Useful Advice When Applying For Credit Cards

Useful Advice When Applying For Credit Cards

Credit cards are almost a necessity of modern life, but the easy credit that they offer can get many people in trouble. Knowing how to use credit cards responsibly is a key part of your financial education. The tips in this article will help make sure that you do not abuse your credit cards.

If you are in the market for a secured credit card, it is very important that you pay close attention to the fees that are associated with the account, as well as, whether they report to the major credit bureaus. If they do not report, then it is no use having that specific card.

Take advantage of the fact that you can get a free credit report yearly from three separate agencies. Make sure to get all three of them, so that you can be sure there is nothing going on with your credit cards that you may have missed. There may be something reflected on one that was not on the others.

Be sure not to leave any any portions blank when you sign a receipt at a store or restaurant. 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. You should also check your statements to ensure your purchases actually match the ones that are on your monthly statement.

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.

Closely look over your credit card statement each month. Try to find anything that doesn’t seem accurate and look for charges you may not have made. If you see a questionable charge, immediately report it to the credit card company. This keeps you from paying more than you should, and it can also protect your credit score.

Your oldest credit card is the one that affects your credit report the most. Do not close this account unless the cost of keeping it open is too high. If you are paying an annual fee, ridiculous interest rates, or something similar, then close the account. Otherwise, keep that one open, as it can be the most beneficial to your credit score.

Pick one credit card with the best rewards program, and designate it to regular use. This card can be used to pay for gas, groceries, dining out, and shopping. Be sure to pay it off each month. Designate another card for charges like, vacations for the family to be sure you do not overdo it on the other card.

A lot of banks no longer issue secured credit cards, but it is common to find them being offered through credit unions. If you would like to sign up for a secured credit card, you can open an account with a credit union and take advantage of whatever cards they offer.

If you feel like your credit card balances are getting out of control then get before you get to far in debt. There are many helpful services which can help such as Consumer Credit Counseling Service. CCCS is a non-profit organization that provides cost effective services to consumers who need a plan to repay their debts and get their credit score higher.

Having access to credit makes it much easier to manage your finances, but as you have seen, you need to do so with care. It is all too easy to over-extend yourself with your credit cards. Keep the tips you have learned from this article in mind, so that you can be a responsible credit card user.

 

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