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Tips To Help You Choose A Credit Card Wisely

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Shredded Cards
credit cards
Image by moofbong
I put a bunch of old credit cards through the paper shredder today. Still have more I should shred… 😉

Credit cards have already been in circulation for a long time. You must carefully read the fine print to make sure you are aware of all the costs that come along with making purchases on your credit card. Read the advice in this article to learn more about the use of credit cards.

You don’t always want to get yourself a credit card as soon as you possibly can. While doing this is common, it’s a good idea to wait until a certain level of maturity and understanding can be gained. You should have a good grasp on the responsibilities that will be required of you as an adult before establishing your first line of credit!

Regardless of their other features, resist applying for cards that come with annual fees. Given the heavy competition among issuers, there is usually another credit card company offering a similar program without the annual fee. These unnecessary fees can cost you a significant amount in the long run.

Beyond knowing the interest rate and APR, it is important to also look into any other hidden fees that you may be charged. Some fees that you may overlook include the annual fee, excessive late charges, cash advance fees and service charges.

Make sure that your children are financially responsibly before you give them a credit card. It is hard to say “No”, but your child may not be ready for the responsibility quite yet. Waiting a little longer allows time to learn manage spending better and will lead to later financial success.

If you think that your credit card has too high of an interest rate, don’t be scared to have a discussion with the company. Call them up and ask if you can have your rate lowered. Many times, they want to continue to do business with you, so they will lower it.

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Don’t write your pin or password down where others can see it. Memorize your password, and never share it with anyone else. Writing down your PIN, especially if you store it with your card, can put your account in jeopardy if the information falls into the wrong hands.

If you use a number of different credit cards, give them priory based on the interest rate of each. In general, it is a good idea to use your lowest-interest card whenever possible. Ideally, you should be trying to minimize the amount of debt you carry from month to month. If you are in a situation where you have to carry a balance, you want to use cards with a low APR to lower how much interest you pay.

If one of your credit cards has better fees or interest rates than the others, use it to pay off the less desirable cards. This also applies if the cards have similar interest rates, but one offers better rewards or perks attached to it. It is important however, that you do the appropriate accounting first.

We have all gone through it. You received one of those annoying credit card offers in the mail. There are times where you’re in need of a new credit card, but usually you decide to let it pass. When you toss the mail out, tear it up. Never just throw it in the trash can, because sometimes such offers include personal data.

Create a budget for your credit cards. Budget your credit just like you budget your income. Try not to think of credit cards as a source of extra money. Determine an amount that you are comfortable charging each month. Don’t deviate from spending that amount, and aim to pay off the entire amount every month.

As you have read, credit cards are a complicated business that can frustrate almost anyone. However, with the right tips and advice, dealing with them could be easier than what you’ve expected. You can better handle your credit cards with this article’s advice.