Credit Cards And Personal Finance: Tips For Finding Balance

Posted on Jul 27, 2012 in Credit Cards | Comments Off

Credit cards are a great convenience and also a way for people to keep their money earning interest in their accounts longer. Before you start to take advantage of this benefit, it is advised that you learn a few basics about the credit card industry. Read on for some great tips on how to be smart about using your credit cards.

Interest Rates

Speak with the company you have your credit card through in order to get your interest rates lowered. Some issuers will reduce interest rates charged to customers if their credit relationship is in good standing. It doesn?t cost you a penny to ask, but it can save you a lot of money.

Never be hesitant to ask request that your credit company increase the limit on your card. A lot of credit card companies will give a customer a higher credit limit because they have shown that they?re able to use the card in the right way. Getting access to more credit can be very beneficial, as it increases the amount of financial flexibility that you have from paycheck to paycheck.

Never send you card number to someone by fax. Many times a fax may sit for hours in a basket. This could allow many people unwanted access to your information. Any one of the workers in the office could steal it. Sending your information through a fax makes you at risk for identity theft.

Keep your credit in a good state if you would like to be eligible for the best credit cards. Creditors use your credit score to decide what type of card to offer you. The ones that have the lowest rates, best incentives and the highest points are only given to people with excellent credit.

A secured credit card is one good option if your credit is not good. You will have to pay money to secure this type of card, but the card can be used to improve your credit rating.

Know your credit card laws to ensure that you are protected. A credit card company is prevented by law from retroactively increasing rates, for example. Also forbidden, is double-cycle billing. Be informed on current laws. The CARD and Fair Credit Billing Acts are the two main legislative changes that have been instituted recently.

Debit Card

Take precautions to only use credit when you have no other alternative. Use your debit card when you can, and pay for purchases immediately. You should use your credit cards for large purchases, like big ticket electronics. However, if you are simply purchasing a small amount of groceries then the debit card is the better choice. This can save a lot of money in the long run.

Never give your credit card number out, over the phone or online, without knowing and trusting the company you are dealing with. If you?re getting unsolicited offers that require a card number, you should be suspicious. There?s a lot of scams where people try and get your card number. Protect yourself by remaining diligent.

Never apply for credit cards with annual fees. It is relatively easy to find companies which charge no annual fee because of competition. Such fees really add up over time and you end up spending way too much on them.

When you chose a credit card because of the reward of miles or cash that are offered, make sure to understand how the reward program works before you agree to the credit card terms. Check for expiration dates, and make sure you will be able make use of them before their expiration.

Try to always be aware that you are committing to paying back actual money when using your card. Many people don?t think about this, and spend way too much. Your debt will eventually have to be paid off. By remembering that you?re borrowing money, you might skip unnecessary purchases.

Approach zero percent credit card rates with caution. The no-interest rate offer might be enticing, but it will usually increase significantly over time. This leads to an increased balance due for the borrower. Always know the balance related to any card that you decide to use.

Never believe your offered interest rate is absolute and should remain this way. The credit industry is very competitive, and you can find many different interest rates. If you?re unhappy with your rate of interest, contact your bank and tell them you would like them to lower it.

Do not pick a pin number or password that could easily be picked out by someone else. Using something familiar, such as your birth date, middle name or your child?s name, is a big mistake since this information is readily available.

Read any fine print prior to applying for any secured cards. Some companies indicate that only a small deposit will be necessary, but fail to highlight the fact that their excessive fees will greatly deplete the credit that is actually available on the card.

Secured Card

Make sure that you fully comprehend the terms and conditions of a credit card policy before you start using the card. Most credit card providers will consider you using your card to make a transaction as a formal agreement to the terms and conditions of their policies. While there may be a lot of statements in small print in the credit agreement, these statements are very important.

Those with imperfect credit may want to think about getting a secured card. A secured card will ensure that you do not spend above your limit. What these cards let you do is borrow money from yourself and you will pay interest to do so. Although this arrangement is less than ideal, it can help you repair your credit. When you are going to apply for one of these secured credit cards, make certain the company you choose is reputable. As time goes by, you might even find that the company offers you an unsecured credit card.

When you use your card properly, they can prove extremely helpful. By following some basic credit rules presented in the article, you should be able to use credit cards for purchases and maintain excellent credit without going into debt

How To Know What Your Credit Card Finance Charges Are

In this ?consumer beware? world that we all live in, any sound financial advice you can get is helpful. Especially, when it comes to using credit cards. The following article will offer you that sound advice on using credit cards wisely, and avoiding costly mistakes that will have you paying for a long time to come!

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If you find that you cannot pay your credit card balance in full, slow down on how often you use it. Though it?s a problem to get on the wrong track when it comes to your credit cards, the problem will only become worse if you allow it to. Try to stop using your cards for awhile, or at least slow down, so you can avoid owing thousands and falling into financial hardship.

Be sure to limit the number of credit cards you hold. Having too many credit cards with balances can do a lot of harm to your credit. Many people think they would only be given the amount of credit that is based on their earnings, but this is not true.

Pay close attention to all of the interest rates on your credit cards. Many cards charge you different rates depending on the type of transaction you execute. Cash advances and balance transfers commonly command a higher rate than ordinary purchases. You must keep this in mind before you begin shifting money on and off various cards.

Upon finding out that you have lost your credit card, or that it becomes stolen, alert your credit card company immediately. Your card provider can use anti theft techniques, such as locking your account, to prevent anyone else from using your card to buy items and rack up unwanted charges.

If you are a college student, you may find that you are getting offers for student credit cards. If you are looking to get a credit card, you may want to take one of these companies up on the offer. This will help you to avoid having to apply to multiple companies for a credit card.

If you are having trouble using your credit cards responsibly, get rid of all but one or two of them. The fewer credit cards you have, the less debt you can accumulate. Have no more than two cards, do not carry them with you when you go out, so you will not be tempted to use them as much.

Do not think that just because you paid your credit card account off in full that the account is closed. The account will not be closed until you contact the credit card company and request it to be closed. This should be done in writing. The company should confirm the closure within fifteen days.

Some people need help getting out of a jam that they have created, and others are trying to avoid the pitfalls that they know are out there. Regardless of which camp you came from, this article has shown you the best ways to use credit cards and avoid the deep debt that comes along with them.

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Source: http://credit-deal.com/credit-cards/credit-cards-and-personal-finance-tips-for-finding-balance/

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