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I visited Samsung's Galaxy S22 metaverse event, but it felt rushed and incomplete
I visited Samsung's Galaxy S22 metaverse event, but it felt rushed and incomplete
Samsung's Galaxy S22 reveal event wasn't just a standard livestream this year: It also took place inside a metaverse -- and I was genuinely excited to check it out. I've attended previous Samsung events in VR and found them to be more enjoyable than most other branded virtual experiences. The infamous 2016 photo of Mark Zuckerberg walking down an aisle while everyone around him is wearing a Gear VR headset is undeniably silly, but the demonstration of what could be possible from home was actually compelling.
By comparison, this 2022 Unpacked event had surprisingly little to do with Samsung and served more as an example of what not to do when using the metaverse to host a product launch.
If you saw Samsung announce an event in the metaverse and thought it meant putting on a VR headset and sitting in an audience, you're not alone. Instead, Samsung built a version of its New York event space in Decentraland, a cryptocurrency-focused virtual playground. It's technically possible to enter Decentraland with a VR headset, but the experience is barely functional and requires a lot of technical knowledge. Using your web browser alongside your mouse and keyboard, as intended by the creators, you enter Decentraland as an animated avatar you can modify, and move yourself to the Samsung 837X space to participate.
Arriving at this space the day before the event revealed a brightly lit building and a faux pizza shop. The doors were all closed and there wasn't much to see, but there were already people lined up to see what Samsung had to offer. When I checked in again, 30 minutes before the event was to start, a handful of people waiting outside had climbed to nearly 100 that I could see. Decentraland runs 10 servers and you can only see the people on your server, but as I moved around before the event each server seemed similarly full. Roughly 1,000 people were waiting for Samsung to open the doors and show us the Galaxy S22 Ultra.
Unfortunately for a lot of those servers, the doors didn't open on time. Many people were unable to actually enter Samsung 837X before the event started. Everyone outside the metaverse was enjoying a strange crossover with the popular TV series Bridgerton at the start of this event, while I and dozens of my fellow metazens were changing servers to find one that worked. Once a server with open doors had been located, the next challenge was finding the room inside this virtual building where the announcement event was actually streaming.
The three unlockable clothing packs you could use to equip your metaverse avatar if you completed the minigame inside Samsung's event.
Russell Holly/CNET
Inside Samsung 837X, you are presented with three rooms and a host of smaller activities to enjoy. Samsung had made special clothing for your Decentraland avatar you could only get by completing a quest in this space. Most of the space was dedicated to this quest, but in the back you could find a theater with the Unpacked event streaming. The room was a fairly generic virtual theater with a big curved screen showing the event already in progress outside of the metaverse. I was nearly 10 minutes late, and now watching a smaller version of the livestream with animated characters dancing around inside of a web browser on my laptop.
A few minutes into watching this presentation, it became clear the real reason most people were here was to unlock the virtual clothes tied to the Samsung quest. The app told me there were 96 people in the space, but the room only held 37. The novelty of the Samsung-made space was much more important than the unveiling of a new phone and tablet for a majority of those who regularly visit Decentraland.
It's difficult to feel like this approach to an event is anything other than a step backward. Back in 2016, Samsung offered the ability to watch a Galaxy Unpacked event from inside its VR headset. You put the headset on, opened the app and picked one of several positions to watch the stage from a 360-degree streaming camera. Being able to turn your head and see the audience made you feel like you were actually sitting in the audience. Not a lot of people owned those headsets at the time, but it felt like you were in a packed room and could enjoy the show.
The Samsung Theater, where I could watch the Galaxy S22 Ultra unveiling.
Russell Holly/CNET
In fairness, this 2022 event was fully virtual, so there was no live space to warp into as there was during pre-pandemic product launches. But Samsung could have made it possible to walk through a virtual store, get a closer look at the phone from every angle, or maybe even preorder the next phone using cryptocurrency. There could have been Samsung staff on hand in the space to answer questions or talk to people about what they're upgrading from and how the cameras on this new phone might have been better.
Samsung had an opportunity to make this space actually feel like a virtual version of its 837 store, but instead built a terribly rendered virtual forest to showcase its intent to plant 2 million trees as part of its sustainability efforts. For comparison's sake, the real Samsung 837 store not only sells Samsung devices but opened with a cafe on site and, at least pre-pandemic, held a running club that promoted its fitness trackers.
This could have been a lot of fun, but instead felt rushed and incomplete. It was a halfhearted attempt in a long line of cultural zeitgeist moments from Samsung, and felt more like an online version of the Yo! Noid game from Pizza Hut in 1990 than it does a glimpse at an often-promised metaversal future.
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Best Mental Health Apps for 2022
Best Mental Health Apps for 2022
Therapy can be a daunting step to take, but it is important for us to treat our mental health appropriately, so we can lead better lives. There are a number of mental health apps that can go a long way in helping you relieve stress, bring down your anxiety or even help you take the first steps in going to therapy and talking to someone. Research shows that mental health apps are also a great way to improve your well-being and keep tabs on your wellness journey.
