Even though you always need to carry some cash, credit cards can be considered the money of the future. As banks increase fees, charge cards are becoming even more popular. Follow this article and learn about this broadening market.
To ensure that you don’t over pay for your premium credit card, check whether your card has annual fees attached to it. If you are the owner of a platinum card, or a black card, the annual fees can be up to $1000. If you don’t really need an exclusive card, then you can save money and avoid annual fees if you switch to a regular credit card.
Talk to the credit card company if you are having financial problems. If you inform your credit card provider in advance that you might miss a monthly payment, they may be able to adjust your payment plan and waive any late payment fees. Doing so means they may not report your late payments.
Carefully monitor all communications from your credit card company, and open everything as soon as possible. Card issuers have the ability to adjust fees and interest rates, provided they let you know about it in writing. If you object to said changes, you are always able to cancel your card.
Don’t be scared to negotiate your interest rate with a credit company. If you establish a good reputation with a company by making timely payments, you could try to negotiate for a better rate. All you need is one phone call to help you get a better rate.
Never give in to the temptation to allow anyone to borrow your credit card. Even if you’re talking about a relative, you can never trust someone enough to deal with the potential consequences. This can lead to your friendship being ruined. Or it can result in over the limit charges should your friend charge more than you authorized.
Credit Card Offers
Everyone gets credit card offers in the mail. You receive another credit card solicitation by mail, with an offer for you to apply for a credit card. While a credit card offer is sometimes welcome, more often you do not have need of it. Shred this mail before throwing it away. Many credit card offers have a great deal of sensitive personal information in them, so they should not be thrown out unopened.
Too many people erroneously believe that it is a good idea not to have any bank cards at all. It’s important to have one credit card, at least, in order to build credit. Use your card regularly, and pay the full balance every month. If you have no credit, your score is lower and lenders will not know whether you can manage credit.
Get in contact with your card company to see if they are willing to decrease your interest rates. Sometimes, especially if you have a long and positive history as a customer, companies are willing to reduce their interest rates. It can save you a lot of money and asking will not cost you a cent.
Credit cards are becoming increasingly popular with the newer regulations and fees attached to many debit cards. Given the expansion and growth in this area, you could also benefit from the perks that bank cards can give. Apply what you’ve learned in this guide to get all what you can from charge cards.