Is it possible to use credit cards responsibly, or do you feel as though they are only for the fiscally brash? If you believe that it is impossible to use a credit card in a healthy manner, you are mistaken. This article has some great tips on responsible credit usage.
Many people, especially when they are younger, feel like credit cards are a type of free money. The fact is, they are exactly the opposite, paid money. Remember, every time you use your credit card, you are basically taking out a micro-loan with incredibly high interest. Never forget that you must repay this loan.
If you are right at your due date and have forgotten to make a payment, call and see if payment by phone is an option. Most credit card companies offer this service for a fee. Though you will have to pay a little bit to use this service, it will certainly be less than the fee amount you will have to pay, if you make a late payment.
If you are going to be applying for your first credit card ever, you must be aware that your credit limit will probably be low. Many beginners think that with their good credit, they will get a high limit. In reality, companies want to make sure you can afford to pay your current limit, before offering you a higher one.
Keep a list of all your credit card information in a safe place. List all of your credit cards along with the credit card number, expiration date and phone number, for each of your cards. By doing this you will always have all of your credit card information in one place should you need it.
When you are looking over all of the rate and fee information for your credit card make sure that you know which ones are permanent and which ones may be part of a promotion. You do not want to make the mistake of going for a card with very low rates and then they balloon shortly after.
When signing up for a credit card, be sure that you check out what all of the penalties are if you miss a payment. This is of great importance because some companies not only will fine you, but they may also permanently increase your APR to an extremely high percentage.
Consumers should shop around for credit cards before settling on one. Many different credit cards are available, each offering a different interest rate, annual fee, and some, even offering bonus features. By shopping around, an individual can find one that best meets their needs. They can also get the best deal when it comes to using their credit card.
If you do a lot of traveling, use one card for all of your travel expenses. If it is for work, this allows you to easily keep track of deductible expenses, and if it is for personal use, you can quickly add up points towards airline travel, hotel stays or even restaurant bills.
Don't forget the things you learned in this article, and you are well on your way to having a healthier financial life which includes responsible credit use. Each of these tips are very useful on their own, but when used in conjunction, you will find your credit health improving significantly.
Many people, especially when they are younger, feel like credit cards are a type of free money. The fact is, they are exactly the opposite, paid money. Remember, every time you use your credit card, you are basically taking out a micro-loan with incredibly high interest. Never forget that you must repay this loan.
If you are right at your due date and have forgotten to make a payment, call and see if payment by phone is an option. Most credit card companies offer this service for a fee. Though you will have to pay a little bit to use this service, it will certainly be less than the fee amount you will have to pay, if you make a late payment.
If you are going to be applying for your first credit card ever, you must be aware that your credit limit will probably be low. Many beginners think that with their good credit, they will get a high limit. In reality, companies want to make sure you can afford to pay your current limit, before offering you a higher one.
Keep a list of all your credit card information in a safe place. List all of your credit cards along with the credit card number, expiration date and phone number, for each of your cards. By doing this you will always have all of your credit card information in one place should you need it.
When you are looking over all of the rate and fee information for your credit card make sure that you know which ones are permanent and which ones may be part of a promotion. You do not want to make the mistake of going for a card with very low rates and then they balloon shortly after.
When signing up for a credit card, be sure that you check out what all of the penalties are if you miss a payment. This is of great importance because some companies not only will fine you, but they may also permanently increase your APR to an extremely high percentage.
Consumers should shop around for credit cards before settling on one. Many different credit cards are available, each offering a different interest rate, annual fee, and some, even offering bonus features. By shopping around, an individual can find one that best meets their needs. They can also get the best deal when it comes to using their credit card.
If you do a lot of traveling, use one card for all of your travel expenses. If it is for work, this allows you to easily keep track of deductible expenses, and if it is for personal use, you can quickly add up points towards airline travel, hotel stays or even restaurant bills.
Don't forget the things you learned in this article, and you are well on your way to having a healthier financial life which includes responsible credit use. Each of these tips are very useful on their own, but when used in conjunction, you will find your credit health improving significantly.
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