Credit cards are useful for online purchases and avoiding cash use. If you need some useful advice on using your charge cards responsibly, keep reading to find some great tips.
Be aware of any interest rates you are being charged. It’s vital that you know what the interest rate is before signing up for a credit card. If you don’t go over this you may have to pay a lot more monthly than you expected. If you are paying a high interest rate, you might not ever be able to pay the bill completely every month.
Do not leave any blank spaces when you are signing a receipt in a retail store. If there is a blank for a tip, cross it out so that a tip cannot be written in after you’ve signed. Carefully check your statements to assure your purchases match the amount on your statement.
Never give your card number out over the phone. Many dishonest people use this ploy to get credit card information from unsuspecting people. Only give your number out to trusted businesses and your credit card company when you call them. Don’t give them to individuals who call you. You never know who is really on the other end of that line.
If you have more than one credit card, it is wise to pay at least one off each month. Even if you are carrying significant debt on other cards, maintaining an active card that you pay in full every month will help you build a better credit history.
If you decide to close a credit card account, properly dispose of your card. If you choose to put it in a drawer, the card could find itself in another person’s hands, and he or she could use your information to open up your account and charge lots of debt that is in your name.
Check old credit card accounts and try closing any that aren’t in use. When an old account is closed, people won’t be able to use it fraudulently. You can close accounts that you don’t want anymore, even if you still have a balance, too. Just keep making payments until that balance is completely paid off.
Prior to getting a credit card, be sure you are disciplined enough to have one. Some consumers have a hard time keeping their spending within reasonable limits. These people should think twice before applying for a credit card. When they open up a credit card account, they are prone to have a terrible financial future.
If you don’t want to lose your account, make sure you use your charge cards once in a while. Many creditors keep inactive accounts open for only a limited time. The only thing you can do to make sure that your bank cards remain open is to utilize those cards on a regular basis. Just don’t forget that you must pay the balance in full each month.
Be certain to read all the terms and fine print before agreeing to a credit card that is secured. If you are instructed to apply a small deposit to the card, ensure that the company is not planning to use it to cover a tonne of hidden fees.
Always try to pay off your balance in full. Unless you have % interest, finance charges are added every month to unpaid balances if you don’t pay the card off in full. If you pay only the minimum amount due, it will take you a longer to pay off the amount owed because of finance charges.
Calling the company to report a missing credit card should be your first priority when you lose one. If a stolen card gets used prior to reporting it, you might be responsible in paying for the charges. As soon as you report your card missing to your credit card provider, they can no longer ask you to pay for any unauthorized charges.
You can avoid potential embarrassment by alerting your credit company beforehand if you intend to use your card differently than usual. If you want to make a large purchase, or have an international trip planned, let your card company know what to expect. This will prevent any concerns by the company over identity theft and can keep your card from becoming locked.
Make credit card payments on a timely basis each month. Missing one payment can cause higher interest rates for you. Missed payments, as well as late payments, will cause your credit score to drop. Think about adding auto payments to your payment plan so that you don’t have to worry about late payments later.
Drop your credit card companies a line to notify them in advance if you are going to take an international trip. Transactions that occur outside your home country are far more likely to trigger a fraud alert, which freezes your card. When the issuer knows that you will be abroad, there should be no difficulty using the card while you are away.
Exercise caution when you encounter % rates. A no-interest offer can be very enticing, but usually when this introductory rate ends, the interest rate goes way up and so will the balance. It is imperative to have full balance knowledge for your cards.
Carefully examine your monthly statements. Make sure the listed charges are accurate, that any credits due have been applied, and watch for unusual or unexpected charges. If you find an error quickly, the company will be more likely to correct it for you.
With any luck, this piece has offered the type of advice you have been seeking. It’s not possible for us to be overly careful when it comes to our credit cards or spending habits, and we frequently don’t realize the problem until it’s too late! Remember these tips the next time you are looking for a new credit card or pulling out your plastic at the checkout.