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Credit Card Tips That Will Help You

Published by in credit card on April 24th, 2012

A lot of companies offer large bonuses for new customers. Make certain you completely understand fine print in the terms and conditions though, because a lot of the credit card companies have very particular terms for you to qualify for before you get the bonus. The one that comes up the most is that you’re supposed to spend a very certain amount in the next few months to qualify for the bonus offer.

Knowing the newest laws that apply to credit cards is crucial. For example, credit card companies cannot impose retroactive rate increases. They are also banned from engaging in double-cycle billing. Familiarize yourself with the laws. Recently, the FCBA and CARD Act were established.

Try to pay off your entire credit card. Unless you have a 0% interest rate, you will have interest added to your balance every month that you carry a balance. If you choose only to pay the payment suggested by the credit card company, it will take quite a while to pay off your credit card bill due to finance charges.

Credit cards can be attached to various loyalty accounts. You should find a rewards program that will benefit you for regular usage of your card. If used correctly, this can supply you with a bit of extra income.

Be certain to know whether the payment due date on your card is true, or merely suggested. Many times, credit card companies will have suggested due dates that can be a couple weeks before a true due date. If your credit company uses a suggested date for your payment, find out the actual due date so that you have a more realistic view of when you need to pay the card if you find yourself short on cash.

Financial experts agree that you should not let your debt on a credit card go above a level equal to 75% of your salary each month. If you owe more than that, you need to work hard to pay it off quickly. This becomes critical because the interest charges will continue to push your balances higher and higher.

Though you may be closing credit accounts, keep one open that will continue to build your credit history. Try to leave the oldest and healthiest account open. That shows lenders in the future that you have kept the account in good standing for a long time.

Almost everyone has had this happen. You get another piece of unsolicited “junk mail” urging you to apply for a shiny new credit card. There are times where you’re in need of a new credit card, but usually you decide to let it pass. Whenever you discard this type of mail, you need to destroy it. Because most of these letters are personalized, you should not just toss your personal information into the trash for anyone to pick up.

As mentioned before, consumers often feel like they have no allies when it comes to credit card companies. Hopefully you can use the information about credit card best practices you just rea to adjust your spending habits.

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