How To Find The Cheapest Interest Rate On A Credit Card
Posted at by CreditWiz on category Credit CardsWhen credit cards are used properly, you can earn perks and points so that you can have a great vacation or even just a less stressful wallet. There is nothing worse than returning from a well deserved vacation to a large credit card bill awaiting payment. If you wish to use credit cards in a responsible, effective manner, keep reading in order to gain some great tips for smart credit management.
Before opening a credit card, be sure to check if it charges an annual fee. If you are the owner of a platinum card, or a black card, the annual fees can be up to $1000. If you don’t really need an exclusive card, then you can save money and avoid annual fees if you switch to a regular credit card.
Always make timely credit card payments. All card balances have due dates. If you ignore them, you have the risk of getting charged large fees. Also, many creditors will increase your interest rates costing you even more money in the future.
Make sure to completely understand your credit card terms before signing up with one. You might find the annual fee, interest rate or other details are more costly than you originally thought. Carefully read over the fine print so that you can ensure you completely understand the policy.
Do not write down passwords or PINs related to your credit card–ever. You need to remember your password without writing it down so that other people can’t access it. If you document your pin number, and keep it with your card, anyone can use it.
Be careful when you use credit cards to make purchases online. Prior to entering credit card information within the Internet, be sure you’re using a secure site. When a website is secure, your card’s information is as well. Be very careful when replying to any emails you receive that ask for personal information: you should call the company or go to their website and do not reply to those emails.
Everyone has been there. You received one of those annoying credit card offers in the mail. While there may be occasions on which you appreciate the solicit, odds are, most of the time, you won’t. Always rip up any credit card mail that you plan on throwing away. While it may be tempting to just toss them in with the rest of the garbage, these solicits contain personal information, and you should take the time to protect yourself.
Talk to your bank about lowering interest rates. If they refuse to do this after you talk with the retention team, then shop around for a better interest rate. After you find it, transfer your debt to the new card.
Do not close out any accounts. Doing so can actually cause damage to your overall credit score. When you close an account, the amount of overall credit you have is lowered, and this could make your current lending ratio percentage higher.
Become familiar with all of the new consumer credit laws enacted over the past few years. For example, it’s now illegal for a credit card company to retroactively increase rates. It is also against the law to double-cycle your bill. Learn about current laws. Two primary changes that have occurred in recent years involve the Fair Credit Billing Act and the CARD Act.
Never give credit card numbers out, online, or over the phone without trusting or knowing the comapny asking for it. Be extra cautious if the offer requiring your information was unsolicited. There are a lot of scams that people try to use to collect credit card numbers. Be thorough and protect your card number.
Always remember that interest rates are negotiable. Work with your credit card companies to lower your interest rates. You have a good chance receiving a lower APR if you have been making your payments in a timely manner.
A credit card that doesn’t offer perks or rewards can still benefit you. People that are not smart about using their cards will be happy temporarily, but that will not last once the debt piles up. Use the things that you’ve learned from this guide to make wise decisions on spending money using your credit cards.