Given the economic conditions of the modern world, there are few consumers out there who couldn't make use of some extra financial management advice to help them keep from spending too much money. Credit cards can really help people, but they may also get you into serious debt! The following article will help you with some great tips on how to wisely use credit cards.
You should close all credit card accounts that you don't use. Open accounts may be a target for identity theft. You may also be charged an annual fee by keeping accounts open.
Thoroughly read the small print before signing a secured credit card application. Any deposit you make initially may be overshadowed by fees, resulting in a low credit limit.
Do not provide your card or account number online or over the phone unless you are confident that you have a secure connection with a company you trust. If you receive an offer that is unsolicited and asks for the card number, be even more cautious. There are a lot of scams that people try to use to collect credit card numbers. Protect yourself by being diligent.
Calling the company to report a missing credit card should be your first priority when you lose one. If you don't report it, you may have to honor the charges. Once you report your card missing or stolen, the credit card issuer can't make you responsible for unauthorized charges.
Avoid credit cards with annual fees. These days, there is so much competition between credit card companies that it is easy to find one with no annual fee. Annual fees can really add up and in the long run, you will pay too much to make the card worth your while.
One good way to minimize the chances that you are the victim of identity theft is to use only one credit card for online purchases. If you use several different cards online, you will be unable to efficiently manage your exposure to hackers and other dangers.
Never close out a credit card account without making sure that you know how it will affect you. Sometimes it is better to leave an unused credit account open than it is to close it. Additionally, try keeping the card accounts open that comprise the main part of your payment and spending history.
If you notice that you have lost your credit card or if your purse or wallet has been stolen, your first action should be to call all of the credit card companies. Typically, you will only be on the hook for $50 of charges that are made if the card is stolen, but you should let your credit card company know straightaway.
To avoid accidentally racking up unintended credit charges, put your credit cards behind your debit cards in your wallet. In cases where you are distracted or in a hurry, this makes it more likely for you to use your debit cards by default instead of your credit cards.
Remember to occasionally use the credit cards that you want to keep. Many creditors close account that are inactive for lengthy periods of time. So use any credit cards you want to keep around to avoid them from being closed. Remember, paying in a timely manner will avoid debt and higher interest rates.
If you ever misplace or lose your credit card, remember to call your credit card provider right away. When you do this you save yourself by making your card invalid so no one can use it. Your credit card company will immediately issue you a new credit card and number.
Frequently, consumers are left to their own devices when it comes to finances, and they often are victims of high interest rates on their credit cards. You can find the best ways for using credit cards above and with any luck, you can apply this to your financial situation.
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