There's a lot to love about mental health apps -- the variety, the affordability and the features. They also bring mental health resources to people who otherwise couldn't get help due to finances, disabilities or location. But they're not all created equal. Not all mental health apps are backed by research or clinical insights. With between 10,000 to 20,000 wellness apps out there, it can be difficult to find the best option for you. We've pulled together a curated list of our top choices to make the process easier.
Read more: Best Online Therapy Services
Screenshot by Taylor Leamey/CNET
Talkspace takes our top spot for the best therapy app because of its 24/7 access to medical professionals. It's an affordable online therapy option that gives you more than just helpful guides and videos to watch. You have access to a licensed therapist wherever and whenever you need them. Talkspace is a great option for someone who is not comfortable going into an office or would rather have therapy appointments online.
A 2020 study found that messaging a therapist through Talkspace reduced feelings of anxiety and depression. A different study said that using Talkspace's voice, video and text features also reduced symptoms of post-traumatic stress disorder, or PTSD. Note that the researchers of the studies had connections to Talkspace.
Within the app, you have access to video, text and audio chat to communicate with your therapist. However, users note there is a 5-minute cap on audio messages.
Talkspace is significantly more expensive than other apps on the list. However, if you're looking for an app that allows you to talk to a therapist directly, it may be worth the price.
Price: Plans start at $65/week.
Talkspace best features:
Talkspace offers therapy with a mental health professional. Not all mental health apps offer this feature.
You can change therapists.
Access to treatment and Talkspace features 24/7.
Things to consider:
Since it offers therapy, Talkspace is more expensive than other apps. Which may put it out of reach for some.
You can use insurance to pay for Talkspace, but some users have noted customer service wait times and other insurance troubles.
Screenshot by Taylor Leamey/CNET
Calm is one of the most well-known mental health apps in the wellness space, with over 100 million downloads. We consider Calm one of the best meditation apps because of its comprehensive offerings, including breathing techniques and calming exercises.
The Calm app is pretty easy to navigate and organized well. When you open the app, you are prompted to take a few deep breaths. Then you select what your main goals are so that your recommendations are tailored to your needs. You also can track statistics within the app, such as how long you have been using the app or how many sessions you've completed.
The free version of Calm is limited, but there is a 7-day trial that helps you decide if it's right for you. After the trial, you have to pay the premium to access the 100 guided meditations, sleep library and masterclasses, which is $14.99/month or $69.99/year. If you are ready to commit to Calm, it's good to go with the full-year option since it comes out to just under $6/month instead of the full $15. Or you can always stay with the limited free version.
Price: $14.99/month or $69.99/year
Calm best features:
Calm is simple to use and the exercises are easy to follow. It's a great mental health app for beginners.
Features of Calm include breathing exercises, sleep programs, relaxation and mindfulness techniques.
You have access to sleep stories narrated by celebrities like Harry Styles or Laura Dern.
Things to consider:
Calm offers a free version of the app, however, it is limited. You have to pay to access the full features.
You do have to enter payment upfront when you sign up, meaning you have to remember to cancel if you decide it's not for you.
Reviews say that the app has troubles and customer service can be difficult to work with.
Screenshot by Taylor Leamey/CNET
The Moodfit app has a lot to offer, and you can choose how to use the app. You can track sleep, nutrition, exercise and more during your wellness journey. Moodfit uses tools and sessions that help you assess your feelings, recognize negative thinking and change it.
The Moodfit app has pretty standard navigation. The "notices" tab at the bottom is what I would consider the educational section. There is a lot of good information available, like how your thoughts influence your behavior and feelings, but you will have to take the time to actually read it. Other apps have a more interactive experience with imagery, videos and readouts.
Where I think where Moodfit really shines is its analytics. With the easy-to-interpret charts, you can spot patterns in your mood and your activities. You also can track your mood down to the hour -- analytic views available are monthly, weekly, daily and hourly. Many apps do have analytics, but Moodfit puts a lot of intention behind helping you find patterns in your behavior and moods.
Price: $8.99/month
Moodfit best features:
With Moodfit, you can adapt what the app offers based on your goals. Daily reminders and exercises will keep you on track.
Moodfit has some of the best analytics available in the mental health app game.
Things to consider:
Moodfit does not offer communication with a therapist.
The basic version of Moodfit does not include all that the app has to offer. The premium version is $8.99/month, which is a few dollars cheaper than the average cost of the best mental health apps without therapist access.
Moodfit's home page features your progress and goals.
Screenshot by Taylor Leamey/CNET
Screenshot by Taylor Leamey/CNET
Sanvello is the best mental health app for stress relief thanks to its full meditation library, guided journeys, health tracking and cognitive behavioral therapy tools. I was pleasantly surprised when using Sanvello. For me, it was a lesser-known option on the list, and it did not disappoint. You can choose what goals you want to target -- reduce anxiety, feel happier, build confidence, etc., and you can select as many goals as you want.
One of my favorite parts of the Sanvello app was how connected it felt when using it. Like other apps, there is an education section. What's different is how it is presented. Sanvello uses text, videos and audio for a multimedia experience that is much easier to follow and digest. This comes down to preference, as some people prefer to read at their cadence.
