Good Advice On The Smart Use Of Your Credit Cards
Credit cards frustrate many people. The only way you can make proper credit decisions is by following good advice. Keep reading to find great advice for making informed decisions about your credit.
Watch for new cards that offer a signing-up bonus if you are looking to add a credit card to you wallet. Make sure that you go over the fine print because a lot of these credit cards will have terms that are very specific on qualifying for bonuses. The most common is that you have to spend a certain amount of money within a few months, so be sure that you will actually meet the qualifications before you are tempted by the bonus offer.
Credit card companies calculate their minimum payments so that you can pay a small amount and let them earn a large amount of interest from you over time. Always pay above the minimum. This helps you steer clear of expensive interest payments down the road.
Pay off your whole card balance every month if you can. Charge cards should be used for your convenience and should be paid in full monthly. Making use of credit does help build your credit, and repaying balances in full allows you to avoid interest charges.
Always keep your receipt if you buy things online. Keep this receipt until you receive your bill to ensure the company that you bought from is charging you the right amount. If they didn’t, call the company and immediately file a dispute. This can help you to be sure that you never overpay for the items that you purchase.
Do not write you password or pin number down at any time. You need to remember your password without writing it down so that other people can’t access it. Writing the pin number down, and having it in the same place as your card, will give anyone access to it if they want it.
If someone calls you up and asks you for credit card information out of the blue, don’t give it out. This is something most scammers do. Only provide your number to businesses you trust, along with your card company if you call about your account. Never give your numbers to someone who calls you. Regardless of who they say they are, you cannot be sure.
Avoid prepaid cards when you are looking for a secured card. Prepaid cards are essentially debit cards, so your activity with them does not improve your credit. Many prepaid card providers also charge extortionate fees for each transaction. Get a proper secured credit card by parting with a few hundred bucks for the deposit. These proper secured credit cards will help you to improve your credit rating, as they are reported to the major credit bureaus.
Avoid paying for restaurant checks and grocery bills with credit, as they can take a while to appear on your statement, which will make you underestimate what your true balance is. You could then overspend, as you will think that your credit card’s balance is lower that what it actually is.
Credit Card Companies
Know your credit card laws to ensure that you are protected. For example, credit card companies can’t increase rates on former months. Also, double cycle billing is prohibited. Read, and keep yourself up-to-date on all of the laws that apply to credit card companies. To find out more, look for information on the CARD and Fair Credit Billing Acts.
When you receive your credit card accounts, check them carefully rather than just filing away without a second glance. In addition to unexpected account changes or charges you don’t remember making, check to make sure that all of the charges listed are for the correct amounts. Always inform your issuer of problems as soon as possible. This keeps you from paying more than you should, and it can also protect your credit score.
Never send credit card numbers via fax. A fax may sit in an office for a long time, allowing it to be seen by a number of unauthorized people. Anyone who views this fax could use your information to steal from you. That can set you up for fraudulent activity on your account, as well as all the problems that go along with that.
If you have balances on several charge cards, choose one and work on paying it off. Even if you have significant debt on several cards, you can help increase your credit score by having one card which you pay off monthly.
Check with your credit card company to see if they will reduce the annual percentage rate on your card, particularly if you have solid credit. In a few cases, this will happen. You will save each month in which you have a balance.
As previously mentioned, credit card companies can frustrate and disappoint people. Fortunately, with the right advice, it is easy to select a good credit card provider. Use this article’s suggestions and enjoy life with a credit card that much more.