charge cards
Need Some Credit Card Advice? Read On
It is easy to be intimidated by the dangers of acquiring a credit card. There is no reason to fear owning a credit card. Charge cards can be helpful when you need to purchase items but don’t want to use cash. This article presents some tips to follow to ensure you use your credit wisely.
Only inquire about opening a retail credit card if you are serious about shopping at the store regularly. If a retail store inquires on your credit, the inquiry will affect your credit score, even if you do not open the card. A lot of inquiries from stores can lower your credit rating.
Pay your monthly statements on time. Know what the due date is and open your statements as soon as you get them. A payment that you make too late, will lower your credit score, while costing you a lot of money. To save time and trouble, consider signing up for an automatic payment plan. This will ensure you never pay late.
You want to not only avoid late payment fees, but you also want to avoid the fees tied to going over the limit of your account. The fees are both high, and not only do they cost your wallet, but they also affect your credit score negatively. Watch your spending so you don’t exceed the credit limit.
Always monitor your balance. Be sure that you’re aware of what kind of limits are on your credit card account. Going over your credit limit will raise your fees and your overall debt. You will take far longer to repay balances if you continually go over the stated limit.
Set a realistic budget, so that you are able to stick to it. The limit placed on your card is not a goal to be reached, so you don’t need to spend it to the max. Be aware of how much you can pay monthly so that you can do that consistently and avoid those interest charges.
If your mailbox is not secure, do not request credit cards through the mail. It is a known fact that criminals will target mailboxes that are not locked to steal charge cards.
There should not be any blank spaces left when you putting a signature on a credit slip in stores. Make sure to write a dark line right through the tip area of your receipt so that it cannot be filled in by anyone else. Also, check that your purchase amounts match the amounts on your statement.
Purchases with credit cards should never be attempted from a public computer. Your information may be stored and retrieved from computers in coffee shops, the library, etc. If you put credit information into these computers, that is courting trouble. Whenever you make a purchase, do so on your computer.
When shopping online, use care when paying for purchases with credit cards. When applying or doing anything with charge cards online, always verify that the website you are on is secure. If the site is trustworthy, your information is secure and encrypted. If you receive emails asking for your credit card information, do not respond. They are likely phishing for your information.
Credit Score
Always make certain you are monitoring your credit score. Most charge cards consider a good credit score to be anything above 700. Put your credit to work to maintain that score or to help you reach it. At a score greater than 700, you will get the best rates and offers.
Knowing what you’ve now read about credit cards, you should be comfortable with the fact that a credit card isn’t something to fear. Credit cards can be useful tools, but they must be respected. There is no justifiable reason to fear them. Just remember the advice written here and you’ll be fine.
Tips On How To Save Money With Your Charge Cards
The beauty of credit cards is that people can use them to buy things without having to pay for them right away. Before you do get a card and begin spending with it, you have to know a little bit about credit cards so you don’t end up in too much debt. Keep reading or useful tips about charge cards.
In terms of a retail store’s credit options, you should never get a card with them unless you’re a loyal, regular customer. Even applying for a card with the store will reflect badly on your credit score if you’re not accepted, and there’s no sense in applying if you’re not a regular shopper. A lot of inquiries from stores can lower your credit rating.
Keep a close eye on your balances. Also know your current credit limit so that you avoid exceeding it. The fees will really add up quickly if you spend over your limit. When you continue to exceed the limit, it is going to take much longer to pay it off.
Develop a realistic budget for your bank cards. You don’t need to max out your credit card just because you can. It is important to stay within your budget and do not charge more than you can pay when the bill comes due.
You need to sign your bank cards the minute that they come in the mail. Many people fail to do this and as a result their cards are stolen and the cashiers are not aware of that. A lot of stores have the cashiers make sure that the signature on the card matches the one on the receipt.
Annual Fee
Those people looking to acquire a new card should look for no annual fee, lower interest rates and lots of perks. There are many bank cards available with no annual fee, so choose one of these to save you money.
Don’t use charge cards to buy items that are too expensive for you to afford. Even though you really want that new flat-screen television, bank cards are not necessarily the smartest way to purchase it. Not only will you be saddled with interest, it may cause your monthly payments to become too high for you to keep up with. Take some time to sleep on the the decision and make sure it is really something you want to do. Normally, the store itself has lower interest than charge cards.
Try to keep your credit card accounts open for a long period of time. If you are constantly switching accounts, you will not build a history with a lender. Your credit score is affected by the overall duration of your account history. Keeping a strong credit history will benefit your score.
Annual Fees
If you can, stay away from cards that have annual fees. Charge cards that don’t have annual fees are usually reserved for individuals that have good credit scores. Annual fees can negate any advantages the card has. Therefore, it is important to weigh the pros and cons before applying for a credit card with an annual fee. Credit card issuers do not tout the annual fees; they are usually found in the fine print. Put your reading glasses on. Learn if the benefits outweigh the fees. Most of the time they don’t.
Tuck your charge cards in a separate area of your wallet to prevent using them when you intend to use your debit card. By doing this you will make yourself more likely to select the debit card first, especially if you are in a hurry or generally just not paying attention.
Check your old accounts and cancel cards you don’t use. Closing those old accounts can prevent fraudulent activity on those accounts. You can close accounts that you don’t want anymore, even if you still have a balance, too. Just keep making payments until that balance is completely paid off.
Understand the terms of your frequent flyer program. Make sure you look over the fine print. If you’re unaware of a blackout date, for example, you could miss out on some great benefits. Companies cause these restrictions to be not easy to understand for obvious reasons. The truth is the companies do not want you actually using their rewards. They initiate the programs simply to lure you in.
When consumers use credit cards with good financial wisdom and common sense, they can be extremely helpful. The tips in the article should help you through the basics of a credit card, so you can maintain a high credit score.