Wisely using a credit card can help you get free rewards, like a paid-for vacation, for example. Often people will use their cards to pay for their vacation and be shocked at their bill. If you use your card properly, keep reading on how to find the best cards that you can use intelligently.
When looking over your statement, report any fraudulent charges as soon as possible. This allows the credit card issuer the best opportunity to find the offender. This is also the best way to make sure that you are not held responsible for these charges. You can report the majority of fraudulent charges with a simple email or phone call to the credit card company.
Always know the rate of interest on all your charge cards. If you are applying for a new credit card, make sure that you are aware of what the rate is on that card. If you don’t, you might end up paying so much more money in interest. If the interest rate is too high, you might find yourself carrying a bigger and bigger balance over each month.
Keeping your credit score healthy is the secret to landing a really good credit card. Credit scores are always used by card issuers to decide which cards an individual consumer may receive. Only those with terrific credit records are eligible for credit cards with the most advantageous interest rates and the most favorable rewards programs.
When looking for a new card, find one that has low interest and fees. It is wasteful to get a credit card that levies an annual fee when so many other cards are available that are free.
When doing an online transaction with your credit card, save a copy of the transaction receipt. Keep the receipt so that you can review your credit card bill, to ensure that the online company did not charge you the wrong amount. In the event of a discrepancy, call the credit card company and the retailer at your earliest possible convenience to dispute the charges. This is necessary to ensure you are not overcharged for your purchases.
Do not lend out charge cards under any circumstance. Although you might be tempted to help out a good friend, lending out your bank cards is not a good idea. If they were to charge more to your card than you agreed to, for instance, the friendship could be damaged forever.
Keep yourself updated on the status of your credit score. Having a credit score that’s about 700 is what a lot of companies consider the limit for good credit. Boost or maintain your credit score by using credit appropriately. At a score of 700 or higher, you’ll receive the best credit offers with the lowest rates.
Keep a list of phone numbers for your credit card companies and your own account numbers in a safe location. Place it in a secure place, like a deposit box, away from your other charge cards. Should your cards ever be lost or stolen, you can use this list to promptly notify the companies that issued your bank cards and advise them of the situation.
Credit card experts suggest that your credit limit should not be more than three-quarters of your monthly earnings. If you have credit limits that are more than you make every month, you need to start paying off that debt right away. This is due to the fact that the interest you end up paying can really accumulate quickly.
Don’t be tempted to pay off the balance on your card immediately after using it. Instead, pay the balance as soon as you receive the statement. This will improve your credit score and look better on your credit history.
Even cards without rewards, points, and perks that apply to vacations can better your life. People who do not use the credit information presented here may have short term gratification, but could have stress for years from unpaid debt. Use what you have learned from the tips above to help you to become a happy credit card owner.