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Knowing When And When Not To Use Your Credit Card

By Expert Author: Noe Randolph

Credit card purchases can yield perks such as frequent flyer miles or other discounts, if used properly. People who don't utilize the tools they have when it comes to credit waste all of their money on vacations, when they could be having a portion of it paid off for them. If you wish to use credit cards in a responsible, effective manner, keep reading in order to gain some great tips for smart credit management.

Always check the fine print. Any pre-approved offers or people saying they will help you to get a card are most often worthy of your suspicion and further inquiry before signing up. Be aware of how much interest you'll pay and how long you have for paying it. Research extra fees, as well as grace periods.

Be sure you go over the terms that come with your credit card as carefully as possible prior to using it. A majority of companies consider your first use of the card to be an acceptance of its terms and conditions. You should literally read the fine print.

Adhere to a smart budget. Just because your credit card company has allowed you a certain amount of credit doesn't mean you have to spend it all. Know the amount you can pay off each month in order to avoid high interest payments.

If you want to get a credit card but do not have established credit, consider finding a co-signer. 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. This is an excellent way to procure your initial credit card and start building your credit.

Do not apply for any credit cards by mail if your mailbox is not lockable. Many thieves have admitted to stealing cards from mailboxes when those boxes did not lock.

If your credit card company doesn't mail or email you the terms of your card, make it a point to contact the company to get them. They change terms and conditions very often so you have to keep a close eye on them. These changes may be buried within hard to understand legal terms. Read everything to learn if there are any new fees or rate adjustments that will affect you.

Read all correspondence from your credit card company and other financial institutions right away. Written notice is all that is required of credit card companies before they change your fees or interest rates. If you don't agree with their changes, it's your decision if you want to cancel your credit card.

Write down the card numbers, expiration dates, and customer service numbers associated with your cards. Put this list in a safe place, like a deposit box at your bank, where it is away from your cards. This list will help you if you ever lose your credit card or are a victim of a robbery.

As this article just went over, a lot of people get angry or disappointing when dealing with a credit card company. However, you are more likely to choose the right card and have a positive experience by doing your research ahead of time. Implement the tips in this article to help you enjoy using a credit card responsibly.

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