Friday, January 30, 2009

Credit Card Dos and Don'ts

Here are list of credit card Dos and Don'ts to avoid falling into credit card problems.

• Stop charging your credit card recklessly. Use only for emergencies or purchase for neccesity.
• Don't spend the maximum limit offered - it all adds up!
• Always pay balance in full monthly. Pay attention on the Grace Period required. If full payment is not possible, try to pay more than the minimum payment due in order to reduce your balance and stop using the credit card until the balance is paid in full.
• Don't pay late - some late fees are as high as $25.
• Don't fall for marketing gimmicks and don't take the first card offered. Ask lots of questions (fees, grace days,etc.) and shop around for the best interest rates.
• Limit the number of your cards according to your debt needs and ability to pay your debt monthly.
• Don't get more cards to pay off debts! Paying debt with more debts doesn't solve the real problem.
• To avoid credit card fraud, review your monthly statement for accuracy.
• Don't ignore your credit card bill.
• Don't throw away your receipts until you compare them to your statement. Then shred them.

How many Credit Cards do you have?
Different individual have different answer. Typical American has between 4-10 credit cards on average, with some individuals carrying many more. Sometimes, you may need more than one card. For example: If you need to make a purchase that exceeds 50% of one card’s balance, it may be wise to split it between two accounts. In general, it is better to hold fewer cards with higher maximum limits than to hold several cards with smaller limits.

If you decide to require multiple Credit Cards, you can choose a combination of Visa, MasterCard, Discover, and American Express, which have the highest acceptance rates. At Extra Credit, you can compare and choose different credit card offers according to your needs. What is interesting about this site is, they have range of card offers with extra bonus and rewards. In addition, you can stay informed about the most recent industry news that affects your credit with their Industry News and Articles.

In deciding how many credit cards you want or need, it is important to keep your debt-to-income ratio low. Keep this ratio is below 25%, taking into consideration other obligations like your rent or mortgage, car loan(s), and other debts. Don't get more cards to pay off debts! Limit the number of your cards according to your debt requirements and ability to pay your debt monthly.

Always remember to use your credit card with sense of restraint, discipline, and responsibility.

The above is a sponsored.



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