The basic version of Sanvello is free. However, there are additional features that the app offers -- like coaching and guided journeys -- that are not available on the free version. There is a premium option of $8.99/month and a premium plus coaching option for $50/month which offers a coach with live connection capabilities.
Price: $8.99/month or $50/month
Sanvello best features:
You can choose which areas you want to target, which allows for personalization.
Unlike other apps, Sanvello has an option to connect with peers who are going through the same things.
Sanvello does have a therapy subscription that connects you with a licensed therapist.
Things to consider:
Unfortunately, the therapy option is not available in all states, and if not covered by insurance, it can get expensive.
There are limitations to the free app. You have to pay a subscription to access advanced features.
The Sanvello app allows you to select which goals you want to target.
Screenshot by Taylor Leamey/CNET
Screenshot by Taylor Leamey/CNET
Happify is a free mental health app that focuses entirely on your mood and helps relieve anxiety. Developed by mental health professionals, Happify's strategies are derived from cognitive behavioral therapy that helps you learn how to recognize and reorient negative thinking.
Happify had the most thorough questionnaire when signing up. I was asked about relationships, employment and medical conditions to help personalize the service. As the name suggests, Happify focuses on positivity and tries to make your journey fun with engaging games. With the relaxation and mindfulness techniques Happify offers, you can boost your mood and relieve anxiety.
The app has a different navigation setup than other apps. Instead of having the navigation bar at the bottom, there's a three-bar dropdown you have to tap to bring up the menu at the top left, making it just a little more difficult to find things.
Price: $14.99/month or $139.99/year. You also can purchase "lifetime access" for $499.99.
Happify best features:
Happify was developed by therapists. It's one of the most robust mental health apps on the list.
You can personalize how you use the app by selecting what your goals are.
When using Happify, you have access to a community forum or you can keep your account private.
Happify also has a digital coach feature available.
Things to consider:
The free features available are limited. To access the digital coach and advanced features, you have to pay for a subscription.
Various tracks are available from Happify.
Screenshot by Taylor Leamey/CNET
Screenshot by Taylor Leamey/CNET
MindShift is a free mental health app specifically designed to target anxiety. Categories within the app are broken down into general worry, social anxiety, perfectionism, panic and phobias. This allows the user to personalize which type of anxiety they want to work through.
As the name suggests, MindShift targets your mindset, meaning that it helps you identify what is making you anxious and helps you redirect your thinking to positivity. When you open the app, you're prompted to rate your daily anxiety score to track over time. The app is pretty easy to use and easier to navigate than other options simply because there is less available. One tool that stood out was the "thought journal" that helps you work through what you're worried about and how to overcome negative thoughts. "Coping cards" are also available to help you ease anxiety in the moment.
MindShift is much more interactive than other apps, as it relies on you to add anxiety scores and type responses to get the best experience. Other apps are mainly reading-based. If you want the best out of MindShift, you need to interact with the app.
Price: Free
Mindshift best features:
MindShift is a very interactive app that allows you to choose which type of anxiety you target.
It's a free app that used psychotherapy techniques.
Things to consider:
Because it's free, you have a limited number of entries a day.
The app may have technical difficulties.
Screenshot by Taylor Leamey/CNET
The unique experiences of people of color are often excluded from traditional mental health resources. The wellness app industry is traditionally not inclusive and mainly focuses on experiences that white people encounter. Only one in three Black Americans get the mental health care they need. That's why Shine is the pick for the best mental health app for people of color.
It's specially designed to target the needs and struggles of people of color, making mental health resources more accessible and inclusive. Shine offers meditations, self-care courses led by experts and monthly virtual workshops. You are also prompted to add a wellness check-in each day and are greeted with motivational messages.
Price: $14.99/month
Shine best features:
The topics and practices offered are focused on BIPOC mental health. This is unique to the mental health app space.
You have access to a peer community that offers support and empowerment.
Things to consider:
Shine offers a free app version, though you will not have access to all the features offered.
The price is about average when compared to the other options on the list.
Selection of choices for Shine app.
Screenshot by Taylor Leamey/CNET
How we chose the best mental health apps
The apps included on the best mental health app list have the best features supported by research. When selecting our picks, we examined each app's user experience, features and pricing. We also read through user reviews to tease out pain points and what people value in mental health apps.
Frequently asked questions
What are mental health apps?
Who doesn't want therapy from the comfort of home? Mental health apps are tools you can use to improve your well-being. While not all offer online therapy, they're simple to use and make managing your mental health easy. Each app will vary in what it targets. For example, Calm specializes in relaxation and breathing. Moodfit focuses on tracking your mood and finding patterns.
Mental health apps are not intended to diagnose conditions or be a replacement for therapy. Instead, they are a great tool to use for continued support daily. They offer encouragement, education and helpful activities you can use to improve several areas of your mental health.
Read more: Tips to Find the Right Therapist For You
Are mental health apps effective?
Experts are split on the effectiveness of mental health apps. Some studies have not found "convincing evidence" that apps greatly improve outcomes related to disorders like anxiety, depression or drinking. However, other research has suggested that mental health apps have potential in managing and improving symptoms of select disorders.
