If used the right way, bank cards can garner some fantastic perks from the points you earn, from a good deal on a vacation package to simple peace of mind. Other people who fail to use credit cards may charge their vacation expenses and be faced will a hefty bill. Keep on reading to learn how you can do to have and maintain a good credit card.
Any fraudulent charges made using your credit should be reported immediately. If you do this, your credit card company will have a good chance of tracking down the thief. It’s also the most efficient way to limit the liability you face for the incurred charges. All it takes is a quick email or phone call to notify the issuer of your credit card and keep yourself protected.
Credit card companies state your minimum payments in order to make as much money from you as they can collect more interest on your balance over time. Always try to make payments larger than the minimum amount required. This helps you steer clear of expensive interest payments down the long run.
Interest Rate
In order to maintain a solid credit score, always pay your balances by the due date. A late payment can do a number on your credit score, and can also require you to pay pricey fees. Automatic payments are a great way to avoid late payments on a credit card.
Know what interest rate you are getting. You simply must understand the interest rate before you agree to accept a credit card.
It wastes money to have to pay annual fee when there are many credit card companies that charge these fees.
No matter how tempting, never loan anyone your credit card. Although you might be tempted to help out a good friend, lending out your credit cards is not a good idea. This can lead to excessive charges, over the limit fees, and other problems if your friend happens to charge more than they should.
Do not make a payment on your credit card the moment after you use it. This will better benefit your credit record and can improve your score.
Compare your report to your statements to the debt on your credit report and make sure they match up.
Keep a document that includes credit card numbers as well as contact numbers. Keep your list in a safe place that is separate from your cards. Use this list to contact your credit card issuers if your credit cards are ever lost or stolen.
You should especially pay attention to the end of the introductory period. Know what you are getting yourself into before accepting any card.
Read the fine print. There may be blackout dates and other restrictions that make the reward almost useless to you. There is a reason that these restrictions difficult to understand. The dirty little secret is these companies don’t actually want you getting the rewards. They are really just use them as bait to get you to sign up for their card.
Ask the credit card company if they would consider lowering your interest rate. There may be some companies that could reduce the interest rates they charge if they know that they have a good relationship with their customers. It never hurts to ask, and you could possibly save a bundle!
Making exceptionally large purchases and traveling internationally are examples of scenarios where giving advance notice.This prevents the company from shutting your card off due to suspected identity theft.
Make your credit card payment on time each month. Missing just one payment can result in the imposition of higher interest rate to increase. Consider using auto-payments online to take late payments out of the equation.
If you have a secured credit card, sometimes the company is willing to offer you an unsecured credit card after you have proved your good standing. You will probably also getting other offers in your mailbox. This is when you are going to have to go into decision-making mode, yet again, when re-evaluating your situation.
Bank cards without reward programs can still help you manage your financial life. People who don’t use their cards properly may be gratified in the short term but suffer long-term stress over bills. Apply the advice you now know from the above article so that you can fall in the group that you want to become a member of.