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How Many Credit Cards Should You Have? Here Are Some Great Tips!

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Credit Card Debt Examples
credit cards
Image by Philip Taylor PT
If you’re in credit card debt, this chart will help you decide whether to pay off your debt in full or just make the minimum payment. Factors involved are the interest on the credit card debt, the amount of savings you have built up in an emergency fund, and your overall risk tolerance. Bottom line: get rid of your credit card debt.

Many people feel frustrated with credit cards. Like many other aspects of life, education is key to demystifying credit cards. The piece that follows includes great ideas for making credit card usage a happier experience.

Pick just one credit card to use when purchasing things online to reduce your risk should your information be stolen. When you use all of your cards, or even just two of them for online purchases, you multiple your exposure to the possibility of fraudulent use.

Report a lost or stolen credit card to the credit card company as soon as you notice it is missing. If you have a card stolen, you may be accountable for any charges made before you report the theft. Once you report a card as missing, you cannot be held liable for any charges that are made to that card.

Always make payments on your credit cards bills each month by the due date. A single skipped payment can cause a card issuer to jack up your interest rate. As well, the missed or late payment will be reflected on your credit report, lowering your overall credit score. Sign up for automatic payments so that you will not have to worry about late fees.

Exercise caution when you encounter 0% rates. You may find interest-free offers to be appealing, but at the end of the introductory term, interest rates frequently shoot up significantly. Always keep track of your balance when making purchases.

If possible, opt for a credit card with your photograph on it. Sometimes there is a decent personalization fee associated with having your photo on a credit card, but the peace of mind it offers is well worth it. Someone else trying to use your card would quickly discover they weren’t getting away with it.

When developing a PIN or a password, make it one that is hard to make any sort of guess about. For instance, using a loved one’s birth date or your middle name could make it easy for someone to guess your password.

Always track all purchases you make on any credit cards. Unless you commit to a spreadsheet or notebook, it can be easy to lose track of where your money went.

Never send credit card numbers via fax. The fax could be viewed by anyone and could sit in the fax machine for days and give anyone the opportunity to view your private information. Anybody could get your information. This leaves you wide open to fraud and the financial headaches associated with it.

Pay your credit card off by the due date whenever possible. If you do that, you build your credit, and that will provide you with more financial opportunities during your life. Although you do not have to pay it all, doing so will help you to avoid paying interest; saving you lots of money.

Try not to close your accounts. Open accounts always help a credit score while closed accounts can end up hurting it. This is so because it subtracts how much credit you can have from your overall credit. Then it lowers how much you owe and how much credit you are able to maintain.

Whenever you’re traveling, you should bring two credit cards along with you. You can provide yourself with better financial options by carrying cards provided by two different banks or companies. You probably won’t be able to access funds with either card if you have a problem with one and the other is issued by the same bank. Having access to cards from multiple institutions helps ensure that you will be able to access your credit at all times.

As mentioned earlier, many people can become frustrated with their creditors. However, if you do your homework, choosing the right card and using it properly is easy. The ideas presented in this article will assist you in creating a positive relationship with your credit cards.

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