The research on the effectiveness of long-term treatment with apps is young. Most experts agree that they are a great tool to support your mental health, especially when you use them in addition to other treatment options. They are not intended to diagnose conditions and should be viewed primarily as a complement to traditional treatment options.
What are the benefits of mental health apps?
Mental health apps bring resources to those who otherwise may not have had access to them, whether because of financial standing or regional location. And while they are not a true replacement for therapy, mental health apps are a great way to self-regulate and be mindful of how you're feeling.
Convenience: You can track your mood, talk to a counselor or read about mental health topics from anywhere.
Price: Mental health apps are significantly more affordable than traditional therapy. Many are available for under $20/month.
Consistency: You want to be as consistent as possible during your wellness journey. With push notifications and props to check in, mental health apps ensure that you are being mindful of patterns in your behaviors or moods and how to meet your goals.
24/7 access: With a mental health app, you can access resources whenever you need them. While some of the counselors may not reply immediately, you have access to the app's other features 24/7.
They can help: Wellness apps can help you achieve your goals, whatever they are. For example, they can help you recognize patterns in your mood or improve your coping skills.
Will mental health apps be the end of therapy?
Mental health apps are great tools that supplement your experience. However, it's unlikely they would ever replace traditional therapy, even the options that offer virtual therapy. Mental health apps have limitations in crises, and there are questions about effectiveness when used alone. Mental health apps aren't the best option for everyone. While the apps are typically user-friendly, some people still prefer to meet in person and have their therapists' undivided attention. It's all a matter of preference.
Read more: What Is Cognitive Behavioral Therapy?
Do mental health apps share your data?
With mental health apps, you can't assume that everything is protected under the Health Insurance Portability and Accountability Act. Mental health apps fall in a gray area. HIPAA only protects information collected by "covered entities," including healthcare providers and insurance companies. Many of the best mental health apps on the market operate without connection to covered entities, meaning your information isn't completely private.
HIPAA applies to conversations with your therapist on an app. So you don't need to worry about what you disclose in those sessions. However, the apps' additional features -- guided meditations, CBT exercises and mood logs -- are not always kept confidential. Neither is the fact that you use a mental health app. The data you give the apps outside of therapy sessions can be sold for targeted advertising. And it's not just Facebook; your information can be shared with public health and academics for research.
Privacy will vary by platform. Make sure you read the privacy policy of each app to fully understand your protection.
Should you use a mental health app?
For many people, apps are an important tool to guide their wellness journey. While they are not a replacement for therapy, mental health apps are a great way to check in on yourself. My advice is that mental health apps are what you put into them. Many of the free ones offer helpful, educational content. But you need to take the time to read it. Others allow you to work through stressors with open-ended answer boxes. But you have to interact with the app to truly benefit from it.
A wellness app won't give the client's relationship with a counselor that traditional talk therapy offers. And for some, that's not something they are willing to give up. But if therapy is currently out of your reach, especially due to cost, then mental health apps may be a good option. You won't get the highly personalized experience you could get with another person, but you can still learn healthy habits and skills.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.
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The Worst Credit Card Mistakes You Should Stop Making
The Worst Credit Card Mistakes You Should Stop Making
There are several important benefits of using a credit card to shop. You can earn rewards, build your credit and take advantage of travel points and perks. But while shopping with a credit card can be convenient, there are also certain risks you need to be aware of.
If you pay a card late or don't pay your balance in full, you can incur fees and extra interest charges that make your purchases more expensive in the long run, especially considering today's rising interest rates, fueled by skyrocketing inflation. You could also wind up jeopardizing your credit score, which could make it harder to buy a house or get a loan.
So what are the biggest mistakes well-meaning people commonly make with their credit cards -- and what can you do to avoid financial pitfalls? I spoke with experts for their suggestions, and identified some of the most dangerous credit card behaviors. For more, learn how to get out of credit card debt and why now is the right time to pay off your credit cards.
Paying your credit card bill late
Missing a payment or making a late payment on a credit card is a major no-no. Colleen McCreary, a consumer financial advocate at Credit Karma, says this is the most common mistake people make with credit cards. Your payment history is a major factor of your credit rating and accounts for more than 30% of your overall score, McCreary said in an email.
A late payment is a one-way ticket to ruining your credit, and the ding on your report won't go away for seven years. Even worse, if your credit card bill remains unpaid, your creditor could sell your debt to a collection agency, which could tank your credit rating.
The best way to avoid late fees is to set a monthly reminder to pay your bill, and at least make the minimum payment. Most credit card companies will also let you set up monthly auto-payments, so you won't skip a beat. If you're worried you may not have enough each month to cover an autopayment, remember you can always set it to pay out the minimum, the full balance or a specified amount.
The credit bureau Experian notes that some credit card issuers may provide a short grace period for late payments, while others will mark your payment late as soon as you miss your due date.
If you do pay your credit card bill on time regularly and accidentally miss one payment, call your bank as soon as possible to see if it will offer one-time forgiveness, provided you pay in full at the time of your call. Your bank might refund your late fee and interest, but it isn't required to do anything.
