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Need Some Credit Card Advice? Read On

A credit card can provide you with a lifeline if you ever find yourself in a difficult financial situation. Do you have to make a purchase, but have no money to make the payment? Not a problem! A credit card is accepted for virtually any need you might have. Do you need to build a solid credit history? With a credit card, it is easy! Continue reading to find out other ways to make use of a credit card.

TIP! Keep careful record of your charges to be sure that you can afford what you spend. It can be easy to spend more on your credit card than you intended, so make the decision to keep a total on a spreadsheet or in a written record.

You should try to have at least two open cards or possibly three open credit accounts. You can improve your credit score by managing these cards responsibly, especially if you keep from carrying month-to-month balances on the cards. But, if you have more than three cards, lenders may not view that favorably.

Before canceling a credit card and closing your account, ensure you understand how canceling it affect your credit. Sometimes it is better to leave an unused credit account open than it is to close it. It is also best to keep your oldest cards open as they show that you have a long credit history.

Interest Rate

Be aware of any interest rates you are being charged. It is very important to understand what the interest rate is before you get the credit card. Choosing a card with a high interest rate will cost you dearly if you carry a balance. If your interest rate is high, there is a good possibility that you won’t have enough money to pay your debt at the end of the month.

TIP! Make sure your card doesn’t have any annual fees, or you will pay too much. Annual fees for platinum or black cards could be in the range of $100 to $1,000 depending on the exclusivity of the card.

Keep a close eye on your balance. Also know your current credit limit so that you avoid exceeding it. If you happen to charge an amount over your limit, you will face fees that are quite costly. Furthermore, it will take you much longer to clear your credit card balance if you continually exceed the credit limit.

Understand the credit card agreement before you use that card. The first time you use your card is often considered to denote acceptance of the agreement terms. Although some of this agreement may be in fine print, it is very important to thoroughly read all sections.

Loyalty Program

Charge cards are often tied to different kinds of loyalty accounts. Look for a useful loyalty program if you use bank cards regularly. A loyalty program can be an excellent way to make some extra income.

TIP! Don’t ever let anyone borrow your credit card. Even if it is a great friend of yours, that should still be avoided.

When shopping for a new card, look for one that offers points, has a low interest rate and comes with no annual fee. Choosing a card that has an annual fee attached is a waste of your money when there are numerous charge cards available without one.

As you have learned, credit cards can play an important role in your financial life. This includes simple things like paying for products or even paying off bills. Use the information that was presented to you to get the most out of your credit card usage.


  • charge cards
  • credit card
  • credit limit
  • interest rate
  • loyalty program

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