A Short Guide for Managing Secured Credit Cards
In the paragraphs below, we have provided a short guide that can help secured credit cardholders in managing their lines of credit in the most effective way possible. Here are tips on how to manage your credit card.
Pay your bills on time. The best way to manage a secured line of credit – or any credit card for that matter – is to pay your credit card bills prudently. Always remember that by making on-time payments each month, you can avoid incurring late payment penalties and other fines that are often charged to delinquent cardholders. More importantly, by making early or just in time payments, you can establish a good working relationship with your card issuer. And this can help improve your chances of qualifying for an unsecured credit card program, later on.
Always settle your charges in full. If you wish to avoid making huge payments on interest charges then, make sure that you pay off your credit card bills in full. Always remember that paying just the minimum amount required by your card issuer can cause your interest charges to balloon out, which might make it harder for you to keep up with your credit card bills. So when it comes to paying your bills, resolve to always make on-time and complete payments.
Live up to the terms and conditions of your secured credit card. Another reason why some cardholders spend way too much cash on pesky fees and charges is because they commit violations against their respective contracts. So to avoid this problem, you simply need to comply with rules set by your card issuer. For example, if you don’t want to incur intercompany transaction charges then, make sure that you use your credit card in the ATM’s of banks that are affiliated with your card issuer. If you want to limit the payments you make on finance charges then, use the cash advance feature of your line of credit ONLY WHEN IT IS ABSOLUTELY NECESSARY.
Keep a tab on your credit card transactions. Have you thoroughly examined your latest credit card billing statements? If you haven’t then we suggest that you take out the documents and you review them as carefully as you can. After all, there might be transactions charged on your secured credit card that you didn’t make. In fact, there’s a great risk that your line of credit has been used by an unauthorized party, without your knowledge. what should you do in case you discover that your credit card information has been compromised? Well, you should write and send a letter of dispute with your card issuer. In your letter, make sure that you identify fraudulent transactions that were made without your knowledge. And don’t forget to attach documents, such as receipts or proofs of purchase that can help validate your claim. By doing so, you can help the card company to immediately resolve your problem. At the same time, you won’t be held liable for credit card charges you never made. Moreover, you can prevent unauthorized individuals from inflicting damage to your credit history.