Charge cards are useful for making online purchases, and in person transactions to avoid using cash. If you need some advice on how to use credit cards responsibly, the following tips can offer you some guidelines.
If a fraudulent charge appears on the credit card, let the company know straightaway. This will give the company a greater possibility of catching the perpetrator. It’s also the most efficient way to limit the liability you face for the incurred charges. A simple phone call is usually all it takes to report fraudulent charges or put a hold on a stolen card.
To make sure you aren’t paying too much for a premium card, ensure the credit card does not require you to pay an annual fee. Some cards can have fees that go as high as $1000 annually! If you will not use the benefits of an “exclusive” card, the fee is not worth it.
Make sure to keep a budget when you are using charge cards. It is a good idea to include your credit card into your budget. Never view credit cards as extra money. Set aside an amount of money that you can pay each month on your charge cards, and follow through each month with the payment. Remain committed, and repay that amount religiously every month.
It is important to monitor your credit score if you wish to obtain a quality credit card. Your credit score will determine what kind of credit card offers you will receive. Credit cards with low interest rates, the best points options, and cash back incentives are only offered to individuals with stellar credit scores.
Don’t be scared to negotiate your interest rate with a credit company. You might be able to get a better interest rate if you are a loyal customer who has a history of paying on time. You may be able to save money on your interest rates just by picking up the phone and calling your creditors.
If someone calls requesting your card number, don’t give it to them. Scammers commonly use this method for getting your number. Only give your credit card number to businesses that you trust. Never provide this number to someone who calls you. It does not matter who they say they are, you don’t know that they are being honest.
Have a running list with credit card account numbers and lender’s emergency contact phone numbers. Make sure that it is in a separate location from your cards and secure from other people. This list will help you make quick contact with lenders if you ever misplace your credit card or if you get mugged.
It is a good idea to contact credit card companies and request that they lower your interest rate. If you have been a good customer for a while, many credit card providers will be more than happy to lower the interest rate that they are charging you. Not only does it not cost you a single penny to ask, it can also yield a significant savings in your interest charges if they lower your rate.
Review each of your credit statements closely. Look for any errors with the charges that you made and make sure there are no unauthorized charges. If you notice anything wrong, contact the credit card company as soon as possible. That can make sure you don’t pay too much, and it can also help your credit score stay where it is as well.
It is hoped this article has given you the information you need. The world of credit can be tricky, but a little advice can go a long way toward understanding your credit and making it work for you. Factor the above advice into your credit spending strategy so that you can gain all of the benefits of your credit, while minimizing the risks.