Using Credit Cards Responsibly For Financial FreedomPosted at by CreditWiz on category Credit Cards
Don’t purchase things with credit cards that you know you cannot afford, no matter what your credit limit may be. While it’s suitable to pay for an item that you can afford to pay for later, don’t buy something that’s seriously out of reach.
Keeping several lines of credit open is helpful to your credit profile. That will assist you in building up your credit score; this is especially true if you can pay the cards off each month. That said, if you go all out and open four or more cards, it may look bad to lenders when they evaluate your credit reports.
Always read the fine print to see if there’s an annual fee before accepting an exclusive credit card. Platinum and black cars charge very high fees normally, that can range from one hundred dollars all the way up to one thousand dollars. More exclusive cards have higher fees. If you will not use the benefits of an “exclusive” card, the fee is not worth it.
Keep a close eye on your balance. Know the credit limit of that card. When you exceed the limit, many fees may be awaiting you. You will take far longer to repay balances if you continually go over the stated limit.
Make sure that you understand all the regulations regarding a potential card before you sign up for it. By looking at the fine print, you may discover terms that are not immediately apparent from the large-type marketing copy. Read all the fine print so that you totally understand the card’s terms.
Don’t ever use passwords or pin codes that are easily figured out by strangers when setting up your credit card options. It is a huge mistake to use something like your middle name, date of birth or the names of your children because this is information that anyone could find out.
Never keep a written copy of your password or pin number anywhere. Memorizing your password is the only way to ensure that nobody else is able to 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.
If someone calls you up and asks you for credit card information out of the blue, don’t give it out. Credit card thieves often contact people by telephone. Make it a point to only give your credit account number to trusted businesses when you have originated the call. Never give any personal information to anyone who calls you. It does not matter who they say they are, you don’t know that they are being honest.
Hopefully, you have found the information you need regarding credit card usage. We can never be too careful with our credit or spending and too often we realize the errors of our ways when it is too late! Use the information you learned in the preceding article to make credit cards pay, rather than you having to pay for your credit cards.