Credit cards hold tremendous power. Your use of them, proper or otherwise, can mean having breathing room, in case of an emergency, positive impact on your credit scores and history, and the possibility of perks that enhance your lifestyle. Keep reading to learn some great ideas on how to harness the power of credit cards in your life.
When you are unable to pay off one of your credit cards, then the best policy is to contact the credit card company. Letting it just go to collections is bad for your credit score. You will find that most companies will let you pay it off in smaller amounts, as long as you don’t keep avoiding them.
Be safe when giving out your credit card information. If you like to order things online with it, then you have to be sure the website is secure. If you notice charges that you didn’t make, call the customer service number for the credit card company. They can help deactivate your card and make it unusable, until they mail you a new one with a new account number.
If you have multiple cards that have a balance on them, you should avoid getting new cards. Even if you are paying everything back on time, there is no reason for you to take the chance of getting another card and making your financial situation any more strained than it already is.
If you are not satisfied with the high interest rate on your credit card, but aren’t interested in transferring the balance somewhere else, try negotiating with the issuing bank. You can sometimes get a lower interest rate if you tell the issuing bank that you are considering transferring your balances to a different credit card that offers low-interest transfers. They may lower your rate in order to keep your business!
Anytime you apply for a credit card, you should always familiarize yourself with the terms of service that comes along with it. This will allow you to know what you can and cannot use your card for, as well as, any fees that you might possibly incur in different situations.
Do not leave any blank spaces when you are signing a receipt in a retail store. If the receipt includes a tip line and you aren’t leaving a tip, draw a line in the tip space. If you do not you take the chance of an employee writing in an amount themselves. Additionally, it’s a good idea to verify the information from all receipts with your monthly statement.
Make sure that you watch your statements closely. If you see charges that should not be on there, or that you feel you were charged incorrectly for, call customer service. If you cannot get anywhere with customer service, ask politely to speak to the retention team, in order for you to get the assistance you need.
As was stated earlier, the credit cards in your wallet represent considerable power in your life. They can mean having a fallback cushion in case of emergency, the ability to boost your credit rating and the chance to rack up rewards that make your life easier. Apply what you have learned in this article to maximize your potential benefits.