Tips Every Credit Card Owner Should Know
Credit cards have already been in circulation for a long time. Like many other aspects of life, it can be hard to deal with credit cards when you are not properly educated. The following advice will teach you what you need to know to use credit cards properly.
Before you choose a credit card company, be sure that you compare interest rates. There is no standard when it comes to interest rates, even when it is based on your credit. Every company uses a different formula to figure what interest rate to charge. Be sure that you compare rates, to ensure that you get the best deal possible.
Talk to the credit card company if you are having financial problems. If you inform your credit card provider in advance that you might miss a monthly payment, they may be able to adjust your payment plan and waive any late payment fees. This could prevent them from sending late payments to the large reporting agencies.
One important tip for all credit card users is to make a budget. Having a budget is a great way to figure out whether or not you can afford to buy something. If you can't afford it, charging something to your credit card is just a recipe for disaster.
To make sure you select an appropriate credit card based on your needs, determine what you would like to use your credit card rewards for. Many credit cards offer different rewards programs such as those that give discounts on travel, groceries, gas or electronics so pick a card that suits you best!
Consider unsolicited credit card offers very carefully before you accept them. If an offer that comes to you looks good, read all the fine print to make sure you understand the time limit for any introductory offers on interest rates. Also, be aware of fees that are required for transferring a balance to the account.
Don't ever let anyone borrow your credit card. It could be a very good friend that is in need of one thing or another, but it is not a very good idea to lend it out. It may lead to large fees if your friend spends more than you authorized.
If you get a call asking for your credit card number, do not give it out. This is something most scammers do. Only give you credit card information out to trusted companies you have contacted. Don't just give these numbers out when someone asks on the phone. There is simply no way you can safely verify the identity of an unsolicited caller.
You may want to consider using layaway, instead of credit cards during the holiday season. Credit cards traditionally, will cause you to incur a higher expense than layaway fees. This way, you will only spend what you can actually afford during the holidays. Making interest payments over a year on your holiday shopping will end up costing you far more than you may realize.
Keep one low-limit card in your wallet for emergency expenses only. All other cards should be kept at home, to avoid impulse buys that you can't really afford. If you need a card for a large purchase, you will have to knowingly get it from your home and take it with you. This will give you extra time to think about what you are buying.
When you receive a replacement credit card in the mail, cut up your old one, and throw it away immediately. This can prevent your old card from becoming lost, or stolen, allowing someone else to get hold of your credit card number, and use it in a fraudulent way.
If you have several cards, focus on paying off just one. Even if you need to carry a hefty balance on your other cards, having a card that you use and pay off every month can build a stronger credit history.
Again, many people get frustrated trying to understand credit cards and deal with them appropriately. You will find, though, that keeping your cards under control is pretty easy if you have the right instruction on how to do it. Take the guidance in the piece to heart, and you can achieve great success when it comes to handling credit cards.
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