Got Credit Cards? Use These Helpful Tips
Posted at by CreditWiz on category Credit CardsIt is easy to be intimidated by the dangers of acquiring a credit card. There is no need to fear credit cards. In fact, they can be very helpful, especially when you wish to purchase something without using cash. This article contains some credit card advice that will help you to make smart financial decisions.
Do not use credit cards to purchase items that are much more than you can possibly afford. While it is alright to use them to pay for something you can afford at a later date, you should not buy a big-ticket item that you will have a problem paying for.
When looking over your statement, report any fraudulent charges as soon as possible. If you do this, your credit card company will have a good chance of tracking down the thief. This will help ensure you are not liable for any fraudulent charges against the card. You can usually report fraudulent activity through a quick telephone call to your credit company.
Make sure to keep a budget when you are using credit cards. Most people use a budget for their income, so budgetting your credit card is a great idea too. It is important not to think a credit card is just extra money. Figure out a set amount that you’re comfortable with setting aside to make payments on your credit cards every month. Ideally, you want this to be an amount that you can pay in full every month.
If you have not established a credit history and are interested in obtaining a credit card, it may help to obtain a co-signer. Anyone with established credit can be a co-signer. They are required to state their willingness to assume responsibility for outstanding balances if you fail to pay. This is an excellent way to procure your initial credit card and start building your credit.
Set a realistic budget, so that you are able to stick to it. Even though you have a credit card limit your company has provided you, you shouldn’t max it out. Be aware of how much you can pay monthly so that you can do that consistently and avoid those interest charges.
It is normally a bad idea to apply for a credit card as soon as you become old enough to have one. Although people love to spend and have credit cards, you should truly understand how credit works before you decide to establish it. Spend a few months just being an adult before applying for your very first credit card.
Keep up with the emails and correspondences from your credit card company. Read them immediately. Credit cards companies can change their policies, fees and interest rates so long as you receive a written notice that they are doing so. Remember, if you don’t like any of the changes, you can legally demand that your credit card account is closed.
If you are thinking of ordering a credit card via the mail, ensure you properly protect your personal information by having a mailbox with a lock. Credit card thieves have admitted to taking cards out of mailboxes that were unlocked.
Never, ever, under any circumstance lend out your credit card to someone. Even if a close friend really needs some help, do not loan them your card. Lending out a credit card can have negative results if someone charges over the limit and can hurt your credit score.
Keep a list of phone numbers for your credit card companies and your own account numbers in a safe location. Keep it in a safe spot, such as a safety deposit box, separate from all of your cards. The list is useful as a way to quickly contact lenders in case of a lost or stolen card.
Always keep in mind that the introductory interest rate offered to you is not set in stone. Credit card issuers have several interest rates they can use at their discretion. If you are unhappy with your current interest rate, simply call your credit card company and ask for a lower rate.
The advice in this article will likely help any consumer overcome their fear of credit card use. When used in the correct manner, credit cards can be very useful, so fear not! Simply remember the advice you received and you will be fine.