Credit Card Tips You Need To Know About
Credit cards can be a great help in your life for helping your manage your finances. Not only are they good for building good credit, but they also can give you a backup plan, in case of times where you incur unintended financial burdens. Check out this article for great information about credit cards.
If you find that you have spent more on your credit cards than you can repay, seek help to manage your credit card debt. It is easy to get carried away, especially around the holidays, and spend more than you intended. There are many credit card consumer organizations, that can help get you back on track.
The moment you receive a letter or email regarding your credit card, be sure to read it right then. Creditors are always allowed to change certain things about your fee schedule if they let you know about it in writing. If you don't like the change, you may cancel your account.
When you buy with a credit card on the Internet, keep copies of your receipt. Do not throw that receipt out until you have your credit card statement in hand. That way you can compare the two and make sure charges are correct. If the company did not charge you the right amount, get in contact with the company and immediately file a dispute. This will ensure you don't get overcharged for your purchases.
Always know what your utilization ratio is on your credit cards. This is the amount of debt that is on the card versus your credit limit. For instance, if the limit on your card is $500 and you have a balance of $250, you are using 50% of your limit. It is recommended to keep your utilization ratio of around 30%, in order to keep your credit rating good.
As a general rule, you should avoid applying for any credit cards that come with any type of free offer. More often than not, anything that you get free with credit card applications will always come with some sort of catch or hidden costs that you are sure to regret later on down the road.
If you are not happy with your interest rate, ask your bank to change it. If the bank refuses after you talk with their retention team, you should search for better rates. Once you have found it, then switch over to this company so they will service your needs better.
A great way to save money on credit cards is to spend the time necessary to comparison shop for cards that offer the most advantageous terms. If you have a decent credit history, it is highly likely that you can obtain cards with no annual fee, low interest rates and perhaps, even incentives such as airline miles.
Try to avoid closing accounts. Although you may think doing this will help you raise your credit score, it can actually lower it. When you close an account, the amount of overall credit you have is lowered, and this could make your current lending ratio percentage higher.
Closely look over your credit card statement each month. Try to find any discrepancies in your statement or any false charges. Always inform your issuer of problems as soon as possible. That can make sure you don't pay too much, and it can also help your credit score stay where it is as well.
Do not go on a spending spree just because you have a new card with a zero balance available to you. This is not free money, it is money that you will eventually have to pay back and going overboard with your purchases will only end up hurting you in the long run.
Always pay your credit card bill on time. Paying credit card bills late, can result in addition charges on your next bill, such as late fees and interest charges. In addition to this, late payments can adversely affect your credit score. This can negatively affect your ability to make purchases, and receive loans in the future.
As stated earlier, credit cards can be a great thing to have, not only to help with your long term needs, but also with things that may come up in the near future. Be sure to follow the information provided in this article for guidance on managing your credit cards.
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