As a consumer, having control over your personal finances is crucial these days. There are a number credit card tips that can be implied to help you reduce and stay out of debt. Here are our top 10 credit card tips:
Tip 1: Pay back on time and in full
Avoid unnecessary interest charges and pay back your credit card bill on time and in full. Not only will you get cash back and rewards for using your credit card, you’ll also increase your credit score.
Tip 2: Don’t apply for maximum amount
If you get approved for a ridiculously high credit limit, it’s probably not necessary. Ask your credit card company to reduce your limit to a number closer within your means.
Tip 3: Find the right card
Find the right credit card according to it’s benefits. So if you travel a lot or are planning a vacation, an air miles american express card is more suitable for you.
Tip 4: Know what kind of protection you have
Read and inform yourself of what kind of protection you have.
Tip 5: Avoid impulse buying
If you’re an impulse buyer and purchase things you don’t need, leave your credit card at home. Think about what you want to buy, wait a few days, and then consider if you still need and can afford it.
Tip 6: Online shopping
Only use your credit card online to trusted websites to prevent fraud.
Tip 7: Study your bill
Read all your credit card statements and make sure all those purchases were done by you. If you’re not sure, keep all the receipts made from your credit cards. Get into the habit and prevent fraud.
Tip 8: Avoid cash advance
You have to remember and keep in mind when withdrawing cash advance, the money is not yours. You have to pay it back along with a withdrawal fee, plus interest.
Tip 9: Keep your info private
Do not tell anyone what your personal identification number (PIN) is. The bank will never ask for your PIN over the phone and will only ask you to enter your PIN on a touch pad at the bank.
Tip 10: Limit the amount of cards
You only need one credit card, use it wisely and close the rest.
credit card, top 10, money tips