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Make The Most Of Your Credit Cards

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Dryin’ my credit cards
credit cards
Image by Don Nunn
I forgot to check my jeans pockets thoroughly and sent my Jimi wallet through the washing machine.

I knew this half-height wall would come in handy someday.

By using a credit card, it is possible to improve credit scores and manage finances. Helping your credit score is just one of the many benefits of a properly handled credit card. The following article offers some basic ideas on credit card use that any consumer can apply to their circumstances to use plastic more wisely.

Use cards regularly to avoid their deactivation. If you have an unprofitable and inactive account, your credit card provider has the right to eliminate your account with minimal warning. Try using credit cards for things that you have money for, then pay them off right away.

If you get a call asking for your credit card number, do not give it out. This is a very common tactic by scammers. Only provide your number to businesses you trust, along with your card company if you call about your account. Never give your credit information to someone that has called you. It does not matter who they say they are, you don’t know that they are being honest.

Whenever you notice a late fee listed on your credit card statement, try calling the company and asking them to remove it. If you usually send payment in a timely manner, the company will likely waive the fee to keep you as a good customer.

Keep contact information for credit card companies, your account number, and all other relevant data in a safe place that is easy for you to access. Keep it in a safe spot, such as a safety deposit box, separate from all of your cards. This list ensures that you can contact your creditors promptly if your wallet and cards are lost or stolen.

It is always worth your time to ask for a lower interest rate. If you have a good credit history with them, they may give you a better rate. A simple phone call may be all it takes in order to get a more competitive rate and save you money.

A secured card is the card of choice for those with bad credit. It does cost several hundred dollars to get the card, but it is easy to do. Good management of the secured card will quickly raise your credit score.

Balance transfers can be an effective way to pay a high interest rate card off. If the rates and fees are essentially the same, pay off the one with the most perks first. Just be sure that you’re doing the math on these rates first.

Only inquire about opening a retail credit card if you are serious about shopping at the store regularly. Every time you apply for a retail credit card, an inquiry is noted on your credit report. A lot of inquiries from stores can lower your credit rating.

It’s good credit practice to consistently maintain two or three open credit cards. This can build up a credit score, and this is especially true if you’re able to pay them monthly. Do not over-do it. Having more than three credit cards can concern a lender looking at your credit report.

Be aware of the dangerous allure of high credit limits. It can be extremely tempting knowing that you can use your credit card to buy thousands of dollars worth of merchandise. It is, however, a great way to get into hot water financially. Avoid impulse buys at all costs. If you are tempted to make a big purchase on a credit card, give yourself at least two days to think about it first.

As was stated in the beginning of this article, credit cards can benefit individual’s as they work to build their credit and take charge of their money. Making sure you understand each of your cards is important, so that you make the right financial choices. Understanding the fundamentals of credit cards is important for consumers who wish to make educated decisions.

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