Good Advice On The Smart Use Of Your Credit Cards
Posted at by CreditWiz on category Credit CardsThere are people who are frightened of the very idea of credit cards. You don’t have to be fearful of credit cards. If you need to buy something that you don’t have the cash for or don’t want to spend the cash on immediately, you can use a credit card. In the following article you will find some good credit card advice.
Avoid using credit cards to buy something that is more than you would ever dream of affording with cash. It’s fine to use credit cards to stretch out the payments for an item you can afford, but refrain from making a major purchase that you couldn’t afford otherwise.
Before getting a credit card, make certain that you completely understand the policies you are agreeing to. You might find the annual fee, interest rate or other details are more costly than you originally thought. The credit card policy must be understood if you want to avoid future difficulty.
It is very important to read all correspondence from your credit card company, including emails. 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.
When signing a credit receipt at a store or restaurant, don’t leave anything blank. Draw a pen line through the “tip” area, so that an employee cannot write something in the space and give themselves a tip. Additionally, check your credit statements to ensure that the recorded purchases match your expectations and your receipts.
Do not document your password or pin number. Keep it stored in your head so that nobody else can access it. If you write down these passwords or pins, you could potentially give someone who you do not want to have access to your accounts an open door to them.
Don’t let anyone else use your credit cards. Even though a good friend might have a need, it is never a good decision to lend it to anyone. This can lead to excessive charges, over the limit fees, and other problems if your friend happens to charge more than they should.
When shopping online, use care when paying for purchases with credit cards. Prior to entering credit card information within the Internet, be sure you’re using a secure site. Your credit card details are protected when you use a site that is secured. If you receive emails asking for your credit card information, do not respond. They are likely phishing for your information.
Monitor your credit score. The benchmark score which is considered good by lenders is 700 or above. Be wise with your credit to maintain that score or to attain it, if your score is lower. This will enable you to take advantage of the very best credit offers, including low rates of interest and fantastic incentives.
We have all experienced it: You receive another credit card solicitation by mail, with an offer for you to apply for a credit card. There are times where you’re in need of a new credit card, but usually you decide to let it pass. Whenever you discard this type of mail, you need to destroy it. Do not just toss it because many of these solicitations have your personal information on them.
While it is a good idea not to build up a large balance on your credit card, you should resist the temptation to jump online and pay off purchases the instant that you make them. Rather, wait for your statement to come and then pay the entire balance. This improves your credit score and better reflects your ability to manage your credit when prospective lenders access your report.
The advice in this article will likely help any consumer overcome their fear of credit card use. Credit cards can be very useful when used wisely and there is no good reason to fear using them. Just keep in mind the advice in this article and you are going to be just fine.