While some credit card companies may mark your payment late after one day, those late payments are not reported to credit bureaus for 30 days, according to credit reporting company Equifax, If you act quickly to change your issuer's decision to mark your payment late, you could avoid damaging your credit score. If you're unable to pay your bill, you can also ask your issuer if it can create a payment plan for you.
Stop paying your credit card bill late
Sarah Tew/CNET
Maxing out your credit cards
After payment history, the second biggest factor in determining your credit score is the percentage of available credit that you are currently using. Called the "credit utilization ratio," this factor is calculated by dividing the amount you currently owe by your total credit limit, or your maximum borrowing potential.
Maintaining a high balance on your credit card compared to your total credit limit will increase your total percentage of credit used and hurt your credit score.
You usually want to keep your credit utilization ratio under 30% for a good credit score, though less is better. A good rule of thumb is to use 10% of your total credit limit and pay it off each month so you're not carrying a balance. For example, if your credit limit is $5,000, you wouldn't want to borrow more than $1,500 and ideally $500 or less.
If you find your credit card limit is too low -- for example, the amount you want to charge to your card exceeds the total you can charge on a given card -- you can always ask your credit card issuer for an increase.
Maxing out credit cards could also cost you big money if you can't pay off the total by the payment deadline. "The higher your outstanding balance (the amount of money you owe), the more interest you'll pay, which can make it even more difficult to climb out of debt," McCreary said.
Making only the minimum payment on your credit card
Your minimum payment is the lowest amount that your credit card issuer will allow you to pay toward your credit card bill for any given month -- for example, $50. The minimum monthly payment is determined by the balance on your credit card (what you owe at the end of the pay period) and your interest rate. It's generally calculated as either 2 to 4% of your balance, a flat fee or the higher amount between the two.
Making only minimum payments is one of the most common credit card mistakes, according to Katie Bossler, a quality assurance specialist at GreenPath financial wellness.
Although making minimum payments on time is still far better than paying late or ignoring your bill, paying only the minimum can cause interest to build, making it much more difficult to pay off your balance completely.
For example, if you have a $2,000 balance with a minimum payment of $50 on a credit card with an APR (annual percentage rate) of 14.55%, it will take 56 months (or almost five years) to pay off your debt, and you'll end up paying a total of $753 in interest. However, if you make a plan to pay the balance off in a year, your payments would be $180, and you'd only pay $161 in interest.
It only gets worse as the APR goes up -- at a relatively high but not unreasonable rate of 25%, a minimum payment of $50 would take 87 months (or a little more than seven years) to pay off a $2,000 debt, with a sizable $2,344 in interest payments. Meanwhile, upping the monthly payments to the same $180 would pay off your debt in 13 months, and cost only $281 in interest.
Here's an example of how making more than minimum payments can save you significant money in interest.
How minimum payments lead to higher interest
Credit card balance
Annual percentage rate
Monthly payment
Time needed to pay balance
Additional interest paid
$2,000
14.55%
$50
4.7 years
$753
$2,000
14.55%
$180
1 year
$161
$2,000
25%
$50
7.3 years
$2,344
$2,000
25%
$180
1.1 years
$281
The best way to avoid paying any interest at all on your credit cards is to pay off your full balance each month. If you can't do that, Bossler, the quality expert from GreenPath financial advisors, suggests pausing use of the credit card while you're paying it off, and paying more than the minimum to do so.
Taking out a cash advance on your credit card
Withdrawing a cash advance with a credit card is a big mistake. "It's the most expensive way to pay for things," Bossler said. Cash advances are a method of borrowing money from your credit line to put cash in your pocket "now."
Convenient as it may be, a cash advance uses an interest rate that is typically significantly higher than your standard APR. Most cards will also include a transaction fee of 3 to 5%. "This is not the way to go," Bossler said.
If you receive a "convenience check" in the mail from a credit card company, be careful. It could be a cash advance offer that's best tossed in the recycle bin. If you need some extra cash, it might be better to think about starting a side hustle or taking out a personal loan with a lower interest rate. Budgeting apps can also help track your spending, so you can pull back on expenses that can wait.
Chasing credit card rewards with abandon
If you're thinking of opening a new credit card account to get money back on your purchases, you can best manage rewards by considering your lifestyle. Heavy travelers should look for a card with frequent flyer rewards. If you spend a lot of money on groceries or drive your car often, look for cash back rewards for spending at gas stations and grocery stores.
However, you shouldn't make spending decisions based on receiving rewards. "Credit cards shouldn't be used as a strategy for buying things," Bossler said. Many cards will require a minimum amount of purchases for special rewards, or a welcome bonus to tempt you into spending more than you can afford.
Credit cards with lucrative rewards can also charge higher annual fees, for example, $100 or even $500 a year. If you're not spending enough to earn that annual cost back in rewards, you might consider a card with no annual fee.
