Bank cards have the advantage of allowing people to buy items without having the full amount of the price. Before applying for a new credit card, there is some basic knowledge that you should be aware of in order to prevent yourself from getting into insurmountable debt. Continue reading this article for some good credit card tips.
Before closing a credit account, be sure that you understand how that will affect your credit score. Sometimes it is better to leave an unused credit account open than it is to close it. Also, try to keep the cards open that make up the majority of your credit history.
Before opening a credit card, be sure to check if it charges an annual fee. The annual fee for a platinum or black card could cost from $100, all the way up to $1,000, depending on how exclusive the card is. The best bet is that if you do not need a premium credit card, avoid them and do not pay the fees.
If you want to get a credit card but do not have established credit, consider finding a co-signer. A family member or close friend with good credit can co-sign for you. A co-signer states they are willing to be responsible for the debt if you default. This is the perfect way to obtain your first card and start to build positive credit.
Sign charge cards as soon as you receive them. Many people don’t do that, their cards get stolen, and cashiers do not realize the theft. Many retailers will always verify a customer’s signature matches the one on the back of their credit card in order to reduce the number of fraudulent transactions.
Don’t disregard any emails or letters about changes in your credit card terms. Often, you will find credit companies changing their terms or conditions on a regular basis. In many cases, the changes that you should really know about are buried deep in legal jargon. Remember to read through all that might affect you, like adjustment rates and additional fees.
Keep your receipt when making purchases online. Keep this receipt until you receive your bill to ensure the company that you bought from is charging you the right amount. File a dispute if you were overcharged as soon as you discover it. This is a great way to make sure you are never overcharged for the items you buy.
Whenever you sign a credit card slip in any store, fill in all the spaces. Having a blank space on your receipt is literally leaving space for someone to add an amount where you don’t want it. Be sure to mark through the space with a straight line. When your credit card statements arrive, take the time to ensure all charges are correct.
To spend less money, try looking for a lower interest rate. As long as you have a good credit history, you should be able to get yourself a much better rate. Making one simple phone call can result in a better rate and help you save money.
Never reveal your credit card account number over the phone to someone who has called you. This is a common ploy for scammers. Only give your card number to businesses you can trust. Never give any personal information to anyone who calls you. It does not matter who they say they are, you don’t know that they are being honest.
Do not assume that your interest rate is concrete and unchangeable. Credit card companies compete with each other for your business, and they all use a range of different rates to attract cusotmers. If you are unhappy with your current interest rate, simply call your credit card company and ask for a lower rate.
Using bank cards carefully provides many benefits. The basics presented here have taught you how to buy things with your card while protecting your credit score and avoiding getting into debt.