Credit tips you haven’t heard before…….
Most adults have at least some experience with credit cards, whether it be positive, or negative. The best way to make sure that your experience with credit cards in the future is satisfying, is to equip yourself with knowledge. Take advantage of the tips in this article, and you will be able to build the sort of happy relationship with credit cards that you may not have known before.
If you are not satisfied with the high interest rate on your credit card, but aren’t interested in transferring the balance somewhere else, try negotiating with the issuing bank. You can sometimes get a lower interest rate if you tell the issuing bank that you are considering transferring your balances to a different credit card that offers low-interest transfers. They may lower your rate in order to keep your business!
Be dubious of zero percent teaser rates. The grace periods where these take place can lead you into the trap of being overly confident and spending too much. Know what the go-to rate is going to be and when it kicks in. Have some idea what your likely balance will be at that date. It is wise to refrain from giving a credit card to a child. It is best to let children wait to get credit cards until they reach the age of 18, or when they can get their own. Instead, consider opening them a checking account and giving them an allowance. This will help them learn to manage a small amount of money so that they will be ready to manage a credit card when the time comes.
The key to using a credit card correctly lies in proper repayment. Every time that you don’t repay the balance on a credit card account, your bill increases. This means that a $10 purchase can quickly turn into a $20 purchase all due to interest! Learn how to pay it off every month. It is very important that you save your credit card receipts. You need to compare them with your monthly statement. Companies do make mistakes and sometimes, you get charged for things you did not purchase. So make sure you promptly report any discrepancies to the company that issued the card.
Look into whether a balance transfer will benefit you. Yes, balance transfers can be very tempting. The rates and deferred interest often offered by credit card companies are typically substantial. But if it is a large sum of money you are considering transferring, then the high interest rate normally tacked onto the back end of the transfer may mean that you actually pay more over time than if you had kept your balance where it was. Do the math before jumping in.
It is not uncommon for people to have a love/hate relationship with credit cards. While they relish the sort of spending such cards can facilitate, they worry about the possibility that interest charges, and other fees may get out of control. By internalizing the ideas in this piece, you will be able to get a strong hold of your credit card utilization and build a strong financial foundation.
These are just a few facts about credit that you might not have known. Hopefully you found these helpful. If you would like to learn even more about how you can increase the bottom line of your own business, then you are more than welcome to contact us and we will take a look at your unique situation and offer some sensible solutions that would work best for you!
“TITAN Financial Pros provide an informational service only and are not responsible for any investments made applying this information. The results described are not distinctive and are not guarantees of future income. Any assumption contains risk and is 100% the responsibility of the individual to assess the risks/rewards involved. We bear no liability assumed or implied for your application of the information shared from this content. This information is for educational and entertainment purposes only.”
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