Credit card rewards can be a powerful financial tool when used wisely, but you'll need to be careful to avoid running up your balance. Thomas Nitzsche, senior director of Media and Brand at MMI, says he often sees people making the mistake of using credit cards for rewards while ignoring the growing interest on their balance. If you're chasing rewards at the expense of your budget, consider coming up with a plan to pay your balance down instead.
Your credit score can drop when you cancel your credit cards.
Sarah Tew/CNET
Not paying off big purchases during a 0% APR period
Whether you just opened a 0% APR credit card -- which offers interest-free debt for a specific promotional period -- or a balance transfer card -- a credit card designed to accept debt from other cards -- make sure you read the fine print. Oftentimes, there's a fee to transfer your existing balance, commonly 3% of the balances transferred. Also, the introductory 0% rate only lasts for so long, typically between six and 18 months. That means you've got a limited time to pay off your balance before a higher APR kicks in. (When it does, your monthly interest gets a lot more expensive.)
To create a simple repayment plan, take the amount you owe and divide it by the number of months in your 0% APR promo period. Then pay that amount monthly to completely pay off your balance while you are borrowing without interest. For example, if you buy a $300 TV using a credit card with 0% APR for six months, making $50 monthly payments will eliminate your debt before the no-interest period expires.
Using a 0% intro APR credit card can be a good strategy to pay off your debt or finance a large purchase, but it can be risky, too. While disciplined borrowers can effectively roll balances into new accounts with 0% intro APR, Nitzche says that many people who transfer their credit card balances only make minimum payments, which can result in spiraling debt and damaged credit, leading to a point when they can no longer get approval for new accounts.
Canceling your credit cards
Even if you have paid down your balance on a credit card, there are two big reasons why you shouldn't cancel your account. Closing your account would affect your length of credit history and credit utilization ratio, two important components of your credit score. (Remember, your credit utilization ratio is the percentage of your total available credit lines across all cards you're using.)
If you close an account you're not using, your total available credit line shrinks, making your credit utilization ratio higher.
Canceling older credit cards will also shorten your credit history, leading to a significant drop in your credit score. If you do decide to cancel some of your credit cards, it's best to leave the oldest account open, as well as the one with the highest credit limit to maintain your credit utilization ratio and prevent any damage to your credit score.
It's important to note that with inactivity, credit card issuers may automatically close your account. To avoid this, Nitzche says that it's best to use each of your credit cards once in a while for small purchases.
Applying for too many credit cards
You may have heard this advice before: Don't apply for too many credit cards at once. Each time you apply for a new credit card, your credit score can drop slightly due to a "hard" credit check.
Hard credit checks require your consent and involve a full credit summary from a credit bureau. "Soft" credit checks occur when you view your credit report or a financial company requests a summary without your consent, and they don't affect your credit score. They're used for purposes such as preapproved credit card offers.
When you authorize lenders to pull your credit history, you'll see a "hard" inquiry on your credit report. According to credit score company MyFICO, a hard pull will lower your credit score by about 5 points. While it will stay on your report for two years, the deduction to your score will usually be eliminated within a year.
Too many hard pulls on your credit in a short amount of time -- for example, applying for five store credit cards in one weekend -- could affect your credit rating more, as multiple inquiries indicate higher risks of insolvency or bankruptcy. Experian suggests waiting at least six months between applying for new lines of credit to avoid lowering your credit score.
Applying for too many credit cards at once can drop your credit score.
Sarah Tew/CNET
Not checking your billing statements regularly
How often do you check your monthly billing statement? It can be an eye opener to see how much money you really charge your credit card, especially if it's routinely more than you bring home each month.
Spending $20 here and there may not seem like a huge amount, but it can add up quickly. Remember that increasing your credit utilization ratio (your percentage of credit used) will lower your credit score and high balances will cost you more in interest. Plus, how do you know how much you've charged if you aren't tracking your spending?
Tracking your credit card spending isn't the only reason to check your billing statement. You should thoroughly comb through your transactions to make sure there aren't any potentially fraudulent charges you didn't make. The sooner you discover you're a victim of identity fraud, the sooner you can contact your card issuer to dispute the charges and take the necessary steps to secure your credit card account.
For more tips on using credit cards wisely, learn six ways to get the most from your credit card and how to pick the right credit card.
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The Worst Credit Card Mistakes You Should Stop Making
The Worst Credit Card Mistakes You Should Stop Making
There are several important benefits of using a credit card to shop. You can earn rewards, build your credit and take advantage of travel points and perks. But while shopping with a credit card can be convenient, there are also certain risks you need to be aware of.
If you pay a card late or don't pay your balance in full, you can incur fees and extra interest charges that make your purchases more expensive in the long run, especially considering today's rising interest rates, fueled by skyrocketing inflation. You could also wind up jeopardizing your credit score, which could make it harder to buy a house or get a loan.
So what are the biggest mistakes well-meaning people commonly make with their credit cards -- and what can you do to avoid financial pitfalls? I spoke with experts for their suggestions, and identified some of the most dangerous credit card behaviors. For more, learn how to get out of credit card debt and why now is the right time to pay off your credit cards.
