Bank cards can be extremely useful because they enable individuals to buy items instantly and then pay for them at a later date. Before you apply for a new card and start spending, you’ll need to know some basic information that can prevent you from being in a mountain of debt. Read on to find some valuable information about charge cards.
Keeping two or three credit card accounts open is a sound financial practice. This is especially helpful when building a good credit score, but remember these cards should be paid in full monthly. However, if you have over three, a lender may think that looks bad when pulling up your personal credit bureau report.
Don’t cancel a card before assessing the full credit impact. You should avoid closing an account if it gives you a negative mark. In addition, it’s good to keep the bank cards associated with your credit history active and in good standing.
If you know that someone made a charge on your card without your permission, report it as soon as possible. By doing this, you can help your credit card company catch the thief who is making these unauthorized charges. Additionally, you will avoid being responsible for the charges themselves. Any charges that you did not make need to be reported to your credit company with a phone call or a high priority email.
Watch for new cards that offer a signing-up bonus if you are looking to add a credit card to you wallet. Read the fine print thoroughly, though, as the terms for qualifying for the bonus may be quite strict. Commonly, you are required to spend a particular amount within a couple months of signing up to get the bonus. Check that you can meet this or any other qualifications before signing up; don’t get distracted by excitement over the bonus.
Bank cards can be helpful, if they are used properly in the right hands. The basic guidelines in this guide will give you the information that you need when making purchases using your credit card. By following the tips here, you will also be able to maintain a good rating and you will also be able to stay away from debt.
