Got Credit Cards? Use These Helpful Tips

TIP! If you’re not happy with the interest rate that you are being charged, ask the bank if they can change it. If they refuse to do this after you talk with the retention team, then shop around for a better interest rate.

Let’s face it, in this day and age, consumers need all the advice they can get on managing their finances and avoiding the pitfalls presented by over-spending! Although credit cards are quite useful, they could also cause you debt. This article will demonstrate how to use credit to your advantage and not let it get you into financial trouble.

TIP! Keep a running total of the monthly expenditures you charge to your credit cards. Keep in mind that impulse and incidental purchases can add up really fast.

Talk to the credit card company if you are having financial problems. Companies will sometimes set up payment plans for their customers. This may stop them from turning in a late payment to the major reporting agencies.

Credit Card

TIP! Paying your credit card bill by the due date should be a top priority. If you are late, companies will charge you a fee.

Never lie about your income to get a high limit credit card. The limit given to you by your credit card company may be too high if they don’t verify your income – this can lead to overspending.

TIP! Don’t use passwords and pins for your cards that can be simply figured out by someone else. Using your birth date, middle name or your child’s name can be problematic, as it is not difficult for others to find out that information.

When you’re in the market for a new card, try finding one with bonuses and rewards that you can actually use. For example, if you do not fly often, you are not going to get much use out of frequent flyer miles. Look at some type of rewards or cash back card instead.

TIP! It is common for credit cards to be linked to loyalty or affinity programs. If spend a lot on your credit cards, using cards with pertinent loyalty programs can be a huge bonus for you.

Make sure you are fully aware of your card agreement’s terms. A majority of companies consider your first use of the card to be an acceptance of its terms and conditions. Be aware of all of the “fine print” that comes with your credit card!

TIP! The reason credit card companies have minimum payments is because this is the amount they would like you to pay so they get the most money out of you over a longer period of time. Try to make a larger payment than just the minimum.

Consider closing out the accounts associated with bank cards that you don’t really use anymore. If you close these accounts, thieves can’t use them fraudulently. You can close accounts that you don’t want anymore, even if you still have a balance, too. You can simply keep making payments until you get rid of the outstanding balance.

TIP! If you are looking to open your first credit card, try your bank first. They will be likely to approve a credit card for you since all your information is already on file with them.

You need to be careful not to overspend, so you should track every purchase you make with your credit card and keep a running total. It is simple to lose track of spending unless you are keeping a ledger.

TIP! Take two cards on any overseas or other long journey. If you have cards from different banks, it gives you a safety net.

As said in the beginning, the ups and downs of the financial world can be confusing to consumers. It is to be hoped that this article imparted some useful financial information to help you navigate the world of credit.

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Monday, February 4th, 2013 Finance