How To Achieve Better Finances With Credit Cards
Posted at by CreditWiz on category Credit CardsHaving a credit card can help people all over reach lifestyle goals. The financial freedom that comes with a credit card can put the world at your fingertips. With that said, never forget that you must choose your credit cards wisely and use them intelligently. The article below covers some of the basic credit information to help consumers achieve that balance.
Report any fraudulent charges on your credit cards right away. If you do so, it will be more likely that the thief is caught. Also, by notifying the credit card company immediately, you can ensure that you aren’t in any way responsible for the charges. To report any unauthorized charges to your card, either call or email your credit card issuer.
Do not bother with retail credit cards unless you have a serious intent to shop at a given store on a regular basis. Every application for a credit card is recorded on your credit file, even if you do not actually open up a store card account. Excessive inquiries from those retailers on your report can drop your credit score.
Many card issuers offer signing bonuses when you apply for a card. Read the fine print thoroughly, though, as the terms for qualifying for the bonus may be quite strict. The most common condition for the bonus is having to spend certain amounts during a set amount of months; before you get tempted with a bonus offer, make sure you meet the necessary qualifications first.
Make sure to sign your cards as soon as your receive them. Many cashiers will check to make sure there are matching signatures before finalizing the sale.
Almost everyone has had this happen. Company after company sends you information about their fantastic credit card, week after week. Depending on the time frame, you may or may not be in the market. Just remember to destroy the mail before you throw it in the garbage can. Treat it like the important document it is. Many credit card offers have a great deal of sensitive personal information in them, so they should not be thrown out unopened.
Keep a list of the “lost/stolen card” phone numbers for each of your credit card issuers along with your credit card number for reference. Make sure that it is in a separate location from your cards and secure from other people. This list will help you make quick contact with lenders if you ever misplace your credit card or if you get mugged.
If you have a spotty credit record, think about getting a secured card. A balance is required as collateral with these kinds of credit cards. What these cards let you do is borrow money from yourself and you will pay interest to do so. This is not perfect, but it might be the best method for fixing your credit. If you are applying for this type of card, remain with a reputable company. Later, you will be able to get an unsecured card.
To give an appearance of zero debt, many choose not to have credit cards. You need to carry at least one credit card, so that you can build credit. Use the card, and pay it in full every month. If you have no credit at all, your credit score remains low. This will impact you in the future.
It is important to be knowledgeable of credit card legislation passed in recent years. Credit card companies are prohibited from imposing retroactive rate increases, for instance. The companies are also not allowed to bill in a double-cycle. Learn about current laws. Check out the CARD Act, as well as a Billing Act called Fair Credit for more information.
With credit cards come many advantages, such as increased financial freedom and new lifestyle possibilities. Credit cards can be a double edged sword in that they can put consumers both in a very good position or bad position, depending on how they are used. This article offers tips to help you avoid the dangers credit cards can pose, as well as advice to help you get the most out of your cards. Read on to learn about the responsible use of credit.