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Use Your Credit Cards The Right Way


Credit card close-up
credit cards

Image by Brett L.
The compressed spacing towards the end and the rules above and below are awesomeness.

One good credit card may be a great help in cases of emergency or immediate financial needs. Do you want to make a purchase but lack the necessary cash? This is not an issue. If you pay with a credit card, you will be able to pay over time. Do you need to boost your credit score? A credit card is a great tool! Check out the advice in this article for some hand credit card tips and tricks.

Unless you know what you’re doing, do not sign up for rewards cards. These cards give you the encouragement to make a lot of monthly purchases in order to get rewards, and it can be easy to fall in debt if you aren’t careful. The right decision is to begin with a low limit card, and learn how to get the most from them before moving on to a reward-based card.

Do not be allured by the promises of credit card companies. The realization that you can purchase many items just by swiping the card can build up your urge to do just that. This can cause you major financial trouble. Work on restricting purchases by thinking hard about any major purchase for a full two days before you decide whether or not to proceed.

Once you have applied for a couple of credit lines, wait until you hear back from them before applying for more. Every time you apply to get a credit card you will see it reflected in your credit score because it can make it lower. Online or snail-mail offers that promise you guaranteed approval should usually be avoided; these cards typically offer you extremely high interest rates.

Credit cards are privileges, not rights. Your good credit is enhanced by responsible credit card use and is hurt when you use it unwisely. Responsible credit card owners pay their credit card bill each month and track every charge.

Once you’ve closed your account associated with your credit card, remember to destroy the card completely. Do not just leave it lying around or let your children use it as a toy. If the card falls into the wrong hands, someone could reactivate the account and leave you responsible for unauthorized charges.

Do not pay any money up front unless you are getting a secured card. Any company asking for cash before the card is probably not a reputable company. Also, do not give anyone money to help you get a credit card. If your credit is solid, you will not have issues getting one by yourself.

Never keep a written copy of your password or pin number anywhere. Keep it stored in your head so that nobody else can access it. If you document your pin number, and keep it with your card, anyone can use it.

Create a credit card spending limit for yourself other than the card’s credit limit. You should be following a budget anyway so make sure to add your credit cards to it. Try not to think of credit cards as a source of extra money. Have a set amount you are happy to spend monthly using this card and stick to it. Don’t go over that amount, and pay the balance off every month.

Do not carry any cards with you that you do not use daily. You might have multiple cards, but you should only carry the ones you use regularly. A credit card for everyday charges and a card that you use for gas should be more than enough. Keep only these with you; leave the others at home.

As you can see, credit cards have plenty of uses. This ranges from simply buying things at a checkout line to trying to boost your credit score. Put the information presented in this article to good use.