Make sure you can afford everything you buy with a credit card. Before purchasing any expensive items, consider how long it will take for you to pay it off in full.
If you decide to close a credit card account, properly dispose of your card. If you do not dispose of it, you may find it falling into the wrong hands, which could lead to someone reopening this account and running up a huge debt. Check your credit score regularly. A good credit score is considered by credit card companies to be over 700. Put your credit to work to maintain that score or to help you reach it. At a score of 700 or higher, you’ll receive the best credit offers with the lowest rates.
If you ever get a phone call that asks for a credit card number, you should never give out that information. Scammers will often use this ploy. Give your number only to trusted companies and to your credit lender when you contact them. People who contact you cannot be trusted with your numbers. You never know who is really on the other end of that line. If you can’t get a credit card because of a spotty credit record, then take heart. There are still some options that may be quite workable for you. A secured credit card is much easier to get and may help you rebuild your credit record very effectively. With a secured card, you deposit a set amount into a savings account with a bank or lending institution – often about $500. That amount becomes your collateral for the account, which makes the bank willing to work with you. You use the card as a normal credit card, keeping expenses under that limit. As you pay your monthly bills responsibly, the bank may decide to raise your limit and eventually convert the account to a traditional credit card.
Consumer advice is a commodity itself these days, especially when it comes to credit cards. The following article is designed to educate you in the use of your credit cards and how to avoid problems. More people have credit cards than those who really know how to use them wisely and this gets many people in hot financial water. Keep a close eye on transactions associated with your credit cards. Signing up for text or email alerts can be a great way to accomplish this. The alerts will notify you immediately if there are any unusual transactions made. Contact your bank if you learn of activity you didn’t authorize. You may also need to contact police. Only apply for one or two credit cards. Every time you open a new credit card account there will be a negative report on your credit score. Don’t jump on any offer that guarantees approval since usually they charge very high rates.
Only open a credit card account if you are sure that you are disciplined enough to risk owning a credit card. Many consumers are addicted to spending and create more debt than they can manage. These people shouldn’t have credit cards. Opening a credit card account can put your financial future at risk if you don’t have self-discipline.
If you make your payments on time, but feel your interest rate is too high, talk to your credit card company to negotiate. Phone the company up and ask politely if your interest rate can be lowered. Frequently, the company will be happy to comply to retain your business. As a general rule, avoid paying for small items with your credit card. Many vendors require a minimum purchase in order to use credit cards, and you could be looking for last minute things to buy to fulfill that requirement. Save your credit card for purchases of $10 or more. Never rely on credit to buy purchases that you cannot afford. If you want a big ticket item you should not necessarily put that purchase on your credit card. If you cannot pay the charges off at the end of the month, you will pay a lot of interest and may run the risk of not being able to afford the monthly payments. Leave the store, think over it for a day or so, and then make your decision. If you are dead set on buying the item, ask the store if they can beat your credit card’s interest rate.