Don't Keep Your Credit Cards In Your Wallet

Consumers today can use a lot of help when it comes to keeping their financial situation in good order, this is certainly true when it comes to managing credit cards. Credit cards are a great service when used properly. If you want to find out how to make use of credit cards responsibly, check out the following suggestions.

Many consumers improperly and irresponsibly use credit cards. While there are situations in which people cannot avoid going into debt, some simply abuse their cards and rack up payments they cannot afford. It is always best to keep your full balance paid completely off every month. Your credit score will be improved by paying the balance in full each month.

The reason companies have low minimum payments is so they can charge you interest on everything on top of that. This is why you should always pay some amount over the minimum due. Don't get stuck paying high interest.

Paying the credit card account by its due date is very important. Ignoring the due date on your credit card bill can result in large penalty fees. You will also be taking the chance that your creditors will raise your rate of interest, which will cost more later.

Any time you receive emails or physical mail regarding your credit card, open them immediately. Credit card providers can make changes to their fees and interest rates provided that they give you a written notice of their changes. If you don't like the changes, you have the right to cancel your credit account.

Never leave a blank space when signing credit card receipts. Draw a pen line through the "tip" area, so that an employee cannot write something in the space and give themselves a tip. Additionally, it's a good idea to verify the information from all receipts with your monthly statement.

Don't give into someone else wanting to borrow your credit cards. Even if a close friend needs to use one, don't do it. That can lead to charges for over-limit spending, should your friend charge more than you've authorized.

Never reveal your credit card account number over the phone to someone who has called you. This is a common ploy for scammers. Give out your number only if you are the one who made the call. Never give any personal information to anyone who calls you. No matter who a caller says they represent, you cannot trust them.

Many experts believe that the limits on your credit cards should not be above 75% of your total monthly salary. If your limit is higher than this, try to pay it off quickly. This happens when the interest builds up it becomes too hard to pay back.

There are a lot of financial pitfalls waiting out there for the unwary consumer; punitively high interest charged on credit card debt is certainly one of them! This article has covered how to use your credit card responsible, so you now have the tools needed to be a responsible consumer.


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