Some individuals panic at the thought of credit cards and potential troubles. There is no need to fear credit cards. Using a credit card can be convenient to purchase items if you do not want to carry cash. This article should give you some great advice on how to manage your bank cards.
You need to be careful not to overspend, so you should track every purchase you make with your credit card and keep a running total. It does not take much to let your spending get out of control, so commit to recording your spending in a spreadsheet or on paper.
Double check for annual fees when signing up for premium charge cards. Certain exclusive cards charge annual fees upwards of $1,000. The best bet is that if you do not need a premium credit card, avoid them and do not pay the fees.
Unless there is a lock located on your mailbox, do not have credit cards sent by mail. A lot of people who have stolen credit cards in the past did so with ease, because they’ve done it on mailboxes that aren’t locked.
Resist the temptation to loan bank cards to people. Although you might be tempted to help out a good friend, lending out your bank cards is not a good idea. It can lead to over-limit charges if your friend should put more on the card than you had authorized them to.
Credit Card Info
Be careful if you buy things online with your credit card. Prior to entering any credit card info, make sure that the website is secure. Secure sites protect your card information from being stolen. Additionally, disregard any email requesting credit card info, as these are most often ploys to get at your valuable personal data.
We all know what it’s like. You received one of those annoying credit card offers in the mail. You may be looking for a new one, but you might not be. When you’re tossing out the mail you should tear it up first. Do not simply toss it away, as many of these letters contain your personal information.
Most analysts state that a credit limit should be no greater than 75% of a monthly salary. If the balance you are carrying is greater than one month’s earnings, begin paying it down right away. Interest on your credit card balance can quickly escalate and get you into deep financial trouble.
A smart move for all card users is to get free credit reports annually and check them for accuracy. Check to see if your statements match your credit reports.
Call your credit company and ask them if they will lower your interest rate. Some companies will decrease the interest amount that they charge to their customers if these people maintain a good relationship with them for a long period of time. It does not cost anything to ask and can save to a lot of money in the end.
Keep track of the amount you spend with your credit card each month. This will help keep you from impulse purchases that can really add up quickly. If you are not keeping accurate records, you may get a nasty shock when the credit bill arrives and you cannot pay it.
Don’t ever fax other people a credit card number. A fax can be left in an office for a long time while anyone can get the card number. Someone could then use your credit information. This could open your credit card to fraudulent activity.
Any credit cards that you have that you do not use, should be closed. You may be a target of identity thieves if you keep an unused credit card account open. Some cards charge annual fees, and you’ll still be liable for those even though you aren’t using the card.
Check your credit card statement regularly. You may be able to get alerts sent right to your mobile phone about your credit card. This way, irregular activity can be questioned immediately. If you are aware of suspicious account activity, call the authorities immediately.
Don’t pay credit card bills with the same exact card. Many people in financial trouble see this as a way to “buy time” to pay off the debt. In reality, this only creates higher fees and interest rates for the following month.
Never be afraid of paying one credit card balance off with another card, as long as you get a lower interest rate and better fees on the card you transfer the balance to. Even if interest rates are similar, other cards might give perks or points towards airline tickets. Just don’t do anything rashly. Sit yourself down and carefully add up the numbers before deciding to pay off one credit card with another one.
The advice in this article will likely help any consumer overcome their fear of credit card use. Bank cards can be very useful when used wisely and there is no good reason to fear using them. Always remember the good advice you have been given and you will not have any problems.