While cash is not going away anytime soon, some charge cards are also very useful. As debit card fees are increased, credit cards are becoming even more popular. Keep reading to find out how to use charge cards can work for you.
If you see a charge on your card that isn’t yours, talk to your credit card issuer immediately. This gives the credit card companies the most opportunity to catch the person responsible. That is also the smartest way to ensure that you aren’t responsible for those charges. A simple phone call is usually all it takes to report fraudulent charges or put a hold on a stolen card.
Always read the fine print to see if there’s an annual fee attached to any credit card that offers rewards or perks. Annual fees for black or platinum cards can range from $100 to $1000 depending on how exclusive they are. If you don’t really need an exclusive card, choose a card with lower or no fees.
You surely wish to steer clear of late charges as well as over limit ones. Both are expensive fees and exceeding your limit can put a blemish on your credit score. Be very careful to never spend above the credit card.
Be sure to check your credit card’s terms to see if it charges an annual fee to use the card. You want to make sure that you don’t pay a premium for the credit card. The annual fees for platinum and black cards range from one hundred to one thousand dollars, according to how exclusive the card is. If you don’t have to have a card that’s exclusive, avoid fees and keep that in mind.
Fine Print
Be sure to read the fine print on a credit card terms closely prior to making your first purchase. The fine print on the terms of the agreement is small, but you need to carefully review it.
Do not document your password or pin number. Memorizing your password is the only way to ensure that nobody else is able to access it. If you write it down, other people will be able to access your credit.
Many vendors now require cashiers to verify a customer’s signature matches so your card can be safe.
Always read every letter you get regarding your credit card company immediately. You can cancel a credit card if you disagree with any changes.
If you ask an expert, they will recommend that you should not have a credit limit greater than three-quarters of the income you bring in every month If your balance is more than you earn in a month, try to pay it off as quickly as you can. The interest on that will soon be way over your head.
Many of the credit card thieves say they got their cards from unsecured mailboxes.
Do not hesitate to request a lower interest rate.A phone call could be all that is necessary to lower your rate in which you would be able to save money.
Some people try not to get credit cards so it will look like they are not in debt. Credit cards build credit, so you really should have at least one. Pay this card off in full each month. When people check your credit score, they are trying to evaluate your financial management skills. You cannot raise your credit score unless you use credit responsibly.
Have a list you keep of all your credit card account numbers and lender’s contact phone numbers. Put it in a secure location like a safe box at a bank, in a place that is separate from where you keep your bank cards. The list will prove invaluable if you lose your cards or stolen card.
Compare the credit card debt shown on your statements to make sure they match up.
Never send credit card numbers via fax. Not all fax machines are located in secure locations, so you have no idea who could read the fax and note down your credit card details. Anyone in their office might be a thief. This will create a ton of problems.
Avoid prepaid cards when looking for cards. These are typically debit cards so they don’t report to any of the credit bureaus. A lot of them charge additional fees and are nothing more than a checking accounts. Put down a deposit instead, improving your score.
Credit Card
Go through old credit cards that you don’t use anymore and consider closing them. Closing accounts that are old prevents them from getting used in a fraudulent manner. You may also close accounts that have balances if you don’t want to use them anymore. You can simply keep making payments until you get rid of the outstanding balance.
Know your credit card laws that you are protected. Credit card issuers may not assess retroactive interest rate hikes, for instance. They also cannot double-cycle billing. The two important laws that have come into effect recently are the CARD Act and the Fair Credit Billing Act.
Check your old credit card accounts and consider closing any that you no longer use. Closing unused accounts that are old prevents them from getting used in a fraudulent manner. You can even close accounts that have balances if you don’t want to use them anymore. You can continue to pay off the card’s balance until there is nothing left to repay.
Make sure that your children are financially responsibly before you give them a credit card. It is hard to say “No”, but your child may not be ready for the responsibility quite yet. Waiting a little longer allows time to learn manage spending better and will lead to later financial success.
While you may be a little tempted to purchase most things with a credit card, it isn’t always ideal for small purchases. You may have to pick up extra items you don’t need to reach a minimum purchase requirement. Only use your credit card if your purchase above $10.
Bank cards have become the preferred payment method for people that do not like the charges and regulations that are imposed on debit cards. With the way that the credit card industry is expanding and involving, you can certainly take advantage of the available opportunities yourself. Apply what you have learned in this article to make the most of this.
Monitor your credit score in order to determine how you’re doing with your accounts. It’s also good to see how other people manage their credit. Check for any wrong information. If you find one, contact your credit card company and the credit bureau.