Have A Credit Card? Then Read These Tips! | Chicagoland Daily ...

Choosing amongst all the credit card solicitations one receives can be a daunting task. Some of these have lower interest rates, while others are easy to get. Cards may also promise great reward programs. So what should you do? The tips presented below will teach you just about everything that you need to be aware of when considering a credit card.

Fully pay off your monthly credit card charges when you receive the bill. Unless you have a % interest rate, you will have interest added to your balance every month that you carry a balance. When only paying the minimums, you can increase the time to repay the debt by months, if not years, depending on the limits and compounding finance charges.

TIP! It is a great idea to let your credit card issuer know when you?re using the card in an unusual way. Making exceptionally large purchases and traveling internationally are examples of situations where giving advance notice is smart.

Adhere to a smart budget. Simply because a card issuer has given you a spending limit, you should not feel obligated to use the entire amount of credit available. Be sure of how much you are able to pay every month so you?re able to pay everything off monthly. This will help you stay away from high interest payments.

Credit Card

Ask for lower interest rates or fees if you have missed payments. Credit card companies will raise your interest rate and charge additional fees if your payment is not on time. By calling the financial institution that issued your credit card, you can usually have these additional charges either reduced or removed.

TIP! Individuals under 18 can rarely obtain a credit card by themselves. An adult can probably add you to their account in the form of a joint user.

Don?t make any credit purchases with suspicious vendors. Try calling the listed phone numbers to ensure the company is in business and always avoid purchases from companies that do not have a physical address listed.

Use a checkbook balance-type system to keep track of your monthly credit card spending. This will help keep you from impulse purchases that can really add up quickly. If you aren?t paying attention to how much you already put on your credit card, at the end of the month you may not have enough money to pay off the bill.

Designate one of your credit cards to be the only one you use for online purchases, to protect yourself in the event of fraud. Using a lot of different cards can increase your risk of being defrauded, so having one card eliminates some of that vulnerability.

Credit Card

Carefully peruse your monthly credit card statements. Verify that the charges are right and that there are no unexpected purchases or changes on your card. If you do find a legitimate error, inform your credit card company promptly to dispute a charge or have errors corrected.

Use bank cards only when necessary. Use your debit card at all other times. Save your credit card purchases for big ticket items such as a computer or television. But if you are going out for groceries, using your debit card is best. This can result in significant savings.

TIP! Do everything you can to minimize how many credit card accounts you keep open. Having more than one credit card can be a challenge, as you have to monitor spending for each card.

A good thing to remember is that you should not immediately make a credit card payment after you make a charge. It is best just to pay it off each month when the bill is due. This builds a stronger payment history and has a larger positive impact on your credit score.

People typically receive dozens of credit card promotional letters everyday in their mail. It can be frustrating trying to sort through these offers. Having some knowledge, and doing some research, can help you understand how to choose the right charge cards easier. The above article contained advice to help credit card users make wise choices.

Source: http://chicagolanddailydeals.us/2012/have-a-credit-card-then-read-these-tips/

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