Look carefully at each month?s credit card statement when it comes in. Check every use of your credit card listed. If you find any mistakes or charges you are sure you didn?t make, you must notify the credit card company as soon as possible. Disputes can be resolved easier when you begin them early.
Know the interest rate you are getting. It is essential that you find out before you ever sign up for the card. If you take a card with a high interest rate, you could pay two or three times the cost of your original purchase over time. If you have to pay higher balances, you might find you cannot pay the card off every month.
When signing credit card receipts in stores, don?t leave blank spaces. Mark up the line for the tip, so that no one can later put an amount on it. When your credit card statements arrive, take the time to ensure all charges are correct.
Don?t purchase things with credit cards that you know you cannot afford, no matter what your credit limit may be. It?s fine to use credit cards to stretch out the payments for an item you can afford, but refrain from making a major purchase that you couldn?t afford otherwise.
Be certain you always pay your credit payments on time every month. One late payment can make the difference in interest increases, late fees and drops in your credit score. You can avoid lost payments in the mail by making your payments online.
List your credit card numbers and the contact information associated with each of them. Store this information somewhere safe. This way, if you ever get your wallet or purse stolen, you could easily contact your credit card provider and report the loss. It is important to report a lost card, as soon as possible, in order to avoid paying for fraudulent charges.
Talk over your interest rate with the company that issued your card. Work with your credit card companies to lower your interest rates. If your payments have always been timely and you have been a solid customer, you stand a good chance of being granted a reduced APR.
To protect yourself further from the possibility of credit card fraud, designate one card only that you use for online purchases. Using a lot of different cards can increase your risk of being defrauded, so having one card eliminates some of that vulnerability.
Those that want a new card should only look at those without annual fees that have lower interest rates. It is wasteful to get a credit card that levies an annual fee when so many other cards are available that are free.
Start by paying off cards that carry high interest rates. Your annual charge for interest can add up to hundreds and it is not good for your credit to have high balances. The savings on interest make it most effective to concentrate first on paying down the cards that charge the highest interest rates.
As mentioned earlier, consumers usually don?t have the necessary resources to make sound decisions when it comes to choosing a credit card. The best way to manage and use a credit card is with some common sense and a little education, as this leads to an improved life and financial situation.
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- Need A Credit Card? Use This Information
- Looking For Credit? Check Out These Tips For Selecting The Right Card For You!
Source: http://www.debtmanagementplansonline.com/913/how-to-know-what-your-credit-card-finance-charges-are
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