A lot of people grieve that they are facing hard time when it comes to manage their credit cards. Credit cards are use world wide for different purposes ranging from online shopping to digital marketing and online money making. A lot of affiliate programs ask you to use credit cards when joining them. However, finding a trust one is hard but we know for sure this
online program is secure.
Moving on, just like most of the things, it is easier to effectively manage your credit cards if you have sufficient information and guidance. This article will provide tips to manage your credit cards in better manner in your life.
1. Know the interest rates of company
Before you choose a credit card company, be sure that you compare interest rates. There is no standard when it comes to interest rates, even when it is based on your credit. Every company uses a different formula to figure what interest rate to charge. Be sure that you compare rates, to ensure that you get the best deal possible.
While choosing a credit card company, make sure you compare interest rates.
2. Keep track of spending money
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.
Look into the rewards that credit card company’s offer. Find one that is going to pay you for making purchases on their card. If you are trying to maximize the rewards, charge everything you can on the card, but be sure to put enough cash back to pay the card off each month, in order to avoid losing your rewards to interest fees.
3. Credit Card Bonus
Credit cards often lure in new users with bonuses and gifts for signing up. Read the fine print before signing up however, because there are often many ways you could be disqualified from the bonus. Typically, you are required to charge a certain amount on the card in a limited time period to get the bonus.
4. Make sure to close unused accounts
If you have any credit cards that you have not used in the past six months, then it would probably be a good idea to close out those accounts. If a thief gets his hands on them, you may not notice for a while, because you are not likely to go looking at the balance to those credit cards.
5. Signup for rewarding credit card
Find a credit card that rewards you for your spending. Spend money on the card that you would need to spend anyway, such as gas, groceries and even, utility bills. Pay this card off each month as you would those bills, but you get to keep the rewards as a bonus.
Therefore, when deciding which credit card is best for you, be sure to take its reward program into consideration. For example, some companies may offer travel assistance or roadside protection, which could come in handy at some point. Inquire about the details of the reward program prior to committing to a card.
6. Save Credit Card Receipts
It is very important that you save your credit card receipts. You need to compare them with your monthly statement. Companies do make mistakes and sometimes, you get charged for things you did not purchase. So make sure you promptly report any discrepancies to the company that issued the card.
7. Dispose the old credit card
If you are getting rid of an old credit card, cut up the credit card through the account number. This is especially important, if you are cutting up an expired card and your replacement card has the same account number. As an added security step, consider throwing away the pieces in different trash bags, so that thieves can't piece the card back together as easily.
8. Charge when required
When getting a credit card, a good rule to follow is to charge only what you know you can pay back. Yes, many companies will require you to pay only a certain minimum amount every month. However, by only paying the minimum amount, the amount you owe will keep adding up.
9. Pay debts with credit cards
If one card has a lower interest rate, use it to pay off the debt on a different card. Even if the interest rates are comparable, other cards might offer perks and points you can use towards rewards like airline tickets. Remember to take the time to evaluate the pluses and minuses before doing a balance transfer.
10. Don’t Buy Extra
It is often easy to use a credit card for each purchase, but this is an irresponsible practice. You may have to pick up extra items you don't need in order to meet the vendor's minimum charge requirement for using your credit card. Don't charge anything less than 10 dollars.
11. Contact creditors to save your back
If you are having trouble paying off your credit cards, try negotiating with your creditors. You will be surprised at how willing they sometimes are to help consumers get their debt under control. You can ask for lower interest, or a payment schedule that you can afford. It never hurts to ask, right
12. Don’t trust on unknown companies
Never give your credit card number or information to any company that you are not familiar with. A company may appear to be legitimate, but you never know what may happen behind closed doors. If you do not feel comfortable with a certain company, only use cash when making purchases from them.
13. Don’t pay advance to unknown brands
Don't pay upfront fees for your credit cards unless you are seeking a credit card that is secured. Legitimate credit companies don't charge fees beforehand. Also be sure you're not giving a person money to assist you in getting a card. If you have an excellent credit history, you won't need any help to get approved for credit.
14. Read all terms & conditions
When offered a credit card with a freebie, be sure to make sure that you check all of the terms of the offer before applying. This is critical, because the free items may be covering up things such as, a yearly fee of an obscene amount. It is always important to read the fine print, and not be swayed by free items.
As was mentioned before in this article, there are many frustrations that people encounter when dealing with credit cards. However, it is much easier to deal with your credit card bills effectively, if you understand how the credit card business and your payments work. Apply this article's advice and a better credit card future is around the corner.