A credit card may make or break you when it comes to your personal credit. Not only can you use them to help build up a great credit score and secure your future finances. You may also find that irresponsible use can bury you in debt and ruin you. Use this article for great credit card advice.
It is a good idea to have two to three credit card accounts open. That will assist you in building up your credit score; this is especially true if you can pay the cards off each month. Having more than three open helps lenders look at you in a bad light when they see your credit report.
Be safe when giving out your credit card information. If you like to order things online with it, then you have to be sure the website is secure. If you notice charges that you didn’t make, call the customer service number for the credit card company. They can help deactivate your card and make it unusable until they mail you a new one with a new account number.
Practice sound financial management by only charging purchases that you know you will be able to pay off. Credit cards can be a quick and dangerous way to rack up large amounts of debt that you may not be able to pay off. Don’t use them to live off of, if you are unable to come up with the funds to do so.
Many credit cards offer significant bonuses for signing up for a new card. Make certain you completely understand the fine print in the terms and conditions though, because a lot of the credit card companies have very particular terms for you to qualify for before you get the bonus. Some companies, for example, specify that you must charge a minimum amount on your card within a specific time period. Make sure you will truly be able to qualify for such bonuses.
Shop around for a card. Interest rates and terms can vary widely. There are also various types of cards. There are secured cards, cards that double as telephone calling cards, cards that let you either charge and pay later or they take out that charge from your account, and cards used only for charging catalog merchandise. Carefully look at the offers and know what you need.
Avoiding late charges is important, but you also want to avoid going over your limit because you will be charged for that as well. Both fees are pretty expensive and can also affect your credit score. Keep an eye on your balance so it does not exceed your credit limit.
Make the minimum monthly payment at the very least on all of your credit cards. Not making the minimum payment on time can cost you a great deal of money over time. It can also cause harm to your credit rating. To protect both your expenses and your credit rating be sure to make minimum payments on time each month.
Only take cash advances from your credit card when you absolutely have to. The finance charges for cash advances are very high, and very difficult to pay off. Only use them for situations in which you have no other option. But you must truly feel that you will be able to make considerable payments on your credit card, soon after.
As mentioned earlier in this article, credit card login can make or break you and it is up to you to make sure that you are doing all that you can to be responsible with your credit. This article provided you with some great credit card advice and hopefully, it will help you make the best decisions now and in the future.
Credit Card Login Tips
Password & User ID Strength
A strong password and user ID should be easy for you to remember but hard for someone else to guess.
User ID Requirements:
- 6-16 characters
- Must not look like your card account number or social security number
- Can include special characters except for (`) (‘) (“) (\) and spaces
- Not case sensitive
Password Requirements:
- 8-32 characters
- Contains at least 1 letter and 1 number
- Must not match the User ID
- Case sensitive, and can include special characters
- Consider using a longer, multi-word
Additional Login Tips:
- Avoid using personal information such as family or pet names, your birthday, address, or social security number
- Use different logins across banking, email, and social media accounts
- Consider changing your user ID and password frequently
Login Security Guidelines
Use different user IDs and passwords across your online banking institutions, email, and social media accounts. If an unauthorized user gains access to your login credentials, he/she may try to use them to get into other banking institutions.
There are three main areas to use different login credentials:
- News sites, social networks, and sites that don’t store your financial data
- Online shopping sites that may store your credit card number
- Financial services sites.
What Is a Credit Card?
A credit card is a thin rectangular piece of plastic or metal issued by a bank or financial services company that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment.
Credit cards impose the condition that cardholders pay back the borrowed money, plus any applicable interest, as well as any additional agreed-upon charges, either in full by the billing date or over time.
In addition to the standard credit line, the credit card issuer may also grant a separate cash line of credit (LOC) to cardholders, enabling them to borrow money in the form of cash advances that can be accessed through bank tellers, ATMs, or credit card convenience checks.
Such cash advances typically have different terms, such as no grace period and higher interest rates, compared with those transactions that access the main credit line. Issuers customarily preset borrowing limits based on an individual’s credit rating.
A vast majority of businesses let the customer make purchases with credit cards, which remain one of today’s most popular payment methodologies for buying consumer goods and services.
Understanding Credit Card
Credit cards typically charge a higher annual percentage rate (APR) vs. other forms of consumer loans.
Interest charges on any unpaid balances charged to the card are typically imposed approximately one month after a purchase is made (except in cases where there is a 0% APR introductory offer in place for an initial period of time after account opening) unless previous unpaid balances had been carried forward from a previous month—in which case there is no grace period granted for new charges.
By law, credit card issuers must offer a grace period of at least 21 days before interest on purchases can begin to accrue.1 That’s why paying off balances before the grace period expires is a good practice when possible.
It is also important to understand whether your issuer accrues interest daily or monthly, as the former translates into higher interest charges for as long as the balance is not paid. This is especially important to know if you’re looking to transfer your credit card balance to a card with a lower interest rate.
Mistakenly switching from a monthly accrual card to a daily one may potentially nullify the savings from a lower rate.
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