Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. However, getting a credit card is also a huge responsibility and if you don't keep an eye on your spending habits, credit cards can create some serious problems. Here is an excellent list of tips on proper credit card use and if you follow these, you will likely stay out of trouble and your credit card will be a blessing instead of a curse:
1. When you make a purchase with the credit card, it is akin to taking a loan from your bank. What you have borrowed has to be returned - so do not borrow beyond your capacity to pay it back.
2. Always be aware of your outstanding credit card balances. This will help you determine whether you can make additional purchases. Even small purchases can really add up to big balances and substantial interest charges.
3.Any credit card receipts should be kept until you can compare them to your monthly statement. If you find any purchases you did not make, or higher charges than those on the receipt, contact your credit card company immediately.
4. Never give out your credit card to anyone! This includes people in your family and any of your friends. It is not that you cannot trust these individuals, but you cannot track purchases you are not even making.
5. Never charge more than you can repay. When you do, you can hurt your future chances of getting any kind of credit, including car loans, home mortgages and other forms of loans.
6. Pay your credit card bills on time or even before they are due. Doing so will not only help improve your credit scores, but also help avoid additional costs associated with late payment charges and accrued interest.
7.Try to pay all your credit card bills in full each and every month. Have payments of a certain amount in your budget and try not to purchase more than that amount.
8. Use your credit cards for new purchases only. Too many people use one credit card to pay another credit card bill and that always leads to more spending and higher balances.
About the Author
Connie Gutchrif is the President of FN Credit, LLC - An excellent resource for information on credit. To learn more, be sure to visit: http://www.fncredit.com |
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