Credit Card Usage And Suggestions From People Like You
Posted at by CreditWiz on category Credit CardsCredit cards are helpful tools in building credit and managing money. However, a credit card should not be taken out on a whim, and consumers should always be educated about their cards. Below, you will find some great tips on using credit cards and using them wisely.
Any fraudulent charges made using your credit should be reported immediately. This will help your creditor catch the person who is using your card fraudulently. In addition, this is the best method of ensuring you aren’t responsible for the charges. You can report the majority of fraudulent charges with a simple email or phone call to the credit card company.
Lots of credit card companies give bonuses for when you sign up for new credit cards. Pay attention to the fine print on the card; in order to get the bonus, there are often certain terms you have to meet. Often, you must spend a particular amount within a certain time period; think about whether or not you can do what the terms require prior to getting excited by the offer.
Use credit cards intelligently. Control your spending, and only use your card to buy things that you are able to afford. When you use the card, you have to know when and how you are going to pay the debt down before you swipe, so that you do not carry a balance. If you carry balances, you are more likely to get caught in a cycle of debt that is difficult to escape.
Always pay your credit card on time. Every credit account has a due date, which triggers a late fee if you have not yet made your payment. Furthermore, many credit card providers will increase your interest rate if you fail to pay off your balance in time. This increase will mean that all of the items that you buy in the future with your credit card will cost more.
Work at improving your credit score if you want a credit card with lower interest rates. Companies offer different cards to people with different credit scores. The best cards are offered to people with great scores.
It is very important to read all correspondence from your credit card company, including emails. Credit card companies can make changes to your annual membership fees and things like your interest rates but they have to send you a letter explaining what they have changed. If you don’t like the changes, you have the right to cancel your credit account.
Never, ever, under any circumstance lend out your credit card to someone. Even if it is a great friend of yours, that should still be avoided. Doing so can cause over-limit charges when someone else charges more to the credit card than you said he could.
All of us have been there. You get numerous offers in the mail for credit cards, with a variety of rewards, perks and interest rates. Often times you won’t be interested in getting a new credit card right them. Just remember to destroy the mail before you throw it in the garbage can. Treat it like the important document it is. Many of these offers contain your personal data, making trash a common source of information for identity thieves.
Do not simply believe that the interest rate you are offered is concrete and should stay that way. Credit card companies compete with each other for your business, and they all use a range of different rates to attract cusotmers. If you are unhappy with your current interest rate, call the bank or company and ask for a lower one.
Following the tips above, an individual can benefit while trying to build credit and manage their finances. It is important that you understand everything about your cards, because that will lead you to make better decisions where they are involved. Making sure to understand the basics allows customers to make smart decisions that are right for their needs.