... Advice Number 12 Of 787
Try your best to stay within 30 percent of the credit limit that is set on your card. Part of your credit score is made up of assessing the amount of debt that you have. By staying far under your limit, you will help your rating and make sure it does not start to dip.
Don't fall for the introductory rates on credit cards when opening a new one. Be sure to ask the creditor what the rate will go up to after, the introductory rate expires. Sometimes, the APR can go up to 20-30% on some cards, an interest rate you definitely don't want to be paying once your introductory rate goes away.
Try to reduce your interest rate. Call your credit card company, and request that this be done. Before you call, be sure you know how long you have had the credit card, your overall payment record, and your credit score. If all of these show positively on you as a good customer, then use them as leverage to get that rate lowered.
Do not lend your credit card to anyone. Credit cards are as valuable as cash, and lending them out can get you into trouble. If you lend them out, the person might overspend, making you responsible for a large bill at the end of the month. Even if the person is worthy of your trust, it is better to keep your credit cards to yourself.
Take Highly recommended Internet page 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 click for source 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.
To avoid excessive fees, always read the fine print of any credit card offer you are considering. Many offers come with a low introductory APR and can be quite enticing. However, further review of the fine print may reveal that that low rate will be increased to a less than appealing rate in as little as 6 months or a year.
Keep multiple credit card accounts open. Having multiple credit cards will keep your credit score healthy, as long as you pay on them consistently. The key to keeping a healthy credit score with multiple credit cards is to use them responsibly. If you do not, you could end up hurting your credit score.
Every time you decide to apply for a new credit card, your credit report is checked and an "inquiry" is made. This stays on your credit report for up to two years and too many inquiries, brings your credit score down. Therefore, before you start wildly applying for different cards, research the market first and choose a few select options.
If you can't get a credit card because of a spotty credit record, then take heart. There are still some options that may be quite workable for you. A secured credit card is much easier to get and may help you rebuild your credit record very effectively. With a secured card, you deposit a set amount into a savings account with a bank or lending institution - often about $500. That amount becomes your collateral for the account, which makes the bank willing to work with you. You use the card as a normal credit card, keeping expenses under that limit. As you pay your monthly bills responsibly, the bank may decide to raise your limit and eventually convert the account to a traditional credit card.
Ask the credit card company if they would consider lowering your interest rate. In many cases, companies are willing to lower the interest rates of customers who they have a lengthy and positive relationship with. It never hurts to ask, and you could possibly save a bundle!
Shop around for a card. Interest rates and terms can vary widely. There are also various types of cards. There are secured cards, cards that double as telephone calling cards, cards that let you either charge and pay later or they take out that charge from your account, and cards used only for charging catalog merchandise. Carefully look at the offers and know what you need.
Make friends with your credit card issuer. Most major credit card issuers have a Facebook page. They might offer perks for those that "friend" them. They also use the forum to address customer complaints, so it is to your advantage to add your credit card company to your friend list. This applies, even if you don't like them very much!
Never believe that a credit card's interest rate is fixed. Credit card companies are competitive and can change their interest rates if they wish. Make a request to your bank to change your current interest rate if you don't like it.
As stated at the beginning of this article, you were looking to deepen your knowledge about credit cards and put yourself in a much better credit situation. Use these great tips today, to either, improve your current credit card situation or to help avoid making mistakes in the future.
Make sure that you pore click over here now 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.