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Make Sure You Know How To Use Credit Cards

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Dario’s shop, credit card machine, receipt book, Jefferson glass clock, corner office, Lake City Way, Seattle, Washington, USA
credit cards
Image by Wonderlane

For too many people, credit cards can be a source of headaches and frustration. However, when you have the proper knowledge, using credit cards becomes easier. Keep reading to find great advice for making informed decisions about your credit.

Keeping two or three credit card accounts open is a sound financial practice. Not only does this increase your credit ranking, but when you pay every month, you also increase your line of credit. However, if there are more than three cards to your name, a lender may think that’s no good when looking at your personal credit bureau report.

If you hold several cards, it makes sense to primarily use just one and repay its balance monthly. Even if you cannot pay all the cards off, having one that is paid in full on a monthly basis will reflect positively on your credit report.

Remember to use your card only when it is necessary. Use your debit card at all other times. For instance, you may want to utilize your credit card for a major purchase like a computer or flat screen television. But if you are merely buying a quart of milk, utilize your debit card. This can save you cash.

Keep track of your purchases made by credit card to make sure that you do not spend more than you can afford. You can easily lose track of what you have put on the card if you do not commit to keeping track of the charges on a spreadsheet or notebook.

The highest interest rate credit cards are the ones that should be paid off first. Your annual charge for interest can add up to hundreds and it is not good for your credit to have high balances. This means that you should always focus on those high interest cards first before you attempt to pay off cards with lower interest rates.

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Do not consider using a credit card from a retail store unless you shop there regularly. If a retail store inquires on your credit, the inquiry will affect your credit score, even if you do not open the card. A large number of inquiries that is present on a credit report can decrease your credit score.

It is always worth your time to ask for a lower interest rate. Based on your history with your credit card company and your personal financial history, they may agree to a more favorable interest rate. A phone call could be all you need to do to get a good rate in which you would be able to save money.

Make sure you are being careful when you use a credit card online. Prior to placing personal card data online, be certain that you are accessing a secure site. A secure site ensures your card information is safe. Also, ignore emails that ask for credit card information, these are attempt to get your information.

Consider closing out the accounts associated with credit cards that you don’t really use anymore. If you close them, that will stop anyone from making unauthorized charges with them. Even if an account has a balance, you can still close the account. You simply pay the balance off after you close the account.

Only hold onto credit cards you are using or are going to use. This way, you are able to track them all should one go missing. With all of the credit card thieves around, it is important to keep a close eye on all of your credit cards. If you believe you have lost a card, cancel it quickly.

As noted earlier, too often, consumers find themselves frustrated and discouraged after dealing with a credit card company. Using the right credit card for you needs will help you stay in control of your financial situation. Use this article’s suggestions and enjoy life with a credit card that much more.