Don't pay extra for a gold or platinum card and more fresh credit card tips
Jul 23, 2007
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Credit cards if used wisely can go a long way towards building an excellent
credit history, provide ready credit and a hassle free convenience. Though,
many articles have been written on credit card tips, this article doesn't toe
the line, but puts forward some fresh things to ponder over and make your credit
card experience even more rewarding.
- Trying to impress your friends with the color of your card? There are better
ways to do it. Gold, platinum and other exclusive credit cards have high cost
of ownership in annually fees, and other finance charges. By all means stay
away, if you can from all such credit cards.
- Credit cards can provide interest free money up to the grace period offered
by the credit card. This thing can be enjoyed if you repay all your outstanding
balances on a monthly basis.
- If for any reason what so ever you are not able to pay your monthly balance
in full. Stop, using that credit card. Get even with your balances first.
- Never pay any up front fees to get that credit card. If you don't have excessively
poor credit, no credit card company on this earth will demand an up front
fees from you. If it does, steer clear from it.
- The more number of credit cards you have, greater is the chance of your
missing the repayments, and getting into credit card debt. There is no point
in going for credit card debt consolidation afterwards, why don't you get
rid of the extras now?
- Cash advance with your credit cards? Think again you will be borrowing at
excessively high interest rates plus shelling out the cash advance fee will
only make things worse.
- Never ever shy away from your credit card company. This is absolutely essential
when you are facing credit card debt, answer their calls politely, tell them
about your problem and you can get a solution. Running away will only aggravate
- Calculating the amount of money required to get that elusive reward from
your reward credit card can help you estimate, the reward-worthiness of the
credit card. Don't simply jump and grab every other credit card. A judicious
and intelligent decision will save a lot of money and frustration later.
- Excessive balance transfers can land you in the trouble. If you are one
of those who are constantly looking out for low balance transfer apr credit
cards, then it's time you rethink your strategy. Because credit card companies
have recently started to track such people.
- Maxing up on your credit card can hurt your credit history. As a rule never
go over 70% of your credit limit.
- Be wary of the universal default clause. If your credit card has this clause,
you will be surprised how even paying a late phone bill can cause your credit
card apr to rise.