Charge cards can help people who want to build up their good credit and manage money. You must understand how the advantages and pitfalls of having access to easy credit. The credit card tips that follow are meant to help consumers everywhere to make educated decisions when they choose to use plastic.
If you know that someone made a charge on your card without your permission, report it as soon as possible. If you do so, it will be more likely that the thief is caught. Additionally, you will avoid being responsible for the charges themselves. Any charges that you did not make need to be reported to your credit company with a phone call or a high priority email.
Do not close any credit card accounts until you are aware of the impact it will have on you.
Credit Card
If you receive a credit card offer in the mail, make sure you read all the information carefully before accepting. If you receive a pre-approved card offer, make sure you understand the full picture. Know how much your interest rate will be and how long you’ll have to pay it. You should also learn of grace periods and any fees.
This allows the credit card issuer the best opportunity to catch the offender. This also the best way to make sure that you will not held responsible for any further charges. You can usually report the majority of fraudulent charges with a simple email or phone call to your credit card company.
You want to stay away from both late charges as well as over the limit ones. Both are expensive fees and exceeding your limit can put a blemish on your credit report. Be very careful to never spend above the credit limit.
Make sure you use any credit card you obtain wisely. Put a limit on how much you spend and only buy items you know you can afford. Be sure you are able to pay a charge on your statement before you make purchases with your card. If you keep a balance on your account, it is easy to be tempted into spending more and this will make it more difficult to repay.
Do not use credit card for buying things that you cannot afford. Even if you want a high-priced item, charge cards are not necessarily the smartest way to purchase it.You will end up paying a lot of interest and your monthly payments might be more for the product than you can afford. Make a couple of days. If you still decide to purchase it, the store’s in-house financing usually offers lower interest rates.
Before making an online purchase with your credit card, be sure that you can trust the seller. Call the company to be sure they are still in business, and avoid buying from merchants that do not list an address on their website.
Talk to your bank about lowering interest rates. If, after speaking with a retention team member, you are still unable to get a reduction, start looking elsewhere for a better rate. Once you find one, switch over to a credit card company that will better service your needs.
Credit Score
Keep an eye on the status of your credit score. Most charge cards consider 700 the cut off limit for determining a good credit score to be anything above 700. Use your credit wisely to maintain that level, or if you’re not there, use this method to reach this level. At a score of 700 or higher, you will get the best rates and offers.
One little known fact when dealing with credit card companies is that you have the power to negotiate your own interest rates. In many cases, you may be able to successfully negotiate a lower rate with your creditor. If you’ve made your payments regularly and if you have proven that you are a good customer, they could give you a better APR.
Keep a list of phone numbers for your credit card numbers as well as contact numbers. Put it in a secure location like a safe box at a bank, in a place that is separate from where you keep your bank cards.The list will prove invaluable if you lose your cards or stolen card.
As suggested earlier, bank cards can be useful tools for building credit and managing money. It is important to know how cards work, so consumers can make wise decisions. Once you understand the fundamentals of a credit card, then you can make better informed decisions.
Review your card’s frequent flyer reward program thoroughly if it’s offered. This includes reading all of the fine print. There could be numerous blackout dates which might make the reward almost useless to you. It’s not uncommon for a company to make these things confusing on purpose. The dirty little secret is that these companies don’t actually want you to use their rewards. The rewards programs serve as a lure to get people to apply.