Tips for credit card

Posted by Nick Niesen on October 29th, 2010

Credit cards are widely in use because of the convenience and easy access they provide. If you own too many credit cards then it is necessary that you follow some credit card tips.

1. You should avoid cash advances whereby interest free periods offered on credit card accounts don?t apply to cash advances. Most of the times, you will pay interest on the cash right from the time you have withdrawn it.

2. Whenever you use a credit card make sure that it is most suitable to your way of spending. If you are using a credit card for extended credit whereby you don?t pay off the balance in full each month you should choose a card with a lower rate of interest. It may not be offering any interest free period but the lower rate of interest will save you much in the long run. On the other hand, if you use a card for paying for day to day purchases then you should go for a card with maximum interest free days and try to pay it off in full every month.

3. If you are eligible for a relationship discounts that are available from banks and credit unions for those who consolidate a range of banking business with one institution. Many home loans, personal loans rates and discounts are offered as such.

4. You should not get distracted by various offers that are issued by credit card lenders including introductory interest rates, reward programs or insurance. You need to look at the overall ongoing cost of credit of nay credit option you choose.

5. You need to watch out for the increasing range of ancillary fees and penalties charged for using your credit card and it?s not the annual fees and interest rates that you should worry but you should consider for late payment of your fees, issuing secondary cards on same account, replacing a lost card, duplicate statements etc.

6. You should avoid paying interest upon your credit purchases where you should pay the full outstanding balance on your statement by the due date. In case you fail to do so, you shall be charged interest right back to the date of purchase.

7. You should keep a look for a wide range of offers given by financial providers and choose the best deal.

8. Try to maintain credit card security as fraud is growing day by day.

9. You should try to make low interest rate credit cards work for you.

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