Interested In Getting Your First Credit Card? Check Out These Great Tips!

Posted at by CreditWiz on category Credit Cards

When you use it well, a credit card can help you reduce stress and rack up perks. Other people who fail to use credit cards smartly choose to charge expensive vacations and end up with a hefty bill. To alleviate the chances of getting in over your head, read the tips contained in this article.

Retail credit card accounts should only be opened at stores that you will be shopping in quite frequently. When retail stores put in an inquiry on your credit to qualify you for a card, it gets recorded on your credit report whether you open the card or not. Too many retail store inquiries will cause a hit to your credit score.

Read the fine print. Before accepting any offer for a credit card, be informed of all the details. Know the percent of your interest rate, as well as the length of time you will have to pay for it. Also, find out about any fees and grace periods.

Many credit card offers include substantial bonuses when you open a new account. Make sure that you understand everything that is written in fine print since many credit card companies have specific terms you need to adhere to in order to get bonuses. Some companies, for example, specify that you must charge a minimum amount on your card within a specific time period. Make sure you will truly be able to qualify for such bonuses.

People searching for new credit cards should try and find one without an annual fee and with low interest rates. Since so many cards do not charge an annual fee, it is a waste of your money to pay annual fees.

When dealing with a credit card, make sure you’re always paying attention so that various term changes don’t catch you by surprise. Nowadays, many companies frequently change their terms and conditions. Often, these changes are buried in a lot of legal language. Make sure you read everything so you know what to expect as far as rates and fees are concerned.

Do not leave any blank spaces when you are signing a receipt in a retail store. Mark up the line for the tip, so that no one can later put an amount on it. Make sure your statements match the charges you make.

Contact your creditor about lowering your interest rates. Some issuers will reduce interest rates charged to customers if their credit relationship is in good standing. This can really save you a lot of money and it never hurts to ask.

In recent years, there have been several new credit card laws enacted, and the wise consumer will familiarize himself with them. As an example, newer laws prohibit credit card companies from making any rate increases retroactive. They also cannot bill using a double-cycle system. Be informed on current laws. To find out more, look for information on the CARD and Fair Credit Billing Acts.

Credit cards without reward programs can still help you manage your financial life. If you do not follow this advice regarding correct credit card usage, you may have a lot of stress in your future. Use the advice in this article to make wise choices and avoid financial stress.

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