Credit cards can be considered both good and bad spending decisions. However, properly used, it offers peace of mind, conveniences and even perks and rewards. Read on to learn how to properly utilize charge cards in a positive manner.
Credit card companies set minimum payments in order to make as much money from you as they can. Always pay more than just the minimum amount required. Don’t incur expensive interest costs over time.
Do not close credit card accounts before you are aware of the impact it may have.
Keep a close watch on your credit card balance. Also know your credit limit so that you avoid exceeding it. Going over that limit may equate to greater fees incurred. It will take forever to pay down your balance if you continue to go over the limit.
If your mailbox does not contain a lock, do not order cards through the mail. Many thieves have admitted to stealing cards from mailboxes when those boxes did not lock.
A cosigner can help you obtain a credit card. Anyone who has good credit can be a co-signer. They will have to accept the responsibility for outstanding balances if you fail to meet your obligations. This is a good method that is effective in helping individuals to obtain their first card so that they can start building your credit.
Be sure you go over the terms that come with your credit card account before using it. The print on the agreement may be small, but it’s well worth the time and effort to read the agreement and understand it completely.
If anyone asks you to give them your credit information or card number over the phone, never give it to them. That is a common trick of scammers. Only give your credit card number to businesses that you trust. Never provide this number to someone who calls you. No matter what or who they might claim to be, there is no way for you to know who you are talking to.
Always make any bank cards on time. On top of this, you could be permanently charged a higher interest rate, which means that anything you buy in the future will cost more money.
It wastes money to have to pay annual fee when there are many credit card companies that charge these fees.
Make sure to get your credit report once per year to see if it is correct. Match your debts on the report to make sure that you are being charged with no mistakes.
Never leave blank space when you sign retail store receipts. If there is a blank for a tip, mark a line across the area to ensure nobody adds in an unauthorized amount. Make sure your statements match the purchases you have made.
Card Information
Be aware of recent credit card laws. For example, companies cannot give retroactive rate hikes. It is also against the law to double-cycle your bill. Be informed on current laws. There have been two major changes in the laws. You should read up on them to familiarize yourself.
Be careful when you choose to use your charge cards online. Prior to placing personal card data online, make sure that the website is secure. A secure site will keep your credit card information safe. Be sure to ignore emails you receive that ask for card information as these are attempts at getting your personal information.
Never give out your credit card number over the phone if someone else initiates the party you are speaking to. Scammers will often use this trick all the time. Only give you fully trust and to the card information out to trusted companies you have contacted. Never give your numbers to someone who make the call to you. No matter who a caller says they represent, don’t know truly know their identity.
Never send your card number by phone, fax or email to anyone unless you are certain it’s secure. Be very cautious of giving your number if the offer is one that you did not initiate. There are many scams out there that want your credit card number. Be aware and keep yourself protected.
Credit cards can be a very convenient payment option if used properly. From the peace of mind of having some flexibility and emergency space, to the possibility of racking up perks and rewards, the charge cards now or soon to be in your wallet can actually make your life a brighter one. Use what you’ve just read here to succeed with your cards.