Learning To Make Wise Use Of Credit Cards

Credit cards may be simple in principle, but they certainly can get complicated when it comes time to charging you, interest rates, hidden fees and so on! The following article will enlighten you to some very helpful ways that you can use your credit cards smartly and avoid the many problems that misusing them can cause.

Try to keep at least two, but not more than three, credit lines open simultaneously. This will help build your credit score, especially if you are able to pay the cards in full every month. Having more than three open helps lenders look at you in a bad light when they see your credit report.

Should you notice a charge that is fraudulent on any credit card, immediately report it to the credit card company. This allows the credit card issuer the best opportunity to find the offender. That is also the smartest way to ensure that you aren't responsible for those charges. Most fraudulent charges can be reported with a quick phone call or email to your credit card company.

If you are in the market for a secured credit card, it is very important that you pay close attention to the fees that are associated with the account, as well as, whether they report to the major credit bureaus. If they do not report, then it is no use having that specific card.

When you are looking over all of the rate and fee information for your credit card make sure that you know which ones are permanent and which ones may be part of a promotion. You do not want to make the mistake of going for a card with very low rates and then they balloon shortly after.

If you have trouble getting a credit card on your own, try to find someone who will co-sign for you. A co-signer could be a trusted friend, sibling or parent and anyone that already has established credit. They need to be willing to pay for your balance if you cannot pay for it. Many have found this to be a great help in beginning the process of building credit.

If you have a credit card account and do not want it to be shut down, make sure to use it. Credit card companies are closing credit card accounts for non-usage at an increasing rate. This is because they view those accounts to be lacking in profit, and therefore, not worth retaining. If you don't want your account to be closed, use it for small purchases, at least once every three months.

Read any communication about your credit cards, whether online or in the mail, right away. Credit companies can make all kinds of changes to interest rates and fees; they just have to provide you with written notification of those changes. If you don't wish to comply, you are allowed to cancel that credit card.

Take advantage of the freebies offered by your credit card company. Many companies have some sort of cash back or points system that is attached to the card you own. When you use these things, you can receive cash or merchandise, just for using your card. If your card does not offer an incentive like this, call your credit card company and ask if it can be added.

Consider unsolicited credit card offers very carefully before you accept them. If an offer that comes to you looks good, read all the fine print to make sure you understand the time limit for any introductory offers on interest rates. Also, be aware of fees that are required for transferring a balance to the account.

When looking for a new card, it is very important to comparison shop and try to find a card that is offering great deals to new customers. Using a card that offers points or airline miles is great because you will be able to get a bit of an incentive, every time you use your card.

Hopefully, this article has opened your eyes as a consumer who wishes to use credit cards with wisdom. Your financial well-being is a crucial part of your happiness and your ability to plan for the future. Keep the tips that you have read here in mind for later use, so that you can stay in the green, when it comes to credit card usage!

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