| Credit Card Management Advice |
| By Credit Federal |
Published
09/5/2008
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Financial Tips
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Free Credit Card Management Advice
Just as a credit card company performs a check on you, you should also perform a check on their Terms & Conditions and the current rates for their card you use.
In recent months, several credit card companies have doubled or tripled interest rates, and not just on their bad credit card holders. Even those with good credit and who paid bills on time got their rates hiked. Certainly high risk people can expect higher interest rates and very likely limited lines of credit.
Credit Card Management Advice:
- Use your credit card wisely. If you must make purchases with your credit card, make purchases that will result in the best rewards. If; for example, your credit card offers 3% cashback for gas purchases, then use your card for refueling.
- Use credit cards strategically. If you have a lot of debt on a high interest credit card(s) and you have good credit, apply for a 0 interest introductory period card with no balance transfer fee. Transfer your debt onto it, and pay it off during the 0 interest period.
- Payoff charges in full. If you have a rewards credit card, you'll have a larger savings margin if you payoff charges in full each month and avoid interest fees.
- Stay below your limit. Not only will maxing out your credit card cost you an over limit fee, you'll also face harm to your credit score.
- Examine all credit card company mail. Your credit card issuer may send you a notice; which on the outside may appear merely as promotional literature, but may in fact contain a notice about an interest rate increase or a credit limit decrease. If you receive new Terms and Conditions and disagree with them, check to see if there is an opt-out clause which would allow you to payoff the existing balance under the old terms if you terminate the account.
- Negotiate with your credit card company. If you are unhappy with the interest rate or credit limit, call the issuer. Credit card companies will gladly appease customers who make money for them and who pay their bills timely.
Browse for a better credit card, or read more credit card tips.
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