Having a credit card is of great assistance in many sticky situations. Do you need to make an emergency purchase but have no cash right at hand? Not a problem! Just use a credit card and you’ll be fine. Are you attempting to build a good credit score? It’s very easy with a credit card! Continue reading if you wish to know how to use a card correctly.

Credit Report

You should only open up retail credit cards if you plan on actually shopping at this store on a regular basis. When retail stores put in an inquiry on your credit to qualify you for a card, it gets recorded on your credit report whether you open the card or not. An excessive amount of inquiries from retail stores on your credit report can actually lower your credit score.

Take a look at the fine print. Know all of the details if you are offered a pre-approved card of if someone helps you to get a card. Always be aware of what your interest rates are, as well as the amount of time you have to pay those rates. Also, find out about any fees and grace periods.

Pay your monthly statements on time. Know what the due date is and open your statements as soon as you get them. Late payments involve fees and damage your credit. If you set up an auto-pay schedule with your bank or card lender, you will save yourself money and time.

In addition to avoiding late fees, it is wise to avoid any fees for going over your limit. The fees are both high, and not only do they cost your wallet, but they also affect your credit score negatively. Don’t pass your credit limit or you will suffer.

Get into the habit of paying your credit cards billing on a timely basis. All card balances have due dates. If you ignore them, you have the risk of getting charged large fees. On top of this, you could be permanently charged a higher interest rate, and this means all future transactions will cost more in the long run.

Credit is used for a variety of things. From simple things like making a payment to boosting your credit score, there truly is a myriad of uses. Use this information to make wise credit card decisions.

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