Take A Look At This Credit Card Advice
Posted at by CreditWiz on category Credit CardsCredit cards are used by people everywhere, and often help people reach goals. The financial freedom that comes with a credit card can put the world at your fingertips. But, there is no substitute for wise decision making when it comes to using credit cards. The information provided here can help you achieve that goal.
Whenever you see fraudulent charges on your statement, make a report right away. By doing so you give the credit card company the best chance of catching the thief. This will also limit the risk of you being held accountable for their charges. It is fairly simple to report erroneous charges, either with an email or phone call to the credit card company.
Pay your monthly statements on time. Know what the due date is and open your statements as soon as you get them. Your credit score can suffer if your payments are late, and hefty fees are frequently imposed. One of the best ways to save you both time and money is to set up automatic payments.
Keep a watchful eye on your balance. Also make sure that you understand the limits placed on your credit cards. Exceeding the limit will result in significant fees. It is going to take longer to pay down the balance if you keep exceeding your limit.
There are many types of credit loyalty programs. If you use credit cards on a regular basis, it is wise to find one with a loyalty or rewards program that you find personally useful. This can actually provide a lot of benefits, if you use it wisely.
The moment you receive a letter or email regarding your credit card, be sure to read it right then. Credit card providers can make changes to their fees and interest rates provided that they give you a written notice of their changes. If the terms are not ones that work for you, cancelling the card is an option.
Don’t use credit cards to buy items that are too expensive for you to afford. Even if you want a high-priced item, it’s not worth going into debt in order to get it. The interest charges will be exorbitant, and you may not be able to make necessary payments. Take some time to sleep on the the decision and make sure it is really something you want to do. Then, if you decide to purchase it, you may be able to get low interest rates through in-house financing.
Don’t use a public computer when you’re buying something online with credit cards. Your information can be stored on public computers, like the ones in the library and coffee shops. When you leave your details behind on such computers you expose yourself to great unnecessary risks. You should only shop online from a computer that you own.
Never send you card number to someone by fax. Faxes typically sit in baskets waiting for recipients to pick them up and could be viewable to all passersby. Any one of the workers in the office could steal it. You are then susceptible to fraudulent charges and a whole host of other dilemmas.
If you are using multiple credit cards, it is a good idea to single one out and pay it off every month. If you have significant balances on different cards, using one specific card that is paid in full at the end of the month will help to build your credit score.
Talk over your interest rate with the company that issued your card. In many cases, you may be able to successfully negotiate a lower rate with your creditor. You may receive a reduced APR if you request it and have been a dependable customer.
Limit the number of credit cards you carry with you to one or two that you absolutely need. You may have quite a few cards, but consider what cards you use the most. Such cards may be a general purpose card and a gasoline card. Keep these cards in your wallet or purse, and find a safe place at home to store the rest for emergencies.
Credit cards provide lots of advantages, such as opening up lifestyle and spending options. Along with the clear advantages credit cards offer, there are dangers to avoid. Used carelessly, credit cards can cause financial ruin. This article is full of advice that will prove beneficial to any consumer looking to make sensible credit card decisions.