When used properly, credit cards are useful for all kinds of transactions. If you are looking for some information to help you select and use your credit card wisely, the following article will be quite helpful.
If you see any suspicious charges to your credit card, call your credit card company right away. If you do this immediately, you will help your credit card company catch the person who stole your credit card. Additionally, you will avoid being responsible for the charges themselves. Fraudulent charges can usually be reported by making a phone call or sending an email to the credit card company.
You know that paying your credit card bill late will incur a penalty, but you should remember that there is a penalty for running your balance over your credit limit, too. These fees cost you both money and points on your credit score. Track your spending carefully so that you don’t go over your limit.
If your financial situation takes a turn for the worse, it is important to notify your credit card issuer. If it is possible that you will miss your next payment, you may find that a card issuer will help by allowing you to pay less or pay in installments. This may prevent the card issuer from reporting you late to the credit bureaus.
If you want a brand new credit card, try limiting the search to those with lower interest rates and that do not have annual fees. It wastes money to have to pay annual fees when there are lots of credit card companies that don’t charge these fees.
Never, ever use your credit card to purchase something that you cannot afford. Charge cards should not be used to buy things that you want, but don’t have the money to pay for. You will pay a lot of interest and monthly payments that you could not pay for. Make decisions only after thinking them over for a couple of days. If you are still going to purchase, then the store probably offers a financing plan that gives you a lower interest rate.
Always memorize any pin numbers and passwords for your bank or bank cards and never write them down. You need to remember your password without writing it down so that other people can’t access it. If you write down a PIN or password, especially if you put it in your wallet with your card, anyone can access it.
Never give your card number out over the phone. This is a very common tactic by scammers. Give out your number only if you are the one who made the call. Do not provide it to the people that contact you. Regardless of who they say they are, you cannot be sure.
Do not provide your card or account number online or over the phone unless you are confident that you have a secure connection with a company you trust. Be extremely suspicious if you receive an unsolicited offer which requests credit information. There are tons of scammers and unscrupulous individuals who are just waiting for the chance to steal credit card information. Be relentless in protecting yourself.
Never send your credit card information through a fax machine. A fax can sit in the basket at the recipient’s office for hours, or even days, allowing a whole office of people access to your credit card number. Anyone in their office might be a thief. This opens you up to fraudulent activity and all of the problems that come with it.
Remember that your interest rate is negotiable. You can often negotiate the rate down a percentage point or two if you contact the credit card issuer. If you have a history of paying off your balances on time, the company will be more likely to grant your request for a lower APR.
A simple way to minimize impulsive or accidental credit charges is to place your debit cards in front of your bank cards in the pockets of your wallet. Seeing your debit card or other forms of payment first may help you to avoid too much credit card spending.
If you can, pay the full balance on your card. If you have a credit card that has an interest rate more than %, then you have to pay a charge every month if you don’t pay the card off in full. You can easily pay two or three times what you charged once interest fees are added on.
Don’t be fearful to pay your credit card with a separate credit card if it has better fees or rates. This works sort of like loan consolidation. As an added benefit, you may get to vest in another company’s benefits package. Remember to take the time to evaluate the pluses and minuses before doing a balance transfer.
Designate a single credit card only for online purchases to protect your finances in the event your information is ever compromised. The more cards you use online, the more vulnerable you will be if your information is compromised. So limit the possible liability by having one card only for use online.
Know whether the payment due date on your credit card is the actual due date or a suggested one. A lot of companies suggest dates that are much earlier than the date that things are actually due. Make sure you are aware of the difference between suggested and true due dates in case you are in a situation where you need additional days to find the repayment money.
This article is a great resource for those seeking information about bank cards. Nobody can be too vigilant with their credit card spending and debt, and many people rarely discover the errors of their ways in time. By taking heed of the advice featured in this article, you will be able to maximize the advantages of your credit cards, while minimizing the risks.