Finding the best credit card for YOUR needs
Lots of people think negatively about credit cards but they can be an incredible useful financial tool, if used correctly.
Many cards provide travel insurance, identity protection, reward points, cash-back, and more. If you carry a balance, your number one goal should be to get the lowest interest-rate possible. If you make monthly payments, then selecting a card becomes more difficult.
A few tips for selecting a credit card:
-Check your credit report at least once a year.
-Look at past statements and figure out how often you carry a balance, how much interest you’ve paid, and how often you’re late with payments.
-Don’t settle on the first credit card that is offered in the mail – do research.
-Use the Internet to research your best options; you’ll even see ads with great offers.
-Think of getting different cards for different types of purchases. Some cards give two or three times more points for some purchases. Many people will have an airline card just for travel purchases.
Tips :
-Always pay more than the minimum monthly payment. Always do it, I'm serious. If you can, go so far as to pay off your bill in full every month.
-If you want to figure out the amount of time and interest involved in paying off your debt, a good website to use is :
-Remember that credit cards are a convenience. Having one doesn't allow you to purchase things you can't afford.
-If you have any issues that might affect your credit, call your creditors right away. They might be able to temporarily freeze or reduce payments. The sooner you call, the more they can help keep your record clean.
-Limit yourself to one card. Having more than one tempts you in ways you do not want to be tempted. If you do have several credit cards, manage them carefully.
-Immediately notify your bank if your credit card has been lost or stolen. That way you won't be held liable for any unauthorized charges.
-To be on the really safe side, make a copy of your card and keep it in a safe location. That way you have all your card information in case of loss or theft.
-Keep your credit card receipts. That way you can verify the accuracy of your monthly statement. Banks make mistakes, too!
-Notify your bank if you move. Late fees can happen needlessly if you don't get your bill on time because, oops, it was sent to the wrong address.
-The worst thing you can do is ignore credit problems. First, stop using your card.
How to Get a Credit Limit Increase on a Credit Card
- Pay your bill on time for at least 6 months.
- Lower your credit utilization.
- Figure out which credit card you'll ask for a limit increase on
- Gather supporting documentation.
- Get an idea of how much of an increase you would like to request.
- Contact the creditor to make your request.
- If your request fails, consider sneaking through the back door.
- Don't go overboard.
