Having a credit card is a lifesaver in certain situations. Do you have a serious need right this moment, but lack the cash to resolve it just now? There is no problem! Having a credit card can get you out of an immediate jam. Do you need to boost your credit score? You can do this with a credit card! Read this article for more credit card tips.
Do not close credit card accounts until you understand the impact it may have. Sometimes, closing a card can have a negative impact on your credit scoring and this is something nobody wants. Also, keep open all the accounts that make up most of your history.
Speak with the credit card company right after you see a charge on your statement that you did not make. This will give the company a greater possibility of catching the perpetrator. This also ensures that you will not be liable for any further charges. Fraudulent charges could be reported through a phone call or through email to your card provider.
If possible, pay your credit cards in full, every month. Use them for normal expenses, such as, gasoline and groceries and then, proceed to pay off the balance at the end of the month. This will build your credit and help you to gain rewards from your card, without accruing interest or sending you into debt.
Practice sound financial management by only charging purchases that you know you will be able to pay off. Credit cards can be a quick and dangerous way to rack up large amounts of debt that you may not be able to pay off. Don’t use them to live off of, if you are unable to come up with the funds to do so.
Know what interest rate your credit card gets. You simply must understand the interest charges your card will bring before you agree to accept it. You could be charged much more than you originally thought if you are not sure of the rate. If the rate is higher, you may find that you can’t pay the card off every month.
Emergency, business or travel purposes, is all that a credit card should really be used for. You want to keep credit open for the times when you need it most, not when purchasing luxury items. You never know when an emergency will crop up, so it is best that you are prepared.
Keep an eye on your credit cards even if you don’t use them very often. If your identity is stolen, and you do not regularly monitor your credit card balances, you may not be aware of this. Check your balances at least once a month. If you see any unauthorized uses, report them to your card issuer immediately.
If you have any credit cards that you have not used in the past six months, then it would probably be a good idea to close out those accounts. If a thief gets his hands on them, you may not notice for a while, because you are not likely to go looking at the balance to those credit cards.
Use caution when using your credit cards online. Prior to entering any credit card info, make sure that the website is secure. Any site that is secure will protect your identity, and keep your credit card data under lock and key. Any email that asks for credit card details should be immediately deleted as these are generally fraud schemes.
Never give your credit card information out over the phone. Many scammers will use this ploy. Only give your number out to trusted businesses and your credit card company when you call them. Don’t give them to random phone callers. Regardless of who they claim they are, you have no way of verifying it if you did not call them.
Everyone has been there. Getting one envelope after another in our mail from credit card companies, imploring us to sign up with them. Sometimes you may want a new card, sometimes you might not. When you throw the mail away, rip it up. Do not simply throw it in the trash unopened, because these solicitations often contain personal details about you.
Make sure that any websites that you use to make purchases with your credit card are secure. Sites that are secure will have “https” heading the URL instead of “http.” If you do not see that, then you should avoid purchasing anything from that site and try to find another place to buy from.
If you go to make a purchase with your credit card and you are told that there will a surcharge for using that payment method, you can refuse to pay it and demand they accept your purchase. Many credit card companies do not allow merchants to impose fees, so you should check out the policies of your card company.
Understand the current laws that apply to credit cards that have changed in the past few years. For example, companies cannot give retroactive rate hikes. It’s also against the law for them to bill more than once in a cycle. Read up on the laws. Look up federal legislation regarding credit card usage and fraud.
To avoid excessive fees, always read the fine print of any credit card offer you are considering. Many offers come with a low introductory APR and can be quite enticing. However, further review of the fine print may reveal that that low rate will be increased to a less than appealing rate in as little as 6 months or a year.
Now you understand just how credit works. This includes simple things like paying for products or even paying off bills. Make use of the tips above and learn to use your credit cards wisely.
