Credit Cards Tips
Credit cards can be helpful in emergencies or if you are able to pay off the balance each month, or if you use to make equipment purchases, but be wary! Credit cards can also get you into trouble. Here some useful recommendations on using credit cards:
- Fixed rate credit cards will have a fixed interest rate for as long as you carry and use the card. But fixed rates aren’t always fixed! A credit card company can change the rate by informing you 15 days before changing the rate.
- Be careful for carrying balances. Some cards charge 20% or more in interest. (Interest is usually called “finance charges” on your statements.)
- Annual fees. An annual fee is a fixed charge that banks make pay to you for get privilege of making them money by using their card. Sometime you pay $50 or more just to have the card.
- Think about your purchases. If you are not able to afford the purchase now, chances are you won’t be able to afford it in a month when the credit card bill comes in!
- Look at your statement carefully and call the company right away if you have any questions.
There is usually a large finance charge for cash advances and interest begins accruing as soon as you take the money out, not after the next statement closing. - Be careful whether the bank make you a few offer! If you receive a credit card offer via mail with a low rate, can happens that it may expire in three or six months.
Whether you want have more information I recommend to go on Yourcreditnetwork.com. It specializes on informing consumers about credit card offers, how to use credit wisely, and occassionally posts humorous insights into the wacky world of credit.
