Credit cards are a big source of frustration for a lot of people. When you follow good advice, credit cards are less of a hassle. This article has several suggestions on using your card the best ways possible.
Carefully study all of the small print. Any pre-approved offers or people saying they will help you to get a card are most often worthy of your suspicion and further inquiry before signing up. It’s very important to understand what interest rates and payment schedules you’ll be dealing with. Furthermore, make sure you are aware of potential fees or billing grace periods.
You know that paying your credit card bill late will incur a penalty, but you should remember that there is a penalty for running your balance over your credit limit, too. The fees you have to pay can be very costly, and it can also do some serious damage to your credit score. Watch this carefully so that you aren’t going over the limit for your credit.
Never, ever use your credit card to purchase something that you cannot afford. Wanting a new TV or game console is not a good reason to put it on a credit card. If you cannot pay the charges off at the end of the month, you will pay a lot of interest and may run the risk of not being able to afford the monthly payments. Leave the store and think it over for a day prior to making your decision. If you still want to buy it, you should consider the financing offered by the store, since the interest rates are usually lower.
As you fill out a credit card receipt, make sure to put something in every space. Having a blank space on your receipt is literally leaving space for someone to add an amount where you don’t want it. Be sure to mark through the space with a straight line. To ensure that no one has been adding any false amounts, stay on top of your monthly statements, making sure they match your receipts.
Do not write you password or pin number down at any time. Be sure to keep the password in your mind only, so you’re the only person who can access it. If you write down these passwords or pins, you could potentially give someone who you do not want to have access to your accounts an open door to them.
Never give the number of your credit card out when you receive a telephone call asking you for it. The odds are excellent that an unsolicited request like this is a scam. If you must use your credit card over the telephone, only do so with companies you know you can trust. Don’t give them to individuals who call you. No matter who they claim to be, you do not know who they are.
Keep a list of the “lost/stolen card” phone numbers for each of your credit card issuers along with your credit card number for reference. Keep it in a safe spot, such as a safety deposit box, separate from all of your cards. You’ll be grateful for this list in the event that your cards get lost or stolen.
Try to avoid prepaid cards when looking at secured credit. Prepaid cards are not credit cards at all, and they don’t report to any of the credit bureaus. Many prepaid card providers also charge extortionate fees for each transaction. In order to really improve your credit rating, use a secured credit card account with a company that requires a cash deposit and that reports to the major credit bureaus.
If you are in good credit standing, but looking at high interest rates, try calling the credit card company to see if they will reduce the rate for you. Depending on your previous relationship with the company, they just might agree to a better rate. This trick can save you hundreds of dollars a year if you carry a balance on your credit card.
Make sure that you monitor all credit card transactions on a regular basis. You can also get mobile alerts. That way, if any unusual activity takes place, you can look into it right away. If you ever see something that looks suspicious, don’t be afraid to put a call in to your lender or even the local police.
Before opening a credit card, make sure you will be responsible. Some consumers cannot help but spend more than they are able to. These people shouldn’t have bank cards. Opening a credit card account can put your financial future at risk if you don’t have self-discipline.
If your credit card company offers airline rewards, be certain that you know haw they work. Look deeply at the fine print. Some rewards have fees and blackout dates that can make the rewards practically useless. Companies have a good reason for making these restrictions difficult to comprehend. Credit card companies really don’t want you using their rewards programs. They are really just a hook to get you to apply for their card.
If uneducated, it is easy for people to become frustrated and overwhelmed by their credit cards. However, with a little research and knowledge, you will be able to choose the best card for you. Implement what you’ve learned here, and enjoy using credit wisely.