Don’t Keep Your Credit Cards In Your Wallet
Posted at by CreditWiz on category Credit CardsTry finding a credit card that lets you earn points towards products, services and vacations. Do not spend carelessly just because you have a credit card. If you would rather avoid credit card stress, then some helpful information on how to manage them properly awaits you here.
Be smart when it comes to the use of credit cards. Put a limit on how much you spend and only buy items you know you can afford. Before committing to a purchase on your card, ask yourself if you can pay the charges off when you get your statement, or will you be paying for a long time to come? When you carry a balance, it is not hard to accumulate an increasing amount of debt, and that makes it more difficult to pay off the balance.
Make sure to completely understand your credit card terms before signing up with one. Doing so means you will not be surprised by high fees, or a difficult payment schedule. Read every word of the fine print to be sure that you completely comprehend the policy.
Be sure you sign your cards as soon as your receive them. At some stores, cashiers will verify your signature on the card against the signature you sign to the receipt as an added security measure.
Do not use credit cards to buy items that you cannot afford. Wanting a new TV or game console is not a good reason to put it on a credit card. You will pay a lot of interest and monthly payments that you could not pay for. Make a habit of waiting 48 hours before making any large purchases on your card. If it is still something you wish to purchase, check with the store, as their in-house financing may offer lower interest than your credit card.
Never keep a written record of your pin number or password. You need to remember your password without writing it down so that other people can’t access it. If you write down a PIN or password, especially if you put it in your wallet with your card, anyone can access it.
We have all gone through it. You get another piece of unsolicited “junk mail” urging you to apply for a shiny new credit card. Sometimes you might be considering a card, while other times yyou will prefer to pass. Shred this mail before throwing it away. This is because many solicitations include your personal information.
Anyone who owns a credit card should request a copy of their three credit reports annually. This can be done for free. Look on the debt on the report and double check your statements to ensure that everything is accurate.
Too many people erroneously believe that it is a good idea not to have any credit cards at all. It is important to have one card or more in order to build credit. Use the card to make a few purchases, and pay it in full each month. When your credit is non-existent, your score will be lower and lenders are less likely to advance credit to an unknown risk.
Understand the current laws that apply to credit cards that have changed in the past few years. Retroactive rate increases are one of the things that the credit companies are restricted from imposing. It’s also against the law for them to bill more than once in a cycle. Know what the laws are. Two legislative changes have occurred that need to be noted, including the CARD Act.
Frequently monitor the amount you are spending every month on credit cards. Remember that incidental and impulse buys will add up quickly. If you do not pay close attention to the amount you have on a credit card, you could discover that you don’t have the amount of money you need in order to pay off your monthly bill.
Even cards that don’t offer perks, points and rewards could still benefit you in life. People that don’t use their cards in the right way will think that things are okay for a moment, but later on when the bills pile up they will get stressed out trying to pay them off. Utilizing this information will help you successfully use your credit cards.
