September 17, 2020 - mediadealer - Money Hacks - 742 views
We often receive lots of unsolicited credit card mail in our junk mail on a daily basis. They will tempt you with low rates and perks in order to gain your business with them. How do you decide which to choose? The article you are about to read can help you understand more about these charge cards and the risks and rewards that come with them.
If you have just turned eighteen, you might want to think twice before applying for a credit card. Most people do this, but your should take a few months first to understand the credit industry before you apply for credit. See what it is to be an adult before you jump head first into your first credit card.
It is common for bank cards to be linked to loyalty or affinity programs. Choose a credit card whose loyalty program offers you something valuable. The extra cash back or free flights and hotel rooms can be great bonuses and money-savers.
Work at improving your credit score if you want a credit card with lower interest rates. Credit card providers always investigate your credit score before they accept your application for a credit card. Most of the time, cards with the lowest interest rates and bonus features are offered to those with the best credit scores.
Don’t make a written record of your credit card’s PIN or password. You need to memorize your password, as this is the only way you can ensure that no one else will find it and use it improperly. Anyone will be able to access your account if they get hold of your written pin number, especially if it is stored with your card.
Keep a list of phone numbers for your credit card companies and your own account numbers in a safe location. Keep this list in a safe place, like a safety deposit box, away from each of your bank cards. The list will prove invaluable if you lose your cards or if they are stolen.
Remember, interest rates can change quickly and are not negotiable. Credit card companies are competitive and can change their interest rates if they wish. If you don’t like your interest rate, make a call to the bank and talk to them about it.
When you open a credit card account, try to keep your account open for as long as possible. Frequent switches to new companies is not wise unless you find it absolutely necessary. The total amount of time you have had credit available to you is a factor in your credit score. Part of having good credit is keeping the accounts open.
Keep track of the amount you spend with your credit card each month. Remember that small, seemingly inconsequential impulse purchases can end up being a huge expense. Use cash or a debit card for these purchases to avoid paying interest fees and overspending on credit cards.
Look over your card statements thoroughly. Keep your eye out for inaccuracies in the transactions you made, along with transactions that you didn’t make in the first place. Report any inaccuracies to your credit card company immediately. This could prevent you from having to pay a lot of money, and it could also save your credit rating as well.
When you owe more than you can pay, you can end up having financial difficulties in the future. When your credit rating is damaged, certain tasks become more difficult, including renting an apartment, getting finance to buy an automobile, obtaining insurance and securing employment.
Don’t use a fax machine to transmit your credit card information. Faxes are sometimes not picked up as soon as they are received, which gives many people ample opportunity to get at the information. Anyone in their office might be a thief. Sending your information through a fax makes you at risk for identity theft.
Talk over your interest rate with the company that issued your card. You can often negotiate the rate down a percentage point or two if you contact the credit card issuer. You can request an APR that is a bit lower if you are a good consumer.
Any credit card you don’t use should be cancelled. Open accounts may be a target for identity theft. You may also be charged an annual fee by keeping accounts open.
Be sure that you are always checking the transactions made with your credit card. You can even sign up to receive mobile alerts if they are available. That way, if any unusual activity takes place, you can look into it right away. Any suspicious activity on your account should be reported to your bank, as well as to the police if necessary.
If you don’t use a card, you should think about closing it. Closing old accounts makes certain that no one can use them fraudulently. You can close accounts you don’t use, even if they carry a balance. You may keep paying the balance until you have paid it in full.
Prior to getting a credit card, be sure you are disciplined enough to have one. Some people tend to spend more than what they can pay for. Such people should avoid getting credit cards. When they open an account, they’re opening up the possibility of extreme financial hardship.
If your card has rewards, make sure you understand the policies. Dig into the fine print. If there are blackout dates, the reward may not do you any good. Also, be aware that credit card issuers intentionally make their reward policies difficult to understand. After all, credit card providers do not want their customers to actually claim any rewards. They are really just a hook to get you to apply for their card.
Customers today are always getting offered credit cards and that makes it difficult to understand what they all entail. With some knowledge and education, it’s much easier to understand charge cards than you think. The article here has offered wise advice that is aimed at helping consumers make the best credit card decisions.
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