Looking For A Student Credit Card? Try These Tips!
Posted at by CreditWiz on category Credit CardsConsumers today can use a lot of help when it comes to keeping their financial situation in good order, this is certainly true when it comes to managing credit cards. Using credit cards is a salvation to many people, but the risks involved can put you in a large amount of debt. The best thing to do is carefully peruse all the fine print.
Never charge items on credit cards that cost far more than you have to spend. It is acceptable to use your credit to make purchases that you will be able to pay off later, but do not make large purchases that could put you in a financial bind.
Monitor your balance regularly. It is also important to know your credit limits. Exceeding the limit will result in significant fees. Furthermore, it will take you much longer to clear your credit card balance if you continually exceed the credit limit.
If you want to get your hands on a great credit card, watch your credit score. Credit card companies always use credit scores to determine what kinds of cards they will offer consumers. The ones that have the lowest rates, best incentives and the highest points are only given to people with excellent credit.
Never leave a blank space when signing credit card receipts. Always cross out the tipping line, so an amount that you did not authorize is not added in later. When your monthly statement arrives, compare the charges with your receipts to ensure that everything matches.
Try calling your credit card provider and asking for a lower rate. Based on your history with your credit card company and your personal financial history, they may agree to a more favorable interest rate. Simply call up your creditor and ask for a better rate.
Do not write you password or pin number down at any time. The safest place for this information is in your memory, where nobody else can access it. Writing down your PIN, especially if you store it with your card, can put your account in jeopardy if the information falls into the wrong hands.
Keep a list of credit account numbers and emergency contact numbers for the card lender. Put this list in a safe place, like a deposit box at your bank, where it is away from your cards. Having such a list will enable you to take quick action and have all the information handy, when it is needed.
Avoid prepaid cards when you are looking for a secured card. In reality they are debit cards, which means they don’t report to any major credit agencies. Most of them charge you with extra fees, and they only function as another checking account. Apply for a true secured card that reports to the three major bureaus. This will require a deposit, though.
Don’t give credit card numbers out on the internet or on the phone, unless you know and trust the vendor you’re dealing with. If you are getting odd offers that want the number of your credit card, be very careful. Scams and frauds abound and they will be more than happy to get their hands on the numbers associated with your credit cards. Protect yourself by being cautious and staying diligent.
Never lie about your income to get a card with a higher limit. If a company doesn’t verify that the information regarding your income is true, you may get that higher limit – and you may rack up charges that you truly cannot afford to repay.
Once you are the owner of a secured card, the company may offer an unsecured card once you have proven yourself. Also, you may receive offers in the mail. Re-evaluate your situation before deciding on which card you will accept.
Whenever you can, steer clear of cards that come with annual fees. People who have a healthy credit score are more likely to get these types of cards. The fees can negate any rewards the card delivers. Take the time to do the calculations. Credit card companies don’t talk about the fees, but they do include them in the small print. Dig out the reading glasses and take a good look at the terms. Find out if those fees negate the promoted benefits. Usually, they do not.
Again, consumers often have no support as they work out how to use their credit cards properly; as a result, they often end up paying unnecessarily high interest on their purchases. The best way to manage and use a credit card is with some common sense and a little education, as this leads to an improved life and financial situation.