Considering Credit Cards? Get Some Tips Here!

Posted at by CreditWiz on category Credit Cards

Having a credit card makes it easier for people to build good credit histories and take care of their finances. Staying educated on each card is vitally important for consumers who choose to use credit cards for these purposes. The following article offers some basic ideas on credit card use that any consumer can apply to their circumstances to use plastic more wisely.

If you know that someone made a charge on your card without your permission, report it as soon as possible. When you do that, you will give the credit company a good chance of making sure the thief is caught. In addition, this is the best method of ensuring you aren’t responsible for the charges. Any charges that you did not make need to be reported to your credit company with a phone call or a high priority email.

Carefully read the terms. If you see ‘pre-approved’ or someone offers a card ‘on the spot’, be sure to know what you are getting into prior to making a decision. Be aware of how much interest you’ll pay and how long you have for paying it. Also, know what fees are associated with the account and if there are any grace periods.

Know what interest rate your credit card gets. Prior to getting a credit card, it is vital that you are aware of the interest rate. If you aren’t aware of the rate, it could turn out to be much higher than you initially thought. Paying more may keep you from having the ability to pay the debt off every month.

Read the credit card agreement thoroughly before you sign your agreement with the company. Most companies think the first time you use their card constitutes accepting their terms. No matter how small the print is on your agreement, you need to read and understand it.

Before signing up for a card, be certain that you understand all of the terms associated with it. Doing so means you will not be surprised by high fees, or a difficult payment schedule. Carefully read over the fine print so that you can ensure you completely understand the policy.

Check out the types of loyalty rewards and bonuses that a credit card company is offering. If you utilize a credit card on a regular basis, you should locate a beneficial loyalty program that suits your needs. This can provide you with extra income, airfare, or other rewards, if you use the card wisely.

Those of you looking to get a new credit card should limit their search to cards that have low interest rates and do not have an annual fee. Given the sheer number of cards on the market that do not have annual fees, acquiring cards that do require such fees is unnecessary.

Do not allow anyone to use your cards. It’s a bad idea to lend them out to anyone, even friends in need. This can lead to overcharges and unauthorized spending.

Almost everyone has had this happen. You get some annoying mailings from credit card companies asking you to consider their cards. There are times where you’re in need of a new credit card, but usually you decide to let it pass. Tear up or shred credit card offers before disposing of them. Don’t toss it without tearing as there may be personal information in the envelope.

As was stated at the start of this article, when used wisely credit cards can help you build your credit and manage your finances. But before one can properly grasp how to handle dealing with credit, the first step is learning a bit about finances in general, particularly credit cards. Educate yourself on the basics of responsible credit card use so that you always make smart decisions.

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