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Be A Smart Credit Card User
Blog Post Date: Feb 25 2010
Be A Smart Credit Card User
•Read the terms and conditions of your card. "The Credit Card Act is there to protect consumers," said Bruce McClary, ClearPoint Credit Counseling Solutions spokesman. "But the responsibility is still in the hands of the consumer to make certain they understand everything." Also study the terms and conditions to understand what type of card you have, such as fixed-rate vs variable, because the rules governing them are different.
•Pay your credit card balance every month, if possible. You’ll avoid incurring interest. If you carry a balance, you'll get a stiff financial penalty every month -- the annual percentage rate. Do not use a credit card if its rate has been increased and yor’re not willing to pay that rate. Put it away and pay it down monthly at the current rate.
•Shop around. Compare cards at sites like LowCards.com, Bankrate.com and CreditCards.com. Search for the lowest rates and fees and the best terms. Consider acquiring a credit union card. They are required to comply with the Credit Card Act, too. And their terms and rates may be better.
•Pay all your lenders on time every time. You'll prevent rate and fee increases, as well as drops in your credit score. Manage at least the minimum payments. You want your card balances to be as low as possible. Better yet, pay them down to none and use them as monthly charge cards.
Call and request a lower interest rate. Your card issuer may do so if you have a good history of paying balances on time and relationship with them.
Iris Taylor
VIA TimesDispatch
Keyword: Credit Card
•Read the terms and conditions of your card. "The Credit Card Act is there to protect consumers," said Bruce McClary, ClearPoint Credit Counseling Solutions spokesman. "But the responsibility is still in the hands of the consumer to make certain they understand everything." Also study the terms and conditions to understand what type of card you have, such as fixed-rate vs variable, because the rules governing them are different.
•Pay your credit card balance every month, if possible. You’ll avoid incurring interest. If you carry a balance, you'll get a stiff financial penalty every month -- the annual percentage rate. Do not use a credit card if its rate has been increased and yor’re not willing to pay that rate. Put it away and pay it down monthly at the current rate.
•Shop around. Compare cards at sites like LowCards.com, Bankrate.com and CreditCards.com. Search for the lowest rates and fees and the best terms. Consider acquiring a credit union card. They are required to comply with the Credit Card Act, too. And their terms and rates may be better.
•Pay all your lenders on time every time. You'll prevent rate and fee increases, as well as drops in your credit score. Manage at least the minimum payments. You want your card balances to be as low as possible. Better yet, pay them down to none and use them as monthly charge cards.
Call and request a lower interest rate. Your card issuer may do so if you have a good history of paying balances on time and relationship with them.
Iris Taylor
VIA TimesDispatch
Keyword: Credit Card
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