Keep track of how much money you are spending when using a credit card. Small, incidental purchases can add up quickly, and it is important to know how much you have spend on them, so you can understand how much you owe. You can keep track with a check register, spreadsheet program, or even with an online option offered by many credit card companies.
Whenever you spot anything fraudulent on your monthly credit card statement, call the issuing company right away. This gives the credit card companies the most opportunity to catch the person responsible. Additionally, you will avoid being responsible for the charges themselves. Most fraudulent charges can be reported with a quick phone call or email to your credit card company.
Only inquire about opening a retail credit card if you are serious about shopping at the store regularly. Every credit inquiry impacts your credit score, even if you do not end up getting the card after all. A lot of inquiries from stores can lower your credit rating.
Check the details and fine print. Before accepting any offer for a credit card, be informed of all the details. Be aware of what the interest rate on your card is and how long it will last. Furthermore, make sure you are aware of potential fees or billing grace periods.
It is common for card issuers to offer big incentives for opening accounts. Make sure that you understand everything that is written in fine print since many credit card companies have specific terms you need to adhere to in order to get bonuses. For example, you may need to spend a specific amount within a certain period of time in order to qualify for the bonus. Be sure that you’ll be able to meet the requirements before you let the bonus offer tempt you.
Be sure you go over the terms that come with your credit card as carefully as possible prior to using it. Credit card issuers will generally interpret the use of the credit card as an acceptance of the credit card agreement terms. You should particularly go over the fine print, even though it may be difficult to read.
When you are using your credit card at an ATM make sure that you swipe it and return it to a safe place as quickly as possible. There are many people that will look over your shoulder to try to see the information on the card and use it for fraudulent purposes.
If you are not satisfied with the high interest rate on your credit card, but aren’t interested in transferring the balance somewhere else, try negotiating with the issuing bank. You can sometimes get a lower interest rate if you tell the issuing bank that you are considering transferring your balances to a different credit card that offers low-interest transfers. They may lower your rate in order to keep your business!
It is good credit card practice to pay your full balance at the end of each month. This will force you to charge only what you can afford, and reduces the amount of interest you carry from month to month which can add up to some major savings down the line.
After reading this article, you should be far less confused about credit cards. You now know how to evaluate credit card offers and how to find the right credit card for you. If this article hasn’t answered absolutely everything you’ve wondered about credit cards, there’s more info out there, so don’t stop learning.