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Credit Card Tricks From People That Know Credit Cards
Credit cards are almost a necessity of modern life, but the easy credit that they offer can get many people in trouble. Knowing how to use credit cards responsibly is a key part of your financial education. The tips in this article will help make sure that you do not abuse your credit cards.
The single best thing you can do to maintain good credit is to make sure that you pay off your balance in full each month. Carrying a balance on your credit cards will just end up costing you a lot more in the long run. Do everything you can to pay your balance off each month.
Make sure you understand the terms of the credit card. It is important that you read every last word of the fine print when signing up for a new credit card. If you don't fully understand one of the conditions for using it, don't sign up for the card until it has been clarified.
Each month when you receive your statement, take the time to look over it. Check all the information for accuracy. A merchant may have accidentally charged a different amount or may have submitted a double payment. You may also find that someone accessed your card and went on a shopping spree. Immediately report any inaccuracies to the credit card company.
It may seem unnecessary to many people, but be sure to save receipts for the purchases that you make on your credit card. Take the time each month to be sure that the receipts match up to your credit card statement. It will help you manage your charges, as well as, help you catch unjust charges.
Try your best to use a prepaid credit card when you are making online transactions. This will help so that you do not have to worry about any thieves accessing your real credit card information. It will be much easier to bounce back if you are scammed in this type of situation.
Transfer a high interest rate balance to a card that has an interest rate that is lower. If you have more than one credit card that have balances, move the balances over to the card with the interest rate that is the lowest. This can save you money and cut down on the money you owe.
Instead of just blindly applying for cards, hoping for approval, and letting credit card companies decide your terms for you, know what you are in for. One way to effectively do this is, to get a free copy of your credit report. This will help you know a ballpark idea of what cards you might be approved for, and what your terms might look like.
Be careful what secured credit card that you choose. The company might offer certain perks, but the whole program has to be headed in the right direction. If it is not tailored to get your credit on track, then what you will see is yourself stuck with yet another harmful account, and your credit score going down the tubes.
Keep an eye on mailings from your credit card company. While some might be junk mail offering to sell you additional services, or products, some mail is important. Credit card companies must send a mailing, if they are changing the terms on your credit card. Sometimes a change in terms can cost you money. Make sure to read mailings carefully, so you always understand the terms that are governing your credit card use.
Mark your calendar for the day that you are expecting to receive your credit card statement. If your statement does not arrive when it is expected, be sure to contact the company as soon as possible. You must get a statement each month, carefully read through it to be sure nothing is missing ,or additional charges do not appear.
Knowing the impact that credit cards really have on your life, is a good first step towards using them more wisely in the future. Often times, they are a necessary building block for good credit. However, they are overused and often, misunderstood. This article has attempted to clear up some of those confusing ideas and set the record straight.
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