Having a credit card is of great assistance in many sticky situations. Do you need to make an emergency purchase but have no cash right at hand? This is no issue. In this situation, a credit card can be beneficial. Are you looking to improve your credit score? A credit card makes that much easier. Read on to learn other ways charge cards can help you.
If you know that someone made a charge on your card without your permission, report it as soon as possible. This gives the credit card companies the most opportunity to catch the person responsible. Additionally, you will avoid being responsible for the charges themselves. Credit card companies have an interest in making it easy to report fraud. Usually, it is as quick as a phone call or short email.
Many times, the reasoning behind the minimum payments that credit card companies set is due to the fact that they want you to pay more over time than you would if you paid more toward your debt. Always pay more than just the minimum amount required. Minimize the amount of interest you end up paying.
The payment of your bank cards bills should be paid on time each month. Not making your credit card payment by the date it is due can result in high charges being applied. Additionally, many credit companies will increase your card’s interest rate, meaning you will have to pay off higher balances in the future.
Retain copies of all receipts for credit card purchase made on the web. Keep these receipts and compare them with your statement to make sure it is the correct amount. If they didn’t, call the company and immediately file a dispute. This is an excellent way to avoid being overcharged for a cost you are not responsible for.
A good thing to remember is that you should not immediately make a credit card payment after you make a charge. Instead, pay your entire balance when you recieve your statement. This will help to improve your credit rating.
When getting a credit card, have the account active for as long as possible. You should not switch credit accounts unless you find it completely unavoidable. A long account history has a positive effect on your credit score. An important part of keeping a good credit history is keeping your credit accounts open, even if they are paid off.
Understand the laws governing credit and credit card companies. For example, no credit card company can impose a retroactive rate increase on you. They are also never allowed to double-cycle their billing practices. Take the time to learn the governing credit card laws. Two major, recent legislative changes that affect credit card companies are the Fair Billing Act and the CARD ACT.
Never fax any credit card details to anyone. Incoming faxes can sit in a holding bin forever, leaving your credit card data vulnerable to anybody who happens to walk by. Anyone in their office might be a thief. You are then susceptible to fraudulent charges and a whole host of other dilemmas.
Avoid exaggerated income statements when applying for a card, just to get a higher limit. Sometimes, a credit card company won’t verify your income, and give you a limit that is more than you can afford. This is a very quick way to get into a large amount of debt.
Negotiate your interest rate. It is possible to get yourself a new, lowered interest rate. After you have made several on time payments and proven you are a good customer, the credit card company may offer you a lower interest rate if you request one.
There can be no doubt that charge cards are versatile tools. You can use them for everything from boosting your credit score to paying for things in the supermarket. Put the information presented in this article to good use.