Go over the fine print. If you receive a pre-approved card offer, make sure you understand the full picture. Understand the interest rate you will receive, and how long it will be in effect. Remember to check out any grace periods and finance charges involved, too.
In order to maintain and improve your credit score, it’s best to make card payments before the day they’re due. Paying late can rack up expensive fees, and hurt your credit score. Using automatic payment features for your credit card payments will help save you both money and time.
Keep a close watch on your balance. You should also remain aware of your credit limit. If you go over that limit, you are going to pay more fees than you realize. Try contacting your credit card company for an increased limit if you consistently go over your current limit.
Read and understand all the terms and conditions before signing up for any credit card. The fees, payment schedule, interest rate, or other specifics might be worse than you originally thought. Pay very close attention to the terms to make sure you completely understand the card policy.
Keep a list of credit account numbers and emergency contact numbers for the card lender. This list should be kept in a safe location away from your credit cards. Such a list is helpful when you need to quickly get in touch with lenders in the event your cards are lost or stolen.
Do not close out any accounts. Although you may think doing this will help you raise your credit score, it can actually lower it. When you close an account you have a higher amount of debt with a lower amount of available credit.
Never send you card number to someone by fax. Faxes are sometimes left unsupervised for long periods of time, and many people may have access to your number. Anyone with access to the fax machine could steal your credit card details. This could open your credit card to fraudulent activity.
If you are thinking about applying for a credit card which is offering cheap balance transfers or a great introductory interest rate, make sure that you read all of the small print in the terms and conditions. Have a thorough understanding of what will happen at the end of the introductory period. You may be in line for very high rates of interest as soon as this initial period is up. Fully understand what the card entails when you sign up for it.
As previously stated, people are frequently frustrated with their own credit card companies. Using the right credit card for you needs will help you stay in control of your financial situation. Make sure you have all the information about the costs associated with using your credit card.