Don’t Let Charge Cards Take Over Your Life

| September 19, 2013 | 0 Comments

Sorting through credit card offers can be a hard task. Some cards offer low rates, some are easy to receive, and others offer great card rewards. What can a consumer do? With this information, you will be informed with what you have to know to choose the right card.

A lot of new credit card offers come with attractive, potentially valuable bonuses attached. Pay close attention to the fine print so that you actually qualify for the promised bonus. For instance, it could be listed in your contract that you can only receive a bonus if you spend X amount of money every period. If this is something you’re not comfortable with, you need to know before you enter a contract.

TIP! It is a good idea to have a couple of open credit cards. That works to build a stable credit history, particularly if you repay balances in full each month.

Always know the rate of interest on all your charge cards. If you are applying for a new credit card, make sure that you are aware of what the rate is on that card. Choosing a card with a high interest rate will cost you dearly if you carry a balance. You might not be able to pay off your debt if you have to pay more and more interest.

Before signing up for a card, be certain that you understand all of the terms associated with it. It is especially important to read the details about what happens to rates and fees after any introductory period. Make sure you fully understand things like the interest rate, the late payment fees and any annual charges the card carries.

There is no end to the types of reward programs you can find for charge cards. If you use bank cards regularly, find one that has a loyalty program. This can provide you with extra income, airfare, or other rewards, if you use the card wisely.

TIP! Should you notice a charge that is fraudulent on any credit card, immediately report it to the credit card company. By doing so you give the credit card company the best chance of catching the thief.

Never use passwords or pin codes on credit cards that are easy to figure out. Do not use anything simple like your birthday or your child’s name since this information can be accessed by anyone.

Credit Card

Retain a copy of the receipt when you utilize your credit card online. Do not throw that receipt out until you have your credit card statement in hand. That way you can compare the two and make sure charges are correct. If they did not, contact the company and file a dispute immediately. This will ensure you don’t get overcharged for your purchases.

TIP! Always know the amount of your current balance. Be sure that you’re aware of what kind of limits are on your credit card account.

When signing credit card receipts in stores, don’t leave blank spaces. Always strike out the tip line in order to prevent others from filling in an amount of their choosing. Also, check that your purchase amounts match the amounts on your statement.

Don’t write your password or pin number down. It is critical that you can recall your password, so you remain the only person with access to it. If you write down a PIN or password, especially if you put it in your wallet with your card, anyone can access it.

Never, ever, under any circumstance lend out your credit card to someone. Although you might be tempted to help out a good friend, lending out your charge cards is not a good idea. There are other ways to help a friend or family member in need other than allowing them to borrow your card.

Interest Rate

Don’t believe your card interest rate is non-negotiable. The industry that runs bank cards are competing all the time, so they always have various interest rates. If you do not like your current interest rate, contact your bank and request that they lower it.

Ask your creditor if they are willing to lower your interest rate. Sometimes, especially if you have a long and positive history as a customer, companies are willing to reduce their interest rates. Asking is free, and the money it can wind up saving you is significant.

TIP! Watch the terms and conditions on your credit card accounts carefully. It’s not uncommon in recent times for a card company to change their terms frequently.

Avoid using your credit card to pay for meals at restaurants, as the charges sometimes take a while to appear on your credit card statement, so you could underestimate your available credit. This may make you spend too much because you will think the balance is lower than it actually is.

Credit Card

When consumers open their mailbox, they see many credit card offers. Sorting through these is hard. By informing yourself, it is easier to choose the right credit cards. This article has helpful advice that may help you make smarter credit card decisions.

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Category: Finance

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