Given how many businesses and establishments allow you to use electronic forms of payment, it is very easy and convenient to use your credit cards to pay for things. From cash registers indoors to paying for gas at the pump, you can use your credit cards, a dozen times a day. To make sure that you are using such a common factor in your life wisely, read on for some informative ideas.
Shop around for a card. Interest rates and terms can vary widely. There are also various types of cards. There are secured cards, cards that double as telephone calling cards, cards that let you either charge and pay later or they take out that charge from your account, and cards used only for charging catalog merchandise. Carefully look at the offers and know what you need.
Make friends with your credit card issuer. Most major credit card issuers have a Facebook page. They might offer perks for those that “friend” them. They also use the forum to address customer complaints, so it is to your advantage to add your credit card company to your friend list. This applies, even if you don’t like them very much!
When you are making a purchase with your credit card you, make sure that you check the receipt amount. Refuse to sign it if it is incorrect. Many people sign things too quickly, and then they realize that the charges are incorrect. It causes a lot of hassle.
Never use a password or pin code for your credit card that is really easy for people to figure out. It can be a huge mistake if it’s something like your birthday, middle name, or child’s name since anyone can obtain this information.
Every time you decide to apply for a new credit card, your credit report is checked and an “inquiry” is made. This stays on your credit report for up to two years and too many inquiries, brings your credit score down. Therefore, before you start wildly applying for different cards, research the market first and choose a few select options.
Anytime you apply for a credit card, you should always familiarize yourself with the terms of service that comes along with it. This will allow you to know what you can and cannot use your card for, as well as, any fees that you might possibly incur in different situations.
Learn how to manage your credit card online. Most credit card companies now have online resources where you can oversee your daily credit actions. These resources give you more power than you have ever had before over your credit, including, knowing very quickly, whether your identity has been compromised.
Each month when you receive your statement, take the time to look over it. Check all the information for accuracy. A merchant may have accidentally charged a different amount or may have submitted a double payment. You may also find that someone accessed your card and went on a shopping spree. Immediately report any inaccuracies to the credit card company.
The key to using a credit card correctly lies in proper repayment. Every time that you don’t repay the balance on a credit card account, your bill increases. This means that a $10 purchase can quickly turn into a $20 purchase all due to interest! Learn how to pay it off every month.
Look into whether a balance transfer will benefit you. Yes, balance transfers can be very tempting. The rates and deferred interest often offered by credit card companies are typically substantial. But if it is a large sum of money you are considering transferring, then the high interest rate normally tacked onto the back end of the transfer may mean that you actually pay more over time than if you had kept your balance where it was. Do the math before jumping in.
Watch rewards programs. These programs are quite popular with credit cards. You can earn things like cash back, airline miles, or other incentives just for using your credit card. A reward is a nice addition if you’re already planning on using the card, but it may tempt you into charging more than you usually would just to get those bigger rewards.
If you do a lot of traveling, use one card for all of your travel expenses. If it is for work, this allows you to easily keep track of deductible expenses, and if it is for personal use, you can quickly add up points towards airline travel, hotel stays or even restaurant bills.
The frequency with which you have the chance to swipe your credit card is pretty high on a daily basis, and only seems to grow with every passing year. Making sure that you are using your credit cards wisely, is an essential habit to a successful modern life. Apply what you have learned here, in order to have sound habits when it comes to using your credit cards.
