Things That You Must Know When Dealing With Credit Cards
Posted at by CreditWiz on category Credit CardsWhen it comes to both in-person and online purchases, credit cards can be of use. If you need some useful advice on using your credit cards responsibly, keep reading to find some great tips.
Never get rid of an account for a credit card prior to going over what it entails. In some circumstances, closing credit card accounts can negatively affect the credit report, which is something that should be avoided. Furthermore, work on keeping open the cards you have had the longest.
These days, many credit card companies offer large incentives for using their card. Read the terms carefully, however; you may have to meet extremely specific criteria in order to get the signing bonus. A common term is the requirement that you make a particular amount of expenditures in a given time frame in order to qualify, so you should be confident that you can meet the conditions before you jump at such an offer.
Anytime you use credit cards for online purchases, print and save a receipt. Keep that receipt until the credit card bill comes in the mail and verify that all figures match up. File a dispute with your card company if there is any discrepancy. Doing so helps to prevent overcharges on purchases.
Keep track of your credit score. The benchmark score which is considered good by lenders is 700 or above. Be smart with the way you are using your credit. Once your score hits 700 or above, you will get all the best offers of credit with the lowest interest rates.
We all know what it’s like. You get another piece of unsolicited “junk mail” urging you to apply for a shiny new credit card. While there may be occasions on which you appreciate the solicit, odds are, most of the time, you won’t. Always shred any credit card offer that comes through the mail. These solicitations often contain sensitive personal information, so it is a mistake to toss them away without ripping them up.
Do not assume that your interest rate is concrete and unchangeable. Credit card issuers have several interest rates they can use at their discretion. Call your bank if you don’t like your current interest rate. Ask the bank to change your rate.
It is important to keep your credit card number safe; therefore, do not give your credit information out online or on the phone unless you completely trust the company. If you receive an offer that is unsolicited and asks for the card number, be even more cautious. There are many dishonest people in the world who want your information. Protect yourself by remaining diligent.
Research all of the charges that a credit card company may include with an offer. Look beyond interest rates. Sometimes, all the additional fees and charges end up making the card too expensive.
After closing a credit card account, destroy the card completely. If you decide to throw it into a drawer or give it to your child to play with, it could end up in someone’s hands, and they could use the information to reopen the account and charge up debt in your name.
If possible, avoid cards with annual fees. Usually, no annual fees cards are offered to those with better credit scores. The fees can negate any rewards the card delivers. Take the time to do the calculations. Most companies do not readily show annual fees; instead, they are listed in the small print of the contract. Get your reading glasses out! Assess whether the card’s fees are a more substantial factor than the its possible benefits. Usually, they don’t.
This article was written with the intention of providing you with reputable credit card information, hopefully, it has served its purpose. You cannot be too careful when it comes to your credit, and often, the realization of a mistake comes after the damage has been done. Use the information you learned in the preceding article to make credit cards pay, rather than you having to pay for your credit cards.