If you use them wisely, credit cards can give you all sorts of benefits, from a good deal on a vacation package to simple peace of mind. Often people will use their cards to pay for their vacation and be shocked at their bill. If you would like to be among the first camp, read on for some ideas on how to get the best credit cards and use the ones you have wisely.
Try using post-it notes with your credit card balances in places that you often see in your workspace. It’s important to be aware of what your balance is. A lot of times, we allow credit card spending to get beyond our control by not monitoring it.
Leave no blanks spaces on any credit card receipts you sign at a store. You should draw a line through the tip line so that someone else does not take it upon themselves to write an amount in. Additionally, check your credit statements to ensure that the recorded purchases match your expectations and your receipts.
It is important to keep a running total of what you have charged to your credit cards each month. Remember that buying on impulse can be costly. If you aren’t tracking your credit card balance, you may be surprised when you get your statement at the months end.
We have all gone through it. You get another piece of unsolicited “junk mail” urging you to apply for a shiny new credit card. Sometimes you are in the market for one, and often times you may not be. Shred the letter if possible, or at least tear it up thoroughly. Many credit card offers have a great deal of sensitive personal information in them, so they should not be thrown out unopened.
Make your monthly card payments on time. Most companies charge fees for being late. This fee may be along the lines of $25 just for one missed day on your payment. If you have many late payments, the fee will increase regularly.
Never fax credit card numbers. Faxes are sometimes not picked up as soon as they are received, which gives many people ample opportunity to get at the information. A lot of people will have access to stealing this number. Once they have your information, they could steal your identity, make fraudulent charges, and ruin your credit.
Try to always pay off the minimum payment at least on a credit card bill every month. Missing a payment could negatively affect your credit score, which makes it more difficult to access additional credit down the road. You may also incur a late fee.
Do not let your credit cards tempt you into buying things that you do not need. Knowing you have the ability to spend thousands of dollars can be very tempting! It is, however, a great way to get into hot water financially. Keep impulse buying to a minimum by giving yourself a forty-eight hour waiting period before making major purchases.
Make major electronic purchases with your card. Many cards offer buyer protection plans on electronics purchases, and these plans can sometimes exceed the included warranty. Just be sure you pay the item off right away, so you don’t have to pay interest on it.