5 Credit Card Management Tips

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5 Credit Card Management Tips
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• In this presentation we have listed five tips
  that you can use in managing your credit card
  be it a prepaid, secured or a reward credit card.

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Stick to your due dates.

• Keep in mind that paying your guaranteed approval
  store credit cards bills late can cost you a
  great deal of money, usually in the form of huge
  late payment penalties and surcharges. So if you
  wish to keep your credit payments at a minimum,
  make sure that you pay your charges early or
  on-time. If you find it hard to remember when to
  make a payment then, you might as well set up
  personal reminders and alerts in your phone of in
  your home computer. That way, you can easily
  remember when your bills are due. More
  importantly, you will have enough time to prepare
  the funds you need to settle your financial
  obligations, right on schedule.

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• Some consumers may also find it beneficial to
  sign up for automatic payment arrangements with
  their banks. With such arrangement, you wont
  have to worry about skipping or defaulting on
  your payments. That is because your bank will be
  managing your financial obligations on your
  behalf.

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Always pay your balance in full.

• Paying just the minimum amount required by your
  card issuer can cause your interest charges to
  balloon out. This means that if you want to keep
  your interest payments as low as possible then,
  you should resolve to pay your credit card
  charges in full, each month.

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Review the stipulations of your credit card, as
often as you can.

• It is also important that you stay true to the
  terms and conditions of your guaranteed approval
  store credit cards program. Always remember that
  by abiding by the rules set by your card issuer,
  you can avoid incurring fines and penalties that
  are often charged to cardholders who violate the
  important conditions of their contracts.
• To succeed in this matter, we suggest that you
  regularly take out the fine print of your card
  program and review it thoroughly. In so doing,
  you can easily remember the stipulations of your
  secured, prepared or reward credit card and you
  can strengthen your decision to always comply
  with them.

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Never spend beyond your credit limit.

• Always remember that there downsides to maxing
  out your credit limit. First and foremost,
  spending beyond your limit can cost you huge
  overdraft charges, as well as declined
  transaction fees. Second, it can cause your score
  to drop. After all, maxing out your spending
  limit causes your debt to limit ratio to rise
  which in turn pulls down your credit score.
• So, as much as possible, use just a reasonable
  percentage of your credit limit. We suggest that
  you use just a quarter or a third of the limit
  set on your credit card.

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Say NO to additional credit card offers.

• Managing multiple card accounts will not only
  make it harder for you to juggle your credit card
  bills with your personal and household expenses.
  It can also inflict damage to your credit
  history. After all, your credit rating drops
  every time your credit report gets pulled out in
  response to a credit application. So, to prevent
  your score from sliding down then, you should be
  contented with what you have.