Let’s face it, in this day and age, people can use all the education possible on how to manage credit cards responsibly. Credit cards can either be an excellent tool for building your financial life or a great service when used properly.Continue to read this article and you would like to know more tips on using credit cards.
This gives the credit card issuer the most opportunity to catch the person responsible. This will also prevent you of responsibility when it comes to the charges. You can report fraudulent activity through a quick telephone call to the credit company.
Always make sure there is not a yearly fee before accepting an exclusive credit card. Annual fees for high end cards can range from $100 to $1000 depending on how exclusive they are.If you do not need the perks associated with these cards, find a card with no annual fee and don’t waste your money on the premium card’s steep annual fees.
Credit card companies use those credit scores for determining the cards to offer consumers. The best cards are only given to consumers who have very high credit scores.
Do not buy anything with your credit card purchases on a public computers. Only make purchases from your own computer to buy things online.
Do not be hesitant to inquire about getting a lower interest rate in order to lighten your debt load. A simple phone call may be all it takes in order to get a more competitive rate and facilitate real savings.
Do not lend out credit card for any reason. Even if it is a great friend of yours, do not loan them your card. It may lead to large fees if your friend should put more than you authorized.
Never give out a credit card number over the phone if you are not certain of the request. Many scammers will use this ploy to get credit card information from unsuspecting people. Only share your credit card number with trusted businesses you can trust. Never give your numbers to people who calls you. No matter who a caller says they represent, there is no way for you to know who you are talking to.
Do not close credit accounts at once.Although you may think this will improve your credit, it can actually lower it. This is the case because closing a credit card account results in a lower amount of total credit for you, which lowers your ratio.
Some people try not to get credit cards is the best thing they are not in debt. It is important for everyone to have one card to build up a credit history. Use it and pay it off quickly. If you do not have a history of credit usage, your score is lower and lenders will not know whether you can manage credit.
Some companies may charge application fees, excessive late charges, which may make you think twice about having the card.
Never lie about how much money you make just so you can apply for a high limit. Some companies do not verify your income and they will give you a card with a higher limit, which may be something you cannot afford.
Only carry around the cards you will need every day. You might have five cards or more, but you should only carry the ones you use regularly. These can include a gas card and one major credit card. Keep only these on you and have the others at home.
As mentioned before, consumers often feel like they have no allies when it comes to credit card companies. This article has discussed the best ways of using credit cards; hopefully, you found it useful and can apply it to your daily spending habits.