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Are You Prepared For Plastic? These Tips Will Help You


Credit Card Hunter
credit cards

Image by Brad_Chaffee

Credit cards are often sounding boards for warnings of dangers of spending, borrowing and high interest rates. However, when used properly, credit cards provide many benefits, such as financial peace of mind, while also offering the chance to earn rewards and perks. To find the advantages associated to credit cards, read this guide for more information.

Avoid prepaid cards when you are looking for a secured card. Prepaid cards are debit cards, not credit cards, so they don’t affect your credit score. Debit cards may also charge you hidden fees or fees to use ATM machines. Place a deposit, and try to get a secured card that will help you improve your credit.

Do not lend out credit cards under any circumstance. Even if a close friend really needs some help, do not loan them your card. You could be struck with expensive over-limit charges by your credit card provider if your friend accidentally overspends.

Do not close any credit card accounts before you are aware of the impact it will have on you. In some circumstances, closing credit card accounts can negatively affect the credit report, which is something that should be avoided. Furthermore, work on keeping open the cards you have had the longest.

Close the account for any credit cards you know you will not be using. If you keep them open, identity thieves may be able to steal your identity. You also may end up having to pay annual fees on the credit card accounts you aren’t using.

Always thoroughly scrutinize your monthly credit card statements. Keep your eye out for inaccuracies in the transactions you made, along with transactions that you didn’t make in the first place. Call your credit card company’s dispute resolution hotline immediately if you find something wrong with your statement. This will help you reduce the amount you pay and will raise your credit score.

Go over all monthly statements with caution. Look for incorrect or unfamiliar transactions, and make sure any credits you have been expecting have been properly applied to your account. The company will correct any legitimate errors as long as they know about them before your next payment is received.

Create a list of your credit cards, including the account number and emergency contact number for each one. Place it in a secure place, like a deposit box, away from your other credit cards. Having such a list will enable you to take quick action and have all the information handy, when it is needed.

Once you’ve closed your account associated with your credit card, remember to destroy the card completely. If you throw it in a drawer or let your kids play with it, it may wind up in somebody’s hands who could use it, reopen it, and charge items in your name.

Do not open a credit card account if you know that you have no discipline. The temptation to over-spend when using credit is irresistible to some people. These individuals should not have credit cards. When they open up a credit card account, they are prone to have a terrible financial future.

To protect your credit, never use a fax to send your credit card information. Faxes are sometimes not picked up as soon as they are received, which gives many people ample opportunity to get at the information. Someone could then use your credit information. This opens you up to fraudulent activity and all of the problems that come with it.

When used mindfully and strategically, credit cards can offer serious benefits. Whether it is the confidence and peace of mind that comes with knowing you are prepared for an emergency or the rewards and perks that give you a little bonus at the end of the year, credit cards can improve your life in many ways. Use the advice from this article to most effectively use your credit cards.