfboards out of the sea.

This year, Meetup* is celebrating 20 years of helping people make real connections over the things that matter the most to them. Meetup is a social platform made for hosting and organizing in-person and virtual activities, gatherings, and events for people and communities of similar interests, hobbies, and professions. Whether you’re interested in hosting an event, or just attending one locally in your area, Meetup makes it easy to meet new people who truly enjoy the same things you do. Here are a few tips to help you get started:

If you want to start a group, you’ll first be asked to set your group’s location. This ensures you find people in your area to connect with, whether you decide to meet up in-person or virtually.
Next, you will choose topics that describe your groups’ interests. Examples include motivation and success, Japanese culture, European board games, large dog breeds, real estate, stress relief, and more! You can choose up to 15 topics and are encouraged to be as specific as possible to guarantee you are connected with people whose interests match yours.
You’ll then select a name for your group. Make sure it’s relatively descriptive, like “San Diego Large Breed Dogs Meetup Group”, for example.
Lastly, you’ll describe what your group will be about. This will be what people read when deciding to join your group, and you can always add to it later. Here are some prompts to get you thinking: What’s the purpose of the group? Who should join? What will you do at your events?
And that’s it! Complete the sign-up process and your group will be advertised to those with similar interests.

If you’d rather join an existing group, finding one is just as easy. Simply search on Meetup.com for keywords that describe your interests or hobbies in the neighborhood or zip code in which you live. All in all, Meetup makes it easy for anyone to create or join fun groups of like-minded individuals, and finally find your people!

*Wheelhouse Credit Union is not affiliated with or a partner of Meetup.com. Details in this article are for information purposes only.

Posted on August 19, 2022 by Erin Roberts

Piggy bank floating in the ocean on a life preserver

An economic recession is something that is out of our control. However, we can control how we plan, prepare, and respond. When the worst happens, the following money-saving tips will be lifesaving to have in your back pocket.

1. Maintain a Savings Account for Emergencies
If you haven’t already, now is the time to start saving for a rainy day. Having a backup emergency fund set aside solely for the purpose of helping you get through a financial hardship will be tremendously helpful in the event of an economic recession. If possible, it’s recommended that you have 3 to 6 months’ worth of wages saved up, so that a large, unexpected expense doesn’t result in running up your credit balances without the means to pay it off.

2. Pay Off Your Debts with a Budget
Debt can feel like carrying a heavy burden on your back. That weight will only be intensified in the event of a recession, being that the uncertainty of external factors (like job security and interest rate spikes) could make it harder to pay down your debt. The first step you should take to become debt-free is to establish an accurate budget that will help you manage incoming and outgoing resources.

3. Downsize
If you can feel a recession approaching in the imminent future, it might be time to start thinking about living a more frugal lifestyle (which might not be as difficult as it sounds). Downsizing can be an extremely advantageous strategy, because if you can learn to make do with less now, you’ll increase your savings and start preparing for a time when you’ll need to cut back.

4. Diversify Your Income
The phrase, “Don’t put all your eggs in one basket” rings true in the event of an economic recession. Uncertainty is high, and it’s better to be safe than sorry. It might be a good idea to investigate additional forms of income (bonus points if they involve activities you enjoy!) Try dog-walking, babysitting, or perhaps think about selling the empty furniture set that’s collecting dust in your spare bedroom. Whatever it may be, having a second or even third income flow will only give you more security when everything else in life isn’t guaranteed.

It’s never too late to start planning and preparing for an economic downturn – you’ll be thanking yourself in the long run. If you need further assistance or advice, visit our Retirement and Investment Resource Center to schedule a no-obligation meeting with our experienced Financial Professional, Wendy Cundari.*

*Wendy Cundari is a registered representative with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Wheelhouse Credit Union and Wheelhouse Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Wheelhouse Investment Services, and may also be employees of Wheelhouse Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Wheelhouse Credit Union or Wheelhouse Investment Services.

Securities and insurance products offered through LPL or its affiliates are:
Not Insured by NCUA or Any Government Agency
Not Credit Union Guaranteed
Not Credit Union Deposits or Obligations
May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.