Paying your credit card bill late
Missing a payment or making a late payment on a credit card is a major no-no. Colleen McCreary, a consumer financial advocate at Credit Karma, says this is the most common mistake people make with credit cards. Your payment history is a major factor of your credit rating and accounts for more than 30% of your overall score, McCreary said in an email.
A late payment is a one-way ticket to ruining your credit, and the ding on your report won't go away for seven years. Even worse, if your credit card bill remains unpaid, your creditor could sell your debt to a collection agency, which could tank your credit rating.
The best way to avoid late fees is to set a monthly reminder to pay your bill, and at least make the minimum payment. Most credit card companies will also let you set up monthly auto-payments, so you won't skip a beat. If you're worried you may not have enough each month to cover an autopayment, remember you can always set it to pay out the minimum, the full balance or a specified amount.
The credit bureau Experian notes that some credit card issuers may provide a short grace period for late payments, while others will mark your payment late as soon as you miss your due date.
If you do pay your credit card bill on time regularly and accidentally miss one payment, call your bank as soon as possible to see if it will offer one-time forgiveness, provided you pay in full at the time of your call. Your bank might refund your late fee and interest, but it isn't required to do anything.
While some credit card companies may mark your payment late after one day, those late payments are not reported to credit bureaus for 30 days, according to credit reporting company Equifax, If you act quickly to change your issuer's decision to mark your payment late, you could avoid damaging your credit score. If you're unable to pay your bill, you can also ask your issuer if it can create a payment plan for you.
Stop paying your credit card bill late
Sarah Tew/CNET
Maxing out your credit cards
After payment history, the second biggest factor in determining your credit score is the percentage of available credit that you are currently using. Called the "credit utilization ratio," this factor is calculated by dividing the amount you currently owe by your total credit limit, or your maximum borrowing potential.
Maintaining a high balance on your credit card compared to your total credit limit will increase your total percentage of credit used and hurt your credit score.
You usually want to keep your credit utilization ratio under 30% for a good credit score, though less is better. A good rule of thumb is to use 10% of your total credit limit and pay it off each month so you're not carrying a balance. For example, if your credit limit is $5,000, you wouldn't want to borrow more than $1,500 and ideally $500 or less.
If you find your credit card limit is too low -- for example, the amount you want to charge to your card exceeds the total you can charge on a given card -- you can always ask your credit card issuer for an increase.
Maxing out credit cards could also cost you big money if you can't pay off the total by the payment deadline. "The higher your outstanding balance (the amount of money you owe), the more interest you'll pay, which can make it even more difficult to climb out of debt," McCreary said.
Making only the minimum payment on your credit card
Your minimum payment is the lowest amount that your credit card issuer will allow you to pay toward your credit card bill for any given month -- for example, $50. The minimum monthly payment is determined by the balance on your credit card (what you owe at the end of the pay period) and your interest rate. It's generally calculated as either 2 to 4% of your balance, a flat fee or the higher amount between the two.
Making only minimum payments is one of the most common credit card mistakes, according to Katie Bossler, a quality assurance specialist at GreenPath financial wellness.
Although making minimum payments on time is still far better than paying late or ignoring your bill, paying only the minimum can cause interest to build, making it much more difficult to pay off your balance completely.
For example, if you have a $2,000 balance with a minimum payment of $50 on a credit card with an APR (annual percentage rate) of 14.55%, it will take 56 months (or almost five years) to pay off your debt, and you'll end up paying a total of $753 in interest. However, if you make a plan to pay the balance off in a year, your payments would be $180, and you'd only pay $161 in interest.
It only gets worse as the APR goes up -- at a relatively high but not unreasonable rate of 25%, a minimum payment of $50 would take 87 months (or a little more than seven years) to pay off a $2,000 debt, with a sizable $2,344 in interest payments. Meanwhile, upping the monthly payments to the same $180 would pay off your debt in 13 months, and cost only $281 in interest.
Here's an example of how making more than minimum payments can save you significant money in interest.
How minimum payments lead to higher interest
Credit card balance
Annual percentage rate
Monthly payment
Time needed to pay balance
Additional interest paid
$2,000
14.55%
$50
4.7 years
$753
$2,000
14.55%
$180
1 year
$161
$2,000
25%
$50
7.3 years
$2,344
$2,000
25%
$180
1.1 years
$281
The best way to avoid paying any interest at all on your credit cards is to pay off your full balance each month. If you can't do that, Bossler, the quality expert from GreenPath financial advisors, suggests pausing use of the credit card while you're paying it off, and paying more than the minimum to do so.
Taking out a cash advance on your credit card
Withdrawing a cash advance with a credit card is a big mistake. "It's the most expensive way to pay for things," Bossler said. Cash advances are a method of borrowing money from your credit line to put cash in your pocket "now."
Convenient as it may be, a cash advance uses an interest rate that is typically significantly higher than your standard APR. Most cards will also include a transaction fee of 3 to 5%. "This is not the way to go," Bossler said.
If you receive a "convenience check" in the mail from a credit card company, be careful. It could be a cash advance offer that's best tossed in the recycle bin. If you need some extra cash, it might be better to think about starting a side hustle or taking out a personal loan with a lower interest rate. Budgeting apps can also help track your spending, so you can pull back on expenses that can wait.
Chasing credit card rewards with abandon
If you're thinking of opening a new credit card account to get money back on your purchases, you can best manage rewards by considering your lifestyle. Heavy travelers should look for a card with frequent flyer rewards. If you spend a lot of money on groceries or drive your car often, look for cash back rewards for spending at gas stations and grocery stores.
However, you shouldn't make spending decisions based on receiving rewards. "Credit cards shouldn't be used as a strategy for buying things," Bossler said. Many cards will require a minimum amount of purchases for special rewards, or a welcome bonus to tempt you into spending more than you can afford.
Credit cards with lucrative rewards can also charge higher annual fees, for example, $100 or even $500 a year. If you're not spending enough to earn that annual cost back in rewards, you might consider a card with no annual fee.
Credit card rewards can be a powerful financial tool when used wisely, but you'll need to be careful to avoid running up your balance. Thomas Nitzsche, senior director of Media and Brand at MMI, says he often sees people making the mistake of using credit cards for rewards while ignoring the growing interest on their balance. If you're chasing rewards at the expense of your budget, consider coming up with a plan to pay your balance down instead.
Your credit score can drop when you cancel your credit cards.
Sarah Tew/CNET
Not paying off big purchases during a 0% APR period
Whether you just opened a 0% APR credit card -- which offers interest-free debt for a specific promotional period -- or a balance transfer card -- a credit card designed to accept debt from other cards -- make sure you read the fine print. Oftentimes, there's a fee to transfer your existing balance, commonly 3% of the balances transferred. Also, the introductory 0% rate only lasts for so long, typically between six and 18 months. That means you've got a limited time to pay off your balance before a higher APR kicks in. (When it does, your monthly interest gets a lot more expensive.)
To create a simple repayment plan, take the amount you owe and divide it by the number of months in your 0% APR promo period. Then pay that amount monthly to completely pay off your balance while you are borrowing without interest. For example, if you buy a $300 TV using a credit card with 0% APR for six months, making $50 monthly payments will eliminate your debt before the no-interest period expires.
Using a 0% intro APR credit card can be a good strategy to pay off your debt or finance a large purchase, but it can be risky, too. While disciplined borrowers can effectively roll balances into new accounts with 0% intro APR, Nitzche says that many people who transfer their credit card balances only make minimum payments, which can result in spiraling debt and damaged credit, leading to a point when they can no longer get approval for new accounts.
Canceling your credit cards
Even if you have paid down your balance on a credit card, there are two big reasons why you shouldn't cancel your account. Closing your account would affect your length of credit history and credit utilization ratio, two important components of your credit score. (Remember, your credit utilization ratio is the percentage of your total available credit lines across all cards you're using.)
If you close an account you're not using, your total available credit line shrinks, making your credit utilization ratio higher.
Canceling older credit cards will also shorten your credit history, leading to a significant drop in your credit score. If you do decide to cancel some of your credit cards, it's best to leave the oldest account open, as well as the one with the highest credit limit to maintain your credit utilization ratio and prevent any damage to your credit score.
It's important to note that with inactivity, credit card issuers may automatically close your account. To avoid this, Nitzche says that it's best to use each of your credit cards once in a while for small purchases.
Applying for too many credit cards
You may have heard this advice before: Don't apply for too many credit cards at once. Each time you apply for a new credit card, your credit score can drop slightly due to a "hard" credit check.
Hard credit checks require your consent and involve a full credit summary from a credit bureau. "Soft" credit checks occur when you view your credit report or a financial company requests a summary without your consent, and they don't affect your credit score. They're used for purposes such as preapproved credit card offers.
When you authorize lenders to pull your credit history, you'll see a "hard" inquiry on your credit report. According to credit score company MyFICO, a hard pull will lower your credit score by about 5 points. While it will stay on your report for two years, the deduction to your score will usually be eliminated within a year.
Too many hard pulls on your credit in a short amount of time -- for example, applying for five store credit cards in one weekend -- could affect your credit rating more, as multiple inquiries indicate higher risks of insolvency or bankruptcy. Experian suggests waiting at least six months between applying for new lines of credit to avoid lowering your credit score.
Applying for too many credit cards at once can drop your credit score.
Sarah Tew/CNET
Not checking your billing statements regularly
How often do you check your monthly billing statement? It can be an eye opener to see how much money you really charge your credit card, especially if it's routinely more than you bring home each month.
Spending $20 here and there may not seem like a huge amount, but it can add up quickly. Remember that increasing your credit utilization ratio (your percentage of credit used) will lower your credit score and high balances will cost you more in interest. Plus, how do you know how much you've charged if you aren't tracking your spending?
Tracking your credit card spending isn't the only reason to check your billing statement. You should thoroughly comb through your transactions to make sure there aren't any potentially fraudulent charges you didn't make. The sooner you discover you're a victim of identity fraud, the sooner you can contact your card issuer to dispute the charges and take the necessary steps to secure your credit card account.
For more tips on using credit cards wisely, learn six ways to get the most from your credit card and how to pick the right credit card.
