Excellent Credit Card Advice For Both The Expert And Novice

Excellent Credit Card Advice For Both The Expert And Novice

Would you like to know a little more about how to use credit, but are scared to ask? This article is prepared to teach anyone a little more about proper credit usage and inform all consumers about common credit issues that they may face. Continue reading to learn more good credit card information.

A way to make sure you are not paying too much for certain types of cards, be sure that they do not come with high annual fees. Certain exclusive cards charge annual fees upwards of $1,000. If you don’t really need an exclusive card, then you can save money and avoid annual fees if you switch to a regular credit card.

In order to minimize your credit card debt expenditures, review your outstanding credit card balances and establish which should be paid off first. A good way to save more money in the long run is to pay off the balances of cards with the highest interest rates. You’ll save more in the long term because you will not have to pay the higher interest for a longer period of time.

If you have a credit card account and do not want it to be shut down, make sure to use it. Credit card companies are closing credit card accounts for non-usage at an increasing rate. This is because they view those accounts to be lacking in profit, and therefore, not worth retaining. If you don’t want your account to be closed, use it for small purchases, at least once every three months.

There is no end to the types of reward programs you can find for credit cards. Choose a credit card whose loyalty program offers you something valuable. If you use it smartly, it can act like a second income stream.

Take advantage of the freebies offered by your credit card company. Many companies have some sort of cash back or points system that is attached to the card you own. When you use these things, you can receive cash or merchandise, just for using your card. If your card does not offer an incentive like this, call your credit card company and ask if it can be added.

Make sure that you watch your statements closely. If you see charges that should not be on there, or that you feel you were charged incorrectly for, call customer service. If you cannot get anywhere with customer service, ask politely to speak to the retention team, in order for you to get the assistance you need.

Ask your bank to change your interest rate if you do not like it. If they are unwilling to lower the rate, and you have been paying on time, look at other cards with a better rate. Once you are able to establish some credit with the new card, switch all of your business to them.

You should try and limit the number of credit cards that are in your name. Too many credit cards is not good for your credit score. Having several different cards can also make it more difficult to keep track of your finances from month to month. Try and keep your credit card count between two and four.

Make sure you save your statements. Before you file them away, pay close attention to what is on them as well. If you see a charge that shouldn’t be on there, dispute the charge. All credit card companies have dispute procedures in place to assist you with fraudulent charges that may occur.

We hope this article has been helpful to you. Now that you have the right info, you are better prepared to use your credit cards wisely.

 

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