If you must make a late fee or happen to miss a payment, try calling your credit card company to ask if fees can be waived and if the interest rate can remain unchanged. A late payment often results in rate hikes and penalty fees on your entire account. If you contact the credit card provider, it is often possible to to get a reduction in these charges. Never give your credit card number out, over the phone or online without knowing and trusting the company you are dealing with. If you are receiving an unsolicited offer that is requesting a credit card number, be doubly suspicious. There are many scams out there that want your credit card number. Be diligent and protect yourself. Do not have a pin number or password that would be easy for someone to guess. It’s a bad idea to use a common password like a middle name or phone number since people could guess these.
Know where you stand financially before applying for cards. Get copies of your credit reports and histories so that you have accurate data to project what your possibilities are. Dispute any and all incorrect information. Also look at negative marks that are true and see if you can correct them.
Don’t use an easy pin for card, or you are setting yourself up for trouble. It can be a huge mistake if it’s something like your birthday, middle name, or child’s name since anyone can obtain this information.
It is good practice to check your credit card transactions with your online account to make sure they match up correctly. You do not want to be charged for something you didn’t buy. This is also a great way to check for identity theft or if your card is being used without your knowledge.
If you have several credit cards, try to set a priority for them, based on APR. Make an effort to use the cards with the lowest interest rates whenever possible. The best thing to do is limit the debt you carry over on a monthly basis. If you need to have a balance, ensure you carry higher balances on cards with a lower APR.
Fight fraud by obtaining credit cards that have your picture right on them. While there may be a pretty good sized fee involved in this type of personalization, it will cut down the chances that someone else will be able to use your credit card. If you have several credit cards, try to set a priority for them, based on APR. As a general rule, you should use the card that offers the lowest interest rate first. Try to minimize the debt you carry. When you have a balance, focus on low APR cards so the interest rate charges are the best you can afford. Consumer knowledge is key to the proper use of credit. Read further for advice on learning how to properly use credit cards and avoid common problems as well. The problem with most is that they have credit cards and lack the knowledge to use them prudently. Debt is the end result of this issue.
Don’t be afraid to ask your credit card provider to increase your credit limit. Most credit card providers will increase a customer’s credit card limit, as long as they have demonstrated that they are capable of using the card responsibly. A larger credit limit gives you greater spending power and more financial flexibility.
Online purchases should only be with trusted vendors whom you have checked out before divulging information. Call the company to talk with representatives and never buy from a merchant that does not provide a physical address.