Many people have despised credit cards since they were first invented. Like many other aspects of life, it can be hard to deal with credit cards when you are not properly educated. This article contains lots of advice for anyone interested in learning more about charge cards.
When you open a credit card account, try to keep your account open for as long as possible. You do not want to switch to different accounts unless it is absolutely necessary. The length of your account history with an individual creditor is factored into your credit score. Keeping accounts open whenever possible is one element of building a good credit history.
Report any fraudulent charges on your credit cards right away. By doing so you give the credit card company the best chance of catching the thief. Doing this also helps ensure that you will not have to pay for such charges. A simple phone call is usually all it takes to report fraudulent charges or put a hold on a stolen card.
Do not get multiple credit card accounts, or if you must, keep it to two or three. The challenge that you will encounter in having many accounts, is being able to closely track your spending on each account. Maintaining a low card count will help you more easily monitor spending while you keep your debt amount low.
Don?t use the credit card for cash advances from the ATM or to purchase chips at your favorite casino. Card issuers typically charge exorbitant fees for such transactions. Because of this it is essential to use credit only for emergencies.
Late Payment
It is important to pay the payment on your charge cards by their due date. Missing only one payment can cause your interest rate to increase. As well, the missed or late payment will be reflected on your credit report, lowering your overall credit score. Think about doing automatic payments online to completely avoid a chance of a late payment.
Consider closing out the accounts associated with charge cards that you don?t really use anymore. Closure of old accounts makes it less likely that they will be used fraudulently. You can close accounts that you don?t want anymore, even if you still have a balance, too. You can keep paying the balance until it?s paid in full.
Make sure the password and pin number of your credit card is difficult for anyone to guess. For instance, using a loved one?s birth date or your middle name could make it easy for someone to guess your password.
Before applying for a secured card, take time to read all of the small print and be sure that you fully understand the terms of the card. Most times, you?re told to deposit a small amount but you?re not aware that your money could be used up by fees that end up making you have a lower credit limit.
Actual Due Date
Know whether the payment due date on your credit card is the actual due date or a suggested one. Companies are beginning to suggest that customers pay their bills over two weeks before the actual due date. If your issuer uses suggested due dates, it is smart to make sure you know the real due date, should you require a few extra days to get your payment together.
If you submitted your credit card payment late, or if you missed your payment, you should consider asking your credit card company for lower interest rates or fees. If your payments are not timely, creditors will not hesitate to increase rates and add extra fees. If you contact the credit card provider, it is often possible to to get a reduction in these charges.
As you have read, charge cards are a complicated business that can frustrate almost anyone. Proper use of a credit card can increase your buying power, improve your credit rating and help you stay in control of your financial health. Implement the tips in this article and deal with your credit cards effectively.
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Source: http://invetingmarketanalysis.com/2012/12/23/tips-to-help-you-use-your-bank-cards-wisely/
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