5 Credit Card Usage Tips You Should Know
When you get a credit card, you have to be sure that you know the responsibilities that come with using one. Knowing exactly how to use your card and what to look out for, can really help you with mastering the art of credit card usage
1. How to Limit Credit Card Spending for Your Benefit
Spending is one of the biggest problems that you may face when it comes to having a credit card. The important thing to remember is that you have to control your spending or you will end up in a world of debt
that you cannot repay. To control how you use your credit card, you should set some limits for “what” you will use the card for.
Take Advantage of the Tools Offered By Your Credit Card Company
You can use an abundance of tools that are provided by your credit card issuer in order to see exactly what you are using your credit card for. Many of these tools are simply known as “spending trackers”. If you see that you are spending too much in an unnecessary area, then you know how to cut back immediately. Always use the free tools that are available to help you stay organized about your spending.
2. Are You Pawing Attention to Account Alerts?
Account alerts are going to be your best friend when it comes to using your credit card. These types of alerts make it possible for you to know exactly when payments are due, when payments have been made, and when they have been posted. Alerts can also help you to know when your card has been used and how much was charged to it. This comes in handy when you want to stay alert in case of credit card theft.
What's Your Balance?
Another reason that you want make sure when you are using the alerts is that it can help you know when you have reached a certain point in your balance. Remember that you do not want to use more than 30% of your credit card limit at a time, so it is important to know when to stop using it.
3. Always, Always, Always Leverage the Rewards Offered
If you are going to use your credit card, then make sure you are getting the most out of it. First, get a credit card that offers you rewards for using it on different purchases. This does not mean that you should go out and spend as much as you can so that you can earn rewards. It simply means that you will get something for doing things like buying groceries or paying bills using your rewards credit card.
Make Use of Multiple Portals
Also, as another way that you can earn extra points, there are several rewards portals that will give you points for not just shopping at specific online stores, but also for using your credit card. That can equal up to triple the points and rewards. Be sure that you thoroughly research these rewards portals because you have to remember that you will be using your credit card information. You want a trusted website with a high level of security for your information.
4. Should You Ever Need to Change Your Bill Date...
If you feel like the date your credit card bill is due is not working in conjunction with when your other bills are due, then you should consider changing your due date. Many credit card issuers have this option readily available for you to access through your online account, or over the phone with an automated system.
Call and Talk to a Real Person!
You can also speak to a representative directly in order to have your due date changed. This should not be a problem if you have been in good standing with the issuer. One good reason for doing this is to put your due date at a time in which you know you will have the funds to pay it and away from the same dates as other, larger, bills.
5. Watching Your Credit Score Will Help You Take Control of Your Finances
Your credit card usage affects your credit report and score in a big way. There are a number of ways in which you can make sure your credit card will have a positive impact on your credit score. You always want to pay your bills on time. This is very important because your issuer will be reporting these payments to the credit bureaus.
To make an even more positive impact, you can pay in between your bill due dates. Making payments every two weeks instead of once a month can help you to get a great review by your issuer. It will look extremely good on your credit report and help to boost your score. Read more articles on Allfinance411, and follow us on Twitter
to become financially savvy.