The 10 Rules You Need to Remember When Using Cards
Most people have credit and debit cards these days. We are used to paying with contactless technologies nowadays, but it is common to forget the do’s and don’ts of debit and credit cards. We will review the most important rules to make the correct use of credit cards in this article.