How To Properly Use Your Credit Card
Credit Cards and the fine print
There are many different kinds of credit cards available to consumers. You've probably seen plenty of advertising for cards with a variety of perks, like airline miles or cash back. But what you should also know is that there's a lot of fine print to go with these perks.Here are some tips on how to properly use your card so you don’t go beyond the fine print.
Avoid Applying for High Interest Credit cards Always avoid applying for credit cards that have high interest rates. While interest rates compounded annually may not seem all that much, it is important to note that this interest can add up, and add up fast. Make sure you get a card with reasonable interest rates.
Manage your credit card online Most credit card companies now have online resources where you can oversee your daily credit actions. These resources give you more power than you have ever had before over your credit, including, knowing very quickly, whether your identity has been compromised.
Watch your statements closely If you see charges that should not be on there, or that you feel you were charged incorrectly for, call customer service. If you cannot get anywhere with customer service, ask politely to speak to the retention team, in order for you to get the assistance you need.
Pay Back What You’ve Charged on your card Remember that you must pay back what you have charged on your credit cards. This is only a loan, and in many cases, it is a high-interest loan. Carefully consider your purchases prior to charging them, to be sure that you will have the money to pay them off.
Pay on time Pay your minimum payment on time each month, to avoid more fees. If you can afford to, pay more than the minimum payment so that you can reduce the interest fees. Just be sure to pay the minimum amount before the due date.
Don’t treat your credit card like an atm Don't get in the habit of charging every single item that you buy. Doing so, will only pile on charges to your bill, you may get an unpleasant surprise, when you receive that monthly credit card bill.
RESOURCES ● List of credit cards for rebuilding credit http://www.newhorizon.org/Info/creditbuilders.htm
● Why You Should Never Pay Just the Minimum Amount Required by Your Card Issuer http://www.newhorizon.org/credit-info/paying-on-your-c redit-cards/
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