Making a Wise Use of Credit Cards

Have you recently got yourself a credit card? How to use your credit card wisely? Here are the tips to be followed. Make yourself financially sound by following them and hence eliminating any risks to run into a financial crisis.

• Pay your bills in full and on time. That would be helpful in avoiding any extra interest payment.
• Avoid late fees to maintain a good credit record.
• Keep a track of your credit card spendings. It is a good habit and can help you avoid credit card scams. For instance, your credit card details may be compromised by spyware. In such cases, purchases could me made over the internet or the telephone without your knowledge. Hence, you should regularly track your spendings.
• If you lose your credit card, call the bank immediately. Get your credit card cancelled to disallow anyone to make a use of your credit card.
• Limit the number of credit cards you have. It makes it easier for you to track your spending.
• Resist buying on impulse for free gifts or perks.
• Use your card only when full settlement can be made by due date.
• Do not continue to use the card if their is still some outstanding balance.
• Do not use up your credit limit. Keep some for emergencies.
• Treat the spending you charge to your credit card the way you would with cash. There should always be planned expenditures in your budget.
• Do negotiate with your bank to waive any fees.

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