Owning a card is a responsibility. A choice you made willingly and now need to follow with all of the rules and regulations highlighted in the contract with the bank you chose. All of them may seem rather simple from the first glance but, in reality, there is much more to the entire credit card business than meets the eye.
That is why I came up with these three amazing credit card tips a lot of people often tend to overlook. Shall we begin?
Have a choice
One credit card is not enough. You simply won’t enjoy the benefits of owning one in full with particularly set limitations. There are cards with better rates or fees – they should be used for transactions between accounts or shopping. There are cards with bonuses for travelling. There are cashback cards that allow saving a sum from your spending for further investment. But there I never one single card with all of these capabilities!
That’s why it would be smart to consider choosing several best fitting to have more plastic in your pocket. Effectify service can help with choosing the best deal. So can online reviews as well as specializing blogs. Keep an eye on them and keep your finger on pulse of the industry.
What if you can pay full?
Paying the entire sum on your credit card in full by the end of the month is the Holy Grail for credit card owners. If you manage to do so you will never invest a single dime of interest.
But who are we kidding really? Accidents happen. Bad things happen. It is a cruel world we live in, after all. You may not have the opportunity to pay your full debt. In this case – pay whatever you can as long as it’s above the minimum.
Sure you can keep paying the minimum for a lifetime but, in reality, you are simply wasting that cash. It does not cover your debt but rather goes into the bank’s pocket as interest while you still owe money.
Cancel cards in feed be
Seriously, its not a big deal. You have thousands of options available so why stick with the ones you went for while being young, fresh and not too savvy? It’s not like we are dealing with a cable or internet monopoly right now.
If you see a better deal – go for it without second thought! This way you will remain relevant and up-to-date along with your credit history.