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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.

This Week In Credit Card News: How Apple's Card Could Disrupt Things; Mobile Wallets Not Being Used

Only 3% of US Retail Sales Completed Via Mobile Wallet Expert Market has mapped out mobile wallet usage in 36 countries around the world. In the US, only 3% of retail sales were completed through a ...

Published:  Fri, 22 Mar 2019 13:08:00 GMT



Are credit card APR and interest rates the same thing Not exactly.

APR stands for annual percentage rate and tells you the cost of borrowing money on an annualized basis. While the terms APR and interest rate are often used interchangeably, they have substantially ...

Published:  Fri, 22 Mar 2019 04:00:00 GMT



The 10 cities where American families have the most credit card debt

In 2018, total credit card debt in the U.S. reached a high of more than $1 trillion, according to data from the Federal Reserve. As of 2019, individual households hold an average amount of nearly ...

Published:  Fri, 22 Mar 2019 12:06:00 GMT



13 Ways To Prevent Credit Card Fraud

You've taken steps to avoid identity theft, and maybe even applied a credit freeze to your credit report. You can sit back and relax, rightWrong. You may have prevented identity thieves from opening ...

Published:  Sat, 23 Mar 2019 01:04:00 GMT



Cops seek tips on credit card fraud suspects

Those pictured are suspects in a recent series of fraudulent credit card transactions in Rochester Hills and Troy, according to the Oakland County Sheriff's Office. Anyone who can identify them is ...

Published:  Fri, 22 Mar 2019 10:23:00 GMT



Having a Delta credit card gets you priority boarding every time you fly the airline - here's what you need to know

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. Business Insider may receive a commission from The Points Guy Affiliate Network, ...

Published:  Thu, 21 Mar 2019 13:42:00 GMT



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