How do you use your credit cards? Do you consider yourself to be completely responsible or completely lost when it comes to credit usage? No matter how responsible you feel, there is always a bit more that you can learn, and this article will provide you with great credit card tips!
Review the specific terms of the offer. If you have a pre-approved credit offer, or if someone claims they can assist you in getting a card, gather all the details first. It’s important to know what your interest rate is and will be in the future. Also, make sure to research any associate grace periods and/or fees.
Be smart when it comes to the use of credit cards. Limit your spending and only purchase things with your card that you can afford. Prior to purchasing an item with your credit card, be sure that you will be able to pay the charge when your statement arrives. Carrying over a balance can cause you to sink deep into debt since it will be harder to pay off.
Keep an eye on your credit cards even if you don’t use them very often. If your identity is stolen, and you do not regularly monitor your credit card balances, you may not be aware of this. Check your balances at least once a month. If you see any unauthorized uses, report them to your card issuer immediately.
Only take cash advances from your credit card when you absolutely have to. The finance charges for cash advances are very high, and very difficult to pay off. Only use them for situations in which you have no other option. But you must truly feel that you will be able to make considerable payments on your credit card, soon after.
Use a credit card to pay for a recurring monthly expense that you already have budgeted for. Then, pay that credit card off each and every month, as you pay the bill. Doing this will establish credit with the account, but you don’t have to pay any interest, if you pay the card off in full each month.
Each month when you receive your statement, take the time to look over it. Check all the information for accuracy. A merchant may have accidentally charged a different amount or may have submitted a double payment. You may also find that someone accessed your card and went on a shopping spree. Immediately report any inaccuracies to the credit card company.
If anyone asks you to give them your credit information or card number over the phone, never give it to them. Many dishonest people use this ploy to get credit card information from unsuspecting people. Give your number only to trusted companies and to your credit lender when you contact them. Never give your numbers to someone who calls you. It doesn’t matter what they say, there is no way to know who they really are.
It is important to always review the charges, and credits that have posted to your credit card account. Whether you choose to verify your account activity online, by reading paper statements, or making certain that all charges and payments are reflected accurately, you can avoid costly errors or unnecessary battles with the card issuer.
When looking for a new card, it is very important to comparison shop and try to find a card that is offering great deals to new customers. Using a card that offers points or airline miles is great because you will be able to get a bit of an incentive, every time you use your card.
Before you pick a credit card be sure that it accepted at most businesses in your area. There are only a few credit card companies that are accepted nationwide, so be sure you know which ones these are if you plan to purchase things around the country. Also, if you plan to travel abroad, be sure you have a card that is accepted where you might travel as well.
Compare rewards programs before you choose a credit card company. If you plan to use your credit card for a large percentage of your purchases, a rewards program can save you a great deal of money. Every rewards programs is different, it would be best, to research each one before you make a decision.
Always pay your credit card bill on time. Paying credit card bills late, can result in addition charges on your next bill, such as late fees and interest charges. In addition to this, late payments can adversely affect your credit score. This can negatively affect your ability to make purchases, and receive loans in the future.
Did these tips help you? Do you feel more prepared to use your credit cards now? Hopefully, you feel more confident and comfortable, as well as, more able to avoid the common “credit traps” that exist. This article and others like it can provide you with a wealth of useful credit card knowledge.
