Great Guide On How To Make The Most Out Of Your Charge Cards

Charge cards can be hugely frustrating for many people. If you know the correct way to manage your charge cards, it can be much easier to deal with them. The article below gives several powerful ideas for using credit cards wisely.

Credit History

Never close a credit account until you understand how it affects your credit history. Depending on the situation, closing a credit card account might leave a negative mark on your credit history, something you should avoid at all costs. In addition, if you have cards that make up a large portion of your entire credit history, try to keep them open and active.

Immediately report any fraudulent charges on a credit card. Taking immediate action gives you the highest probability of stopping the charges and catching the culprit. This also helps absolve you of responsibility when it comes to the charges. Fraudulent charges can usually be reported by making a phone call or sending an email to the credit card company.

A way to make sure you are not paying too much for certain types of cards, be sure that they do not come with high annual fees. Annual fees for black or platinum cards can range from $100 to $1000 depending on the card’s exclusivity. If you don’t care about exclusivity, these cards aren’t for you.

It is good to keep in mind that credit card companies are not your friends when you look at minimum monthly payments. They set minimum payments in order to maximize the amount of interest you pay them. Therefore, you should aim to pay more than this. Over time, this will help you to avoid paying so much out in interest.

Credit Limit

Monitor your balance regularly. You also need to know how close you are to your credit limit. If for some reason you exceed your limit, you will be liable for large fees that you might not know about. Furthermore, it will take you much longer to clear your credit card balance if you continually exceed the credit limit.

If you desire to own a credit card without having established credit, try looking for a co-signer. A co-signer might be a friend, parent or sibling who has credit already. A co-signer states they are willing to be responsible for the debt if you default. That can be a terrific method of acquiring a first card for credit building purposes.

Before beginning to use a new credit card, you should carefully review the terms stated in the credit card agreement. As a general rule of thumb, usage of a credit card represents acceptance of all terms in the credit card’s agreement policy. The print might be tiny, but you need to carefully review it.

Always make a copy of receipts made from online purchases. Don’t throw away the receipt until after you get your statement. Check the statement against the bill to ensure you weren’t overcharged. If the amount is not correct, contact the vender and dispute the charge immediately. This can help you to be sure that you never overpay for the items that you purchase.

Whenever you sign a credit card slip in any store, fill in all the spaces. You should draw a line through the tip line so that someone else does not take it upon themselves to write an amount in. You should also always check your statement against your receipts every month to ensure they match up.

Credit Card

As previously mentioned, credit card companies can frustrate and disappoint people. However, if you do your homework, choosing the right card and using it properly is easy. Implement the tips in this article to help you enjoy using a credit card responsibly.

Article source: http://financelo.com/debt-relief/credit-card-debt-relief/great-guide-on-how-to-make-the-most-out-of-your-charge-cards/