Make The Most Of Your Credit Cards

Make The Most Of Your Credit Cards

Whether it is your first credit card or your tenth, there are several things that should be considered before and after you get your credit card. The following article will help you to avoid the many mistakes that so many consumers make when they open a credit card account. Read on for some useful credit card tips.

Before you choose a credit card company, be sure that you compare interest rates. There is no standard when it comes to interest rates, even when it is based on your credit. Every company uses a different formula to figure what interest rate to charge. Be sure that you compare rates, to ensure that you get the best deal possible.

If you cannot afford to pay cash for something, think twice about charging it on your credit card. Before purchasing any expensive items, consider how long it will take for you to pay it off in full.

Don’t fall for the introductory rates on credit cards when opening a new one. Be sure to ask the creditor what the rate will go up to after, the introductory rate expires. Sometimes, the APR can go up to 20-30% on some cards, an interest rate you definitely don’t want to be paying once your introductory rate goes away.

Credit cards are often essential for young people or couples. Even if you don’t feel comfortable holding a large amount of credit, it is important to actually have a credit account and have some activity running through it. Opening and using a credit account helps you to build your credit score.

When you turn 18-years-old it is often not smart to rush to apply for a credit card, and charge things to it without knowing what you’re doing. Although people love to spend and have credit cards, you should truly understand how credit works before you decide to establish it. Learn how to be a responsible adult before you apply for your first card.

If you are having trouble with overspending on your credit card, there are several ways to save it only for emergencies. One of the best ways to do this is to leave the card with a trusted friend. They will only give you the card, if you can convince them you really need it.

Never use a public computer to buy anything with your credit card. Your information may be stored, making you susceptible to having your information stolen. Using your cards on these types of computers is a recipe for disaster. Make sure that all purchases are made on your computer, always.

Never keep a written record of your pin number or password. Memorizing your PIN or password is essential, and it helps to ensure that only you can access your account. If you have the pin number written down and near your credit card, that makes it super easy to steal.

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.

Know your credit history before applying for new cards. The new card’s credit limit and interest rate will depend on how bad or good your credit history is. Avoid any surprises by getting a report on your credit from each of the three credit agencies once a year. You can get it free once per year from AnnualCreditReport.com, a government-sponsored agency.

Avoid the temptation to take out loans on your credit cards. It may seem to be the only way to get something paid for, but you must look into other options. Many financial advisers will tell you this and there is a reason for it. It could cost you your credit ratings later.

You should now have a better idea about what you must do to manage your credit card accounts. Put the information that you have learned to work for you. These tips have worked for others and they can work for you to find successful methods to use regarding your credit cards.

 

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