What kinds of feelings come to mind when you hear the words “credit cards?” If you are like many other Americans, you probably feel anxious and nervous when you hear these two words put together. This fear and anxiety will pass, however, as soon as you arm yourself with proper information.
Keep track of how much money you are spending when using a credit card. Small, incidental purchases can add up quickly, and it is important to know how much you have spent on them, so you can understand how much you owe. You can keep track with a check register, spreadsheet program, or even with an online option offered by many credit card repair companies.
You should contact your creditor if you know that you will not be able to pay your monthly bill on time. Many people do not let their credit card company know and end up paying very large fees. Some creditors will work with you if you let them know the situation ahead of time and they may even end up waiving any late fees.
Make sure that you pore over your credit card statement each and every month, to make sure that every single charge on your bill has been authorized by you. Many people fail to do this and it is much harder to fight fraudulent charges after a lot of time has passed.
Make sure you know the current interest rate of the credit card you are applying for. You must understand the interest rate before agreeing to accept a credit card. If you do not know, you could end up paying much more than the original price. Paying more may keep you from having the ability to pay the debt off every month.
Keep an eye on mailings from your credit card company. While some might be junk mail offering to sell you additional services, or products, some mail is important. Credit card companies must send a mailing, if they are changing the terms on your credit card. Sometimes a change in terms can cost you money. Make sure to read mailings carefully, so you always understand the terms that are governing your credit card use.
To make sure you select an appropriate credit card based on your needs, determine what you would like to use your credit card rewards for. Many credit cards offer different rewards programs such as those that give discounts on travel, groceries, gas or electronics so pick a card that suits you best!
It is possible that your interest rate can be reduced, so do not think that you are stuck with the rate you were given. Credit card companies compete with each other for your business, and they all use a range of different rates to attract customers. If your interest rate is higher than you would like it to be, make a call and ask the bank to reduce it.
You should ask the people at your bank if you can have an extra checkbook register so that you can keep track of all of the purchases that you make with your credit card. Many people lose track and assume their monthly statements are right and there is a huge chance that there may have been errors.
If you ever have a charge on your card that is an error on the credit card company’s behalf, you can get the charges taken off. The way you do this is by sending them the date of the bill and what the charge is. You are protected from these things by the Fair Credit Billing Act.
Do not sign up for store cards in order to save money on a purchase. Oftentimes, the amount you will pay for annual fees, interest or other charges, will easily be more than any savings you will get at the register that day. Avoid the trap, by just saying no in the first place.
If you have made the poor decision of taking out a cash loan on your credit card, be sure to pay it off as soon as possible. Making a minimum payment on this kind of loan is a big mistake. Pay the minimum on other cards, if it means you can pay this debt off faster.
Make your credit card payments on time and in full, each and every month. Most credit card companies will charge an expensive late fee if you are even a day late. If you pay your bill 30 days late or more, creditors report this late payment to the credit bureaus.
How do you feel about credit cards now? Do you feel more confident about how to use them? If so, then great, but if not, that simply means you need to continue educating yourself. By learning all that you can about credit cards, you will feel better about using them.
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