The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Credit card tips can change with the wind — or as you enter different stages in life. If you’re young and trying to build credit, start with a low credit limit. If you travel a lot, consider an airline or hotel credit card. If you have a lot of debt, it’s a good time to put those cards on ice. Great credit? Look into what rewards you might qualify for. All this advice can, at times, get a little overwhelming. Fortunately, there are certain credit card habits that will always apply. Here are 10 basic credit card tips that will last your lifetime.
Paying interest increases the cost of everything you purchase with your credit card, so you should try to avoid carrying a balance as often as possible. If you do have to carry a balance, try to keep it below at least 30% (ideally 10%) of your available credit limit. Doing so will help keep your credit score intact. You can come up with a payment plan to get rid of any existing credit card debt you have here.
Late payments can result in costly fees, damaged credit and sky-high penalty annual percentage rates. Fortunately, there are many tools that you can use to make on-time payments including e-mail and text alerts or automatic payments that you can initiate with your issuer.
Credit card users enjoy robust protections against fraudulent transactions, but you may have to report the activity to your issuer to take full advantage of them. Regularly reviewing your credit card statements can help you spot fraud as soon as it occurs. Calling your issuer immediately to dispute the charges and have the card replaced can help ensure you’re not on the hook for them.
If you have ever made a late payment by accident, then you’ve probably incurred a late fee. But if you take the time to ask for the fee to be removed, many card issuers will do so. You can also try asking for annual fees and foreign transaction fees to be waived, for your interest rate to be lowered or for your credit limit to be raised. (Keep in mind, the last two may result in a hard inquiry on your credit report, which could ding your credit score.)
It’s important to thoroughly read the terms and conditions associated with any credit card you are using or are thinking of applying for. You’ll want to know, for instance, what fees will be imposed and when, if an APR change may go into effect and what your rewards programs entails. You should also check your privacy agreement and whether your card is subject to an arbitration clause.
The most important way to ensure that your credit card spending habits are in line is to regularly check your credit. Some credit card issuers now offer free monthly FICO credit scores on your statement. You can also request free copies of your credit reports each year from AnnualCreditReport.com and view your credit scores for free each month on Credit.com.
The only constant in the credit card industry is change, so it’s important to regularly take a look at the credit cards that are in your wallet. Then, examine the market to see if there are newer products available that will better meet your needs — which may have changed since the last time you comparison-shopped for cards.
Nearly all credit cards impose cash advance fees and very high cash advance APRs, so you should avoid using your credit card for cash at all costs. Remember, it’s always better to use your ATM card when you need cash.
Image: Kharichkina
April 9, 2024
Credit Cards
October 21, 2020
Credit Cards
August 3, 2020
Credit Cards