Credit cards allow consumers to make purchases even when they are not immediately prepared to pay for those purchases. However, you need to know the basics of wise credit card usage so that you do not end up buried in debt. Continue reading this article for some good credit card tips.
Ask your credit card provider to decrease your credit card’s APR interest. There are a few companies that will lower an interest rate if they know and trust the customer due to working with them for a long period of time. It can save you a lot and it won’t cost you to simply ask.
Don’t let anyone else use your credit cards. A close friend may need something, but it isn’t a smart idea to lend them yours. This can lead to excessive charges, over the limit fees, and other problems if your friend happens to charge more than they should.
Credit Card Companies
Research banking and credit laws to ensure you stay up to date with the latest changes. For example, credit card companies may not impose retroactive rate increases. Also forbidden, is double-cycle billing. Read, and keep yourself up-to-date on all of the laws that apply to credit card companies. Check out the CARD Act, as well as a Billing Act called Fair Credit for more information.
Interest rates are subject to negotiation. It is always possible to negotiate with a card issuer to secure a better rate. If you’ve made your payments regularly and if you have proven that you are a good customer, they could give you a better APR.
Read up on the details of the Act about Fair Credit Billing. This act is intended to protect you from having to foot the bill for unauthorized charges made with your credit cards. This protects you against fraud, but make sure you understand its limitations. There are times where the creditor will try and pass the responsibility onto the consumer.
It may not be wise for you to try to take advantage of cards that offer periods of interest free credit. It may seem as though you are scoring big, but the fact is that you may be making a costly error.
If you are considering a balance transfer, or an introductory rate credit card, make sure you read the fine print. You must really know what the end of the introductory offer will hold for you and your finances. A lot of times, offers like this mask ridiculously high interest rates which kick in after the introductory time period has passed. Know what you are getting into prior to signing on the bottom line.
Watch your balance carefully. Be sure that you’re aware of what kind of limits are on your credit card account. If you exceed your card’s credit limit, you could be charged some hefty fees. This will make it incredibly difficult to repay your balance.
Always pay your bills well before the due date, as this is a big part of maintaining your high credit score. Late payments involve fees and damage your credit. It can be very helpful to set up some kind of automatic payment schedule through your bank or credit card company.
You don’t always want to get yourself a credit card as soon as you possibly can. Though it is a common occurrence, it is best to spend time learning about the inner workings of the credit industry before you wade in. Learn more about adult life and adult responsibilities before getting a credit card, rather than impulsively signing up for a card.
Credit cards can be helpful, if they are used properly in the right hands. Keeping yourself as debt free as possible and upholding a solid credit score is possible when you apply the tips from this article. When you accomplish this, your cards stay available to make purchases when you need to make them
Article By Your Debt Relief Company