Given how many businesses and establishments allow you to use electronic forms of payment, it is very easy and convenient to use your credit cards to pay for things. From cash registers indoors to paying for gas at the pump, you can use your credit cards, a dozen times a day. To make sure that you are using such a common factor in your life wisely, read on for some informative ideas.
Keep track of how much money you are spending when using a credit card. Small, incidental purchases can add up quickly, and it is important to know how much you have spend on them, so you can understand how much you owe. You can keep track with a check register, spreadsheet program, or even with an online option offered by many credit card companies.
You should only open up retail credit cards if you plan on actually shopping at this store on a regular basis. Every application for a credit card is recorded on your credit file, even if you do not actually open up a store card account. If you have too many inquiries from stores, this can negatively affect your credit score.
Don’t put off signing the back of any new credit cards you’ve been issued. If you don’t sign it immediately, your card can easily be stolen and used. While most merchants do check for signature matches, a blank signature area is easily forged by thieves and hard to catch by cashiers. So, be safe and sign the back of your cards to prevent this problem.
If you want to have more money, be sure you approach the company that issued your credit card for a lower interest rate. You can negotiate better interest rates if you have a good relationship with your credit card company. Making one simple phone call can result in a better rate and help you save money.
As a general rule, you should avoid applying for any credit cards that come with any type of free offer. More often than not, anything that you get free with credit card applications will always come with some sort of catch or hidden costs that you are sure to regret later on down the road.
If you are going to make purchases over the Internet you need to make all of them with the same credit card. You do not want to use all of your cards to make online purchases because that will increase the chances of you becoming a victim of credit card fraud.
Keep yourself updated on the status of your credit score. Most credit card issuers want borrowers with credit scores of 700 or above. Wisely use your credit in order to maintain this level or to reach this level if you aren’t this high yet. When you have a 700 score or higher, you get some of the best offers available.
Don’t open too many credit card accounts. A single person only needs two or three in his or her name, in order to get a good credit established. More credit cards than this, could actually do more damage than good to your score. Also, having multiple accounts is harder to keep track of and harder to remember to pay on time.
Find a credit card that rewards you for your spending. Spend money on the card that you would need to spend anyway, such as gas, groceries and even, utility bills. Pay this card off each month as you would those bills, but you get to keep the rewards as a bonus.
If you ever have a charge on your card that is an error on the credit card company’s behalf, you can get the charges taken off. The way you do this is by sending them the date of the bill and what the charge is. You are protected from these things by the Fair Credit Billing Act.
The frequency with which you have the chance to swipe your credit card is pretty high on a daily basis, and only seems to grow with every passing year. Making sure that you are using your credit cards wisely, is an essential habit to a successful modern life. Apply what you have learned here, in order to have sound habits when it comes to using your credit cards.