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!
If you see any suspicious charges, report them quickly. If you do this, your credit card company will have a good chance of tracking down the thief. This also ensures that you will not be liable for any further charges. You can report the majority of fraudulent charges with a simple email or phone call to the credit card company.
If you are in the market for a secured credit card, it is very important that you pay close attention to the fees that are associated with the account, as well as, whether they report to the major credit bureaus. If they do not report, then it is no use having that specific card.
Practice sound financial management by only charging purchases that you know you will be able to pay off. Credit cards can be a quick and dangerous way to rack up large amounts of debt that you may not be able to pay off. Don’t use them to live off of, if you are unable to come up with the funds to do so.
It is good to keep in mind that credit card companies are not your friends when you look at minimum monthly payments. They set minimum payments in order to maximize the amount of interest you pay them. Never pay just the minimum payment. Avoid paying interest as much as possible in the long run.
Use pass codes and pins that are hard for people to decipher. Using something like your initials, middle name or birth date can be a costly mistake, as all of those things may be easy for someone to decipher.
Never be scared to ask the credit card company to lower your interest rate. If you have a good credit history with them, they may give you a better rate. Making one simple phone call can result in a better rate and help you save money.
It is best to stay away from charging holiday gifts and other holiday-related expenditures. If you can’t afford it, either save to buy what you want or just buy less-expensive gifts. Your best friends and relatives will understand that you are on a budget. You can always ask ahead of time for a limit on gift amounts or draw names. The bonus is that you won’t be spending the next year paying for this year’s Christmas!
Keep track of your credit score. Good credit is considered to be a credit score over 700. Proper use of credit cards can be one way to improve or maintain a good credit score level. With a score of over 700, you can receive the very best offers with the absolute lowest rates.
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.