Don’t Let Credit Cards Take Over Your Life
Posted at by CreditWiz on category Credit CardsAlthough they are not going to completely supplant cash money anytime soon, credit cards are a vital part of personal finance and will certainly remain so in the future. As debit card fees are increased, many individuals are choosing to turn to credit cards to make their daily transactions. Keep reading to find out how to use credit cards wisely.
If a fraudulent charge appears on the credit card, let the company know straightaway. This will help your creditor catch the person who is using your card fraudulently. It’s also the most efficient way to limit the liability you face for the incurred charges. A simple phone call is usually all it takes to report fraudulent charges or put a hold on a stolen card.
Monitor your credit card spending closely to avoid overspending. Sometimes plastic makes it easy to lose track of your spending decisions, which can result in you owing more than you can afford to pay.
Most people do not handle credit cards correctly. Debt is unavoidable at times, but credit card debt can quickly bury people who do not keep keep a close eye on them. Being confronted with bills you cannot afford is a bad plan. The best strategy is to pay off your entire balance each month. That way, you can improve your credit score and lower your balance simultaneously.
Set yourself a budget you can stick with. Just because you have a limit on your credit card that the company has given you does not mean that you have to max it out. A solid budget lets you stay on top of how much you can afford to pay each month to eliminate your balance and avoid interest charges.
Take care to read all emails and letters that come from your credit card company when you receive them. Creditors are always allowed to change certain things about your fee schedule if they let you know about it in writing. Remember, if you don’t like any of the changes, you can legally demand that your credit card account is closed.
Don’t buy anything using a credit card on a public computer. Your important information will end up stored on the computers. By placing your information on public computers, you are inviting trouble into your life. Whenever you make a purchase, do so on your computer.
Do not let anyone borrow your credit card. It’s a bad idea to lend them out to anyone, even friends in need. They may make too many charges or go over whatever limit you set for them.
Have a list you keep of all your credit card accounts by number as well as the lender’s contact numbers. Place it in a secure place, like a deposit box, away from your other credit cards. The list will assist you in promptly notifying card lenders should you lose your cards or have them stolen.
If your interest rate does not satisfy you, request that it be changed. If they refuse to do this after you talk with the retention team, then shop around for a better interest rate. Once you find a company that is better for you, switch to them.
Ask the credit card company if they would consider lowering your interest rate. There are companies which will reduce the interest charged, if they’ve got a long-standing relationship with them. Not only does it not cost you a single penny to ask, it can also yield a significant savings in your interest charges if they lower your rate.
Never give your credit card number out, over the phone or online, without knowing and trusting the company you are dealing with. When someone calls you, be very wary of giving out your credit card number. You can’t be sure they are who they say they are. There’s a lot of scams where people try and get your card number. Keep your credit card information save by being alert for scams.
For many people, credit cards have become a primary form of electronic payment over debit cards. When you look at how big they have become, you will be able to gain benefits from credit cards and what they offer. Make use of credit cards in a responsible way by keeping this article’s advice in mind.
