Interested In Learning About Charge Cards? Read On
Posted at by CreditWiz on category Credit Cards
Some people fear getting credit cards because of the problems associated with them. You don’t have to be fearful of charge cards. Credit cards are very helpful if you want to buy something and you would prefer not to utilize cash. The article below discusses some of the best credit tips.
Credit Score
To keep your credit score high, make sure to pay your credit card payment by the date it is due. A payment that you make too late, will lower your credit score, while costing you a lot of money. Setting up an automatic payment schedule with your credit card company or bank can save you time and money.
Know what interest rate your card has. It is essential that you find out before you ever sign up for the card. If you do not know, you could end up paying much more than the original price. Paying more may keep you from having the ability to pay the debt off every month.
Keep a close eye on your balance. Know the credit limit of that card. If you go over that limit, you are going to pay more fees than you realize. It will take longer for you to pay the balance down if you keep going over your limit.
Always make any credit card payments on time. If you do not pay your credit card by the due date, you will incur hefty charges. Also, the majority of card companies will increase your rate, which means all future purchases cost you more money.
Anytime you use bank cards for online purchases, print and save a receipt. Keep these receipts and compare them with your statement to make sure it is the correct amount. If the company did not charge you the right amount, get in contact with the company and immediately file a dispute. This is a great way to make sure you are never overcharged for the items you buy.
Credit Card
Everyone has experienced this. You get another piece of unsolicited “junk mail” urging you to apply for a shiny new credit card. Depending on the time frame, you may or may not be in the market. Tear up or shred credit card offers before disposing of them. Why? Your delicate personal information is contained on these solicitations, and a thief can easily damage your credit by stealing your identity.
A lot of experts think that you shouldn’t have a maximum limit on a credit card that’s more than 75% of what you make a month. If your limit is higher than this, try to pay it off quickly. This happens when the interest builds up it becomes too hard to pay back.
A credit card that is secured with your funds can be a serious help in restoring a damaged credit record. These cards require that you first have a savings account established with the company, and that account will serve as collateral. You basically borrow money from yourself, although you have to pay interest on the loan, too. This may not be an ideal situation, but it might be one of the only ways that will help you repair your credit. Just remember that you still need to ensure the company you’re dealing with is honest. This is because they might offer you the opportunity to get an unsecured one later, which would increase your credit rating.
The advice you have read here can help even the most credit-shy consumer conquer their fears. When you know how to use them properly, credit cards can be very handy, so you do not have to feel anxious. Just remember what you have learned and everything will be okay.