Although it is helpful to have cash on hand, credit cards are becoming the way of the future. Banks continue to increase all of their account fees, so more and more people are moving to credit. This article will help you to navigate the tricky world of credit cards.
When you are unable to pay off one of your credit cards, then the best policy is to contact the credit card company. Letting it just go to collections is bad for your credit score. You will find that most companies will let you pay it off in smaller amounts, as long as you don’t keep avoiding them.
If you see a charge on your card that isn’t yours, talk to your credit card issuer immediately. The earlier the credit card issuer knows, the better chance they have of stopping the thief. This will also allow you to be sure that you aren’t responsible for the charges they made. A simple phone call is usually all it takes to report fraudulent charges or put a hold on a stolen card.
When you are getting your first credit card, or any card for that matter, make sure you pay close attention to the payment schedule, interest rate, and all terms and conditions. Many people neglect to read this information, but it is definitely to your benefit if you take the time to read through it.
Make sure that you pore over your credit card statement each and every month, to make sure that every single charge on your bill has been authorized by you. Many people fail to do this and it is much harder to fight fraudulent charges after a lot of time has passed.
Open and read all emails or letters in the mail about your credit card, as soon as you receive them. Written notice is all that is required of credit card companies before they change your fees or interest rates. Remember, if you don’t like any of the changes, you can legally demand that your credit card account is closed.
Do not depend on your credit card for buying things that you truly cannot afford. Credit cards should not be used to buy things that you want, but don’t have the money to pay for. If you cannot pay the charges off at the end of the month, you will pay a lot of interest and may run the risk of not being able to afford the monthly payments. Slow down and think things over before deciding whether to buy an expensive item on credit. If it is still something you wish to purchase, check with the store, as their in-house financing may offer lower interest than your credit card.
A multitude of consumers have elected to go with credit cards over debit cards because of the fees that banks are tying to debit cards. Thus, there are more opportunities for everyone to find a credit card offer that suits their needs. Implement the information you have gleaned from this article to work to your best advantage.