There are people that are afraid to have any bank cards because of all the problems that could come up. Credit card use is nothing to be afraid of. They can be very helpful when a person needs to make a large purchase, or prefers not to carry or use cash. This article contains some credit card advice that will help you to make smart financial decisions.
If you know that someone made a charge on your card without your permission, report it as soon as possible. If you do this immediately, you will help your credit card company catch the person who stole your credit card. Doing this also helps ensure that you will not have to pay for such charges. To report any unauthorized charges to your card, either call or email your credit card issuer.
Pay all of your credit cards when they are due. Credit card balances must be paid by a certain date. If this does not occur, hefty fees may be imposed. You also run the risk of being charged a higher interest rate on any purchases, which reduces your overall buying power.
When shopping for a new card, look for one that offers points, has a low interest rate and comes with no annual fee. There are many options that don’t have annual fees, so it is silly to choose a card that does.
Only order a credit card by mail if you have a mailbox that locks. Credit card thieves have stated that they steal cards out of unlocked mailboxes.
We have all gone through it. Another annoying credit card solicitation comes in the mail, asking you to get one of the company’s cards. While a credit card offer is sometimes welcome, more often you do not have need of it. When you throw out the mail, rip it into small pieces. Because most of these letters are personalized, you should not just toss your personal information into the trash for anyone to pick up.
It is important to keep your credit card accounts open for as long as possible, these are not short-term financial options. Unless necessary, you don’t want to switch accounts around. The length of your account history with an individual creditor is factored into your credit score. Keeping your accounts open can have a substantial positive impact on your credit score.
Always track the purchases that you’re making with your credit card. Remember that incidental and impulse purchases rack up quickly. You may not notice until your statement arrives that you have a large amount to pay and not enough income to pay it!
Always be sure to carefully look over credit card statements. Look for any errors with the charges that you made and make sure there are no unauthorized charges. It’s important to contact your credit card provider about any discrepancies as soon as possible. This way, you will be paying the correct amount, and your credit score won’t be unduly affected.
Never send your card number by phone, fax or email to anyone unless you are certain it’s secure. Be very wary of any unsolicited messages that ask for your credit card number. There are tons of scams that want your card number. Be aware and keep yourself protected.
Verify all fees surrounding cards and don’t think of only annual percentage and interest rates. Some fees that you may overlook include the annual fee, excessive late charges, cash advance fees and service charges.
Only carry the credit card that you will need that day. While you might have multiple credit cards, only carry the ones that are used most often. It’s not uncommon for people to use just one card for most purchases. Carry these cards, while leaving the rest at home.
If the APR on your credit card is very high and you have excellent credit, you can call your creditor and request a lower rate. Many times a credit card company will lower your interest rate. If you do carry a balance, a lower rate can mean significant savings.
Be sure your kids take responsibility for their own bank cards. It can be hard to refuse them or to admit that your child doesn’t have the maturity, but resisting will help them to have better spending habits and can prevent a financial disaster.
Before you get any credit card just be sure to read all documentation first. If you are instructed to apply a small deposit to the card, ensure that the company is not planning to use it to cover a tonne of hidden fees.
If you are nervous about using your bank cards, the tips in this article can help you reduce your worries. Charge cards are very useful when they are used in the right way, so there is no reason to be afraid to use them. Everything will be okay if you keep the advice from this article in mind.