While there is a need for cash, credit card use is quickly increasing. As banks start to charge more for just about every kind of credit service, more and more people are using their credit for all types of transactions. Keep reading to learn more about credit card use.
It’s useful credit practice to continuously keep two or three active bank cards. This will increase your credit score over time, especially if you don’t carry a balance from month to month. If you have more than 3 charge cards however, that might not look right to a lender who looks as your credit report.
Credit Card Company
Should you notice a charge that is fraudulent on any credit card, immediately report it to the credit card company. By doing this, you can help your credit card company catch the thief who is making these unauthorized charges. This will help ensure you are not liable for any fraudulent charges against the card. Most fraudulent charges can be reported with a quick phone call or email to your credit card company.
Read the small print. If there’s an offer for a pre-approved credit card or if a person says they can help you get a card, get all of the details beforehand. Be aware of how much interest you’ll pay and how long you have for paying it. Research extra fees, as well as grace periods.
Always track your credit card purchases, so that you do go over budget. It’s easy to lose track of your spending, so keep a detailed spreadsheet to track it.
Credit card companies calculate their minimum payments so that you can pay a small amount and let them earn a large amount of interest from you over time. Every dollar over your minimum payment goes to pay off your balance, so always pay a higher amount than the credit card company asks you to pay. Avoid paying interest as much as possible in the long run.
If you have not established a credit history and are interested in obtaining a credit card, it may help to obtain a co-signer. This can be a family member or friend with existing credit. It’s important to know that being a co-signer means that person is liable for the credit card bill in full if you don’t pay it. That can be a terrific method of acquiring a first card for credit building purposes.
As soon as you receive your bank cards, sign them. A lot of people skip this step and have their cards stolen. Many merchants require the cashier to verify the signature matches so that you can keep your card safer.
There are many credit cards that offer rewards programs for your spending. If you use charge cards regularly, find one that has a loyalty program. When used wisely, they can save you a great deal or even offer you an additional source of income.
Make sure that your passwords and pin numbers for all of your credit cards are difficult and complex. Common information like names, or birthdays are easy to guess and should be avoided.
Do not buy anything with your credit card on a public computer. Computers in public areas such as libraries and coffee shops will store your information. By placing your information on public computers, you are inviting trouble into your life. Make sure that all purchases are made on your computer, always.
Don’t let anyone else use your bank cards. Even if the friend is a very good one and they are really in need of the card, it just isn’t a smart idea to lend yours out. This can lead to your friendship being ruined. Or it can result in over the limit charges should your friend charge more than you authorized.
If anyone calls and asks for your card number, tell them no. Scammers often employ these shady tactics. Only give you credit card information out to trusted companies you have contacted. Don’t give them to random phone callers. It doesn’t matter what they say, there is no way to know who they really are.
Credit Card Information
Unless you know and trust the company with whom you are dealing, never reveal your credit card information online or over the phone. If you are receiving an unsolicited offer that is requesting a credit card number, be doubly suspicious. A number of scams are circulating whose sole purpose is to procure your credit card information. Be diligent and protect yourself.
Avoid exaggerated income statements when applying for a card, just to get a higher limit. Many companies don’t check your actual income, so your limit may be way too high.
Only carry the credit card that you will need that day. While it may be tempting to stuff all of your five or six cards into your wallet, stop and select the cards you actually use on a regular basis. A credit card for everyday charges and a card that you use for gas should be more than enough. Only place those in your wallet, and leave the rest safe and secure at home.
Credit card use is rising as the fees and regulations on debit cards is increasing. When you look at how big they have become, you will be able to gain benefits from charge cards and what they offer. Use the advice given here to find the best card for your needs and to use it wisely.