Basic Guidelines For Credit Card Users Or Applicants

| July 24, 2013 | 0 Comments

credit cardsCredit cards can cause a great deal of frustration. If you have the right advice, you can easily deal with credit cards in a hassle-free way. This article has several suggestions on using your card the best ways possible.

You may want to consider keeping a couple of credit card accounts open at any given time. This will assist you in raising your credit rating if you pay all balances in full monthly. Having more than three open helps lenders look at you in a bad light when they see your credit report.

TIP! Never spend more than can be repaid when you are using your credit cards. Unless you track your purchases, it’s easy to spend way too much.

In terms of a retail store’s credit options, you should never get a card with them unless you’re a loyal, regular customer. Every application for a credit card is recorded on your credit file, even if you do not actually open up a store card account. If you have too many credit inquiries, your credit score may take a hit.

Premium Card

Be sure to check your credit card’s terms to see if it charges an annual fee to use the card. You want to make sure that you don’t pay a premium for the credit card. Certain exclusive cards charge annual fees upwards of $1,000. If you can’t benefit from a premium card, find a card with no annual fee and don’t waste your money on the premium card’s steep annual fees.

TIP! Make your credit payment before it is due so that your credit score remains high. Late payments involve fees and damage your credit.

Credit card companies state your minimum payment and hope you will not pay more so they can collect more interest on your balance over time. Pay much more than what the minimum payment indicates. You will save a lot of money on interest in the end.

Understand fully the terms and conditions of a credit card before you apply for it. You might find that the rate of interest is too high, the payment schedule is not flexible, or the fees are too stringent. Read every word of the fine print to be sure that you completely comprehend the policy.

Annual Fees

TIP! It is in your best interest to pay off your credit card in full every month. Really, credit cards should be used for convenience, and the bills should be paid on time and in full.

Those that want a new card should only look at those without annual fees that have lower interest rates. There are so many credit card companies that a card with annual fees is just a waste.

Purchases with bank cards should never be attempted from a public computer. Your card information will be on these computers, such as the ones in the public library or in coffee shops. It is a big mistake to put your personal credit card information on a public computer or network. Don’t make purchases from another person’s computer.

Do not be hesitant to inquire about getting a lower interest rate. If you have an established history with the company, and have made timely payments, you may be able to negotiate a better rate. All you may have to do is make a phone call in order to obtain a better rate and save money.

Credit Card Information

If someone calls you up and asks you for credit card information out of the blue, don’t give it out. Many dishonest people use this ploy to get credit card information from unsuspecting people. Only give your credit card number to businesses that you trust. If a random company calls you first, don’t share your numbers. It doesn’t matter what they say, there is no way to know who they really are.

Never believe that a credit card’s interest rate is fixed. Credit card companies compete with each other for your business, and they all use a range of different rates to attract cusotmers. Call your bank if you are unhappy with the interest rate given to you.

Interest Rate

Remember that there is nothing stopping you from asking your bank to give you a better interest rate. If they don’t want to work with you, look around for a more ideal interest rate. If you locate one, go with this company, as they can better help your needs.

Restaurant and grocery charges on a charge card may take longer to show on your statement which can be deceiving when it comes to knowing the amount that you have available. You could then overspend, as you will think that your credit card’s balance is lower that what it actually is.

TIP! Avoid purchasing items out of your budget with your credit card. Just because you desire to have a new TV, it does not mean that buying using your credit card is a good option.

Review each of your credit statements closely. Try to identify problems with the charges for which you know you are responsible, and look for entries indicating purchases that you know you never made. It’s important to contact your credit card provider about any discrepancies as soon as possible. This will save you money and may prevent you from being improperly reported to the credit agencies.

Don’t give credit card numbers out on the internet or on the phone, unless you know and trust the vendor you’re dealing with. Be extra cautious if the offer requiring your information was unsolicited. There are a variety of scams designed to gather credit card information from unsuspecting consumers. Be very careful, and protect yourself.

As previously mentioned, credit card companies can frustrate and disappoint people. However, many of these frustrations can be prevented with a little due diligence in selecting the right card. Use the information here to enjoy your credit card and all of their benefits.

Tags: , , , , ,

Category: Finance, News, Pics

Leave a Reply

Your email address will not be published. Required fields are marked *