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Credit Card Do's

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Credit Card Do's

How to manage your first credit card is, unfortunately, not common knowledge nor taught in school. Typically it's a process that is learned over time, but often not before making unnecessary and costly mistakes. If you're the parent of a soon to be adult child, be sure and share this information with them.

  • Shop around for the best credit card deal. Use the internet to compare and contrast the greatest number of credit card options.
  • Read the fine print of any credit card option you're considering. Understand what fees will be incurred and if the stated interest rate is promotional, variable or fixed. Also don't hesitate to ask questions of the credit card company or someone else if you don't understand the terms of a card.
  • Keep your credit cards safe from fraudulent charges. Sign your card as soon as it arrives in the mail. Keep an eye on your card during the transaction, and get it back as soon as possible. Save your receipts in order to compare them with the actual statement. Never place your pin number on or near the card.
  • If you lose the card you'll need to call the credit card company as soon as physically possible to avoid a major headache. Keep a record of your credit card account information together with the customer service phone number in a safe place
  • Periodically pull your credit report to look for mistakes. If you see fraudulent accounts open under your social security number or reports of erroneous missed payments you'll need to take action quickly to get those items resolved.
  • If you decide to cancel an unused credit card make sure you have the company report it as "Customer Requested" to avoid any damage to your credit score. Closing unused credit cards is a good way to avoid credit card fraud.
  • Be aware of the desire to make frivolous purchases with your credit card. You will eventually have to pay back the cost of that item. Only use your credit cards on items you need versus items you want.
  • If something comes up and you can't make your minimum payment on time call the credit card company right away. They will often work with you to avoid late fee payments and get your account back on track.
  • We all like to say we won't keep a credit card balance but that's unrealistic for most credit card holders. If possible, keep your balance at around 30% or less of the available credit. This will have a positive reflection on your credit score - improving your chances of affordable borrowing in the future. Make it a practice of paying more than the minimum payment each and every month.
  • If you're credit card rate is high don't hesitate to call the company and attempt to negotiate to a lower rate. This can save you hundreds to thousands of dollars in the long run. A solid payment history will allow you to better leverage your business during this process.

Credit card delinquencies are on the rise

This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Delinquencies are on the rise for a number of major credit card lenders, including Capital One Financial, Synchrony Financial ...

Published:  Sat, 23 Sep 2017 11:28:00 GMT



When To Choose A Debit Card Over A Credit Card

There are plenty of reasons to choose credit over debit. Not only do you get a free loan if you use a credit card and pay your bill on time, but you get to build credit while earning rewards. And credit cards offer much better fraud protection than debit ...

Published:  Sat, 23 Sep 2017 07:31:00 GMT



7 serious strategies for reward credit card fanatics

To earn enough credit card points to redeem rewards such as trips, you have to allow your points to accumulate over time. In most cases, this can take years. As well, a lot of credit cards users tend to accumulate their credit card points without ever ...

Published:  Thu, 21 Sep 2017 06:00:31 GMT



6 Questions That Are Perfectly OK to Ask Your Credit Card Company

Whether you realize it or not, your credit score tells an important story about you and your financial history that can follow you around for your entire adult life. Most of us are familiar with the idea of our credit reports and credit scores impacting ...

Published:  Sat, 23 Sep 2017 07:32:00 GMT



How Credit Cards May Differ From State To State

This content is made possible by our sponsor; the views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. It's no secret that where you live can have a huge impact on how much you ...

Published:  Sat, 23 Sep 2017 06:51:00 GMT



Why you should think twice before opening a store credit card

Americans have a serious problem with debt. According to the Federal Reserve, U.S. households have more than $1 trillion in credit card debt, yet, nearly every retail store offers you a credit card at checkout. Common sense would tell us to just pass on ...

Published:  Fri, 22 Sep 2017 10:15:00 GMT



The First Rules of Finance: Your Cheat Sheet for Understanding Credit Cards

Considering all the perks and points that are potentially up for grabs, understanding credit cards is critical when shopping for a new one. Before sifting through the long lineup of card offers, you should compare the institutions behind the cards to ...

Published:  Fri, 22 Sep 2017 23:57:00 GMT



Are You Carrying the Right Credit Card for Your Financial Goals

(StatePoint) If you've ever been confused by how to find the right credit card, you're not alone. A recent national survey found that consumers are overwhelmed by the many credit card offers they receive, and find the process of selecting the right ...

Published:  Sat, 23 Sep 2017 01:48:00 GMT



Roommate arrested in connection with stealing credit cards, cash

A Tallahassee man stole his roommate's and his roommate's friend's credit cards and cash out of their wallets to order groceries and items from Amazon, according to Tallahassee Police. Daniel Lamont Hill was arrested Friday on fraud and grand theft charges.

Published:  Sat, 23 Sep 2017 05:45:00 GMT



Cops: Waiter at popular eatery skimmed off patron's credit card

STATEN ISLAND, N.Y. -- A waiter at a popular Tottenville restaurant tried to pull a fast one - pocketing customers' cash for their bills and charging the amounts to a prior patron's credit card, said authorities. But those seemingly slick moves could ...

Published:  Sat, 23 Sep 2017 10:13:00 GMT



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