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June 2022.
Avoid fees when you can Some cards charge an unavoidable annual fee, but other fees are up to you. Use your card wisely to avoid these charges: 1● Late fees are charged when you pay after your due date. Pay your bill before the end of its billing cycle, and you’ll avoid late fees. 2●
Interest fees are charged when you carry a balance from month to month. Your card’s APR (“annual percentage rate) is the interest rate you'll pay on the balances you’re carrying. Paying your bill in full each month avoids any interest charges.
3 ● Foreign transaction fees are fees charged when making purchases outside the U.S. If you’re traveling outside the US, stick to the credit card with the lowest foreign transaction fees.
Limit the number of cards you carry 1●
Opening too many credit card accounts can be a slippery slope. Multiple cards can complicate tracking payments and billing cycles.
2● It’s also easier to go over budget, making purchases across multiple
cards. Find cards with competitive rates 1 ● Credit card issuers are required by law to disclose interest rates and 2 other fees. ●
Educate yourself before applying. Cards with no annual fee are a good place to start. Shop around for lower interest rates, too, as well as reward programs that make sense for you.
Don't wait for the due date 1● If you can, pay your card’s bill before the due date. Putting off your payment until the last day can sometimes be met with delays, because of transfer times or other processing, resulting in your payment posting late. 2● Paying before the due date can boost your credit score and save you from late charges. Time your purchases 1 ● Each credit card has its own billing cycle. When you make a purchase at the start of your billing cycle, you’ll have the rest of the cycle to pay it off, interest-free. 2 ● Time your purchases so you have more days to pay it off.
Check your credit card statements ● At the end of each billing cycle, when your card issuer sends you a statement, 1 check for any errors. 2 ● If you find any purchases you didn’t make or activity you don’t recognize, report them to your card issuer right away and file a dispute. Use your card at trusted places ● Minimize the risk of fraud by using your card at trusted retailers or businesses 1 only. 2 ● Collect paper receipts when they’re available, to prevent others from copying your numbers.
Redeem your rewards ● If your credit card has a rewards program, take full advantage of it. ● Use the points or cash back you earn by spending it on targeted purchases - things you actually need.
Avoid fees when you can Some cards charge an unavoidable annual fee, but other fees are up to you. Use your card wisely to avoid these charges: 1● Late fees are charged when you pay after your due date. Pay your bill before the end of its billing cycle, and you’ll avoid late fees. 2●
Interest fees are charged when you carry a balance from month to month. Your card’s APR (“annual percentage rate) is the interest rate you'll pay on the balances you’re carrying.
3● Foreign transaction fees are fees charged when making purchases outside the U.S. If you’re traveling outside the US
Limit the number of cards you carry 1●
Opening too many credit card accounts can be a slippery slope. Multiple cards can complicate tracking payments and billing cycles.
2● It’s also easier to go over budget, making purchases across multiple cards. Find cards with competitive rates 1 ● Credit card issuers are required by law to disclose interest rates and other fees. Educate yourself before applying. 2 ● Cards with no annual fee are a good place to start. Shop around for lower interest rates, too, as well as reward programs that make sense for you.
Watch your credit score 1● Small fluctuations are normal (within 5 to 10 points). If you see larger fluctuations, check your credit reports and your card statements to see what’s triggered the change. Don't get too close to your limit 1● The percentage of available credit you use is called your credit utilization ratio. The lower this is, the better your credit score. To keep your score healthy, use less than 30 percent of your limit at all times. 2● Use your cards sensibly, and enjoy the flexibility, convenience and extra benefits they offer.
Use Bright to manage payments 1 ● Your personalized Bright Plan makes your card payments for you - always on time and always optimized to save you money. No more late fees. 2 ● No more complicated math. No more juggling balances. 3 ● It's a smarter, faster way to manage your card debts, powered by MoneyScience™, a new, patented system built on 34 algorithms and tested by over 55,000 users.
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