A credit card can provide you with a lifeline if you ever find yourself in a difficult financial situation. Do you need to purchase something, but lack the cash? Well, you are in luck! Pull our your credit card and you’ll be fine. Do you need to improve your credit score? With a credit card, it is easy! Continue reading to find out other ways to make use of a credit card.
If an item truly costs more than you have to spend, don’t use a credit card to buy it. It’s fine to use credit cards to stretch out the payments for an item you can afford, but refrain from making a major purchase that you couldn’t afford otherwise.
When looking over your statement, report any fraudulent charges as soon as possible. By doing so you give the credit card company the best chance of catching the thief. This will also allow you to be sure that you aren’t responsible for the charges they made. To report any unauthorized charges to your card, either call or email your credit card issuer.
Read the small print. If you see ‘pre-approved’ or someone offers a card ‘on the spot’, be sure to know what you are getting into prior to making a decision. Know the details about interest, like the rate and dates. Also, know what fees are associated with the account and if there are any grace periods.
If you have financial problems in your life, tell your card company. If you’re likely to miss a payment, you want them to know so they can work with you, which they usually do. This might prevent them from reporting any late payments to the major credit bureaus.
Don’t put off signing the back of any new credit cards you’ve been issued. If you don’t sign it immediately, your card can easily be stolen and used. At some stores, cashiers will verify your signature on the card against the signature you sign to the receipt as an added security measure.
If you want a good credit card, be mindful of your credit score. Credit scores are used by credit card companies to determine the offer given to a consumer. Most of the time, cards with the lowest interest rates and bonus features are offered to those with the best credit scores.
You should limit your search for new cards to those that don’t have annual fees and that offer low interest rates. There are many options that don’t have annual fees, so it is silly to choose a card that does.
When you purchase items on the Internet using your credit card, ensure you retain a copy of all the transaction records relating to it. Keep the receipt until your bill comes in and verify all charges. If they mis-charged you, first contact the company, and if they do not fix it, file a dispute with your credit company. This method ensures that you are always charged the correct amount on all of your purchases.
Don’t ever let anyone borrow your credit card. You may trust your friend, but it can cause problems. It is never a good idea to let friends use your card. Doing so can cause over-limit charges when someone else charges more to the credit card than you said he could.
Watch your own credit score. Most credit card issuers want borrowers with credit scores of 700 or above. Use your credit wisely to maintain that level, or if you are not there, to reach that level. When you have a 700 score or higher, you get some of the best offers available.
Credit is used for a variety of things. They can be used to buy groceries, for the sole purpose of creating a strong credit profile, and for many other reasons. Keep this advice in mind the next time you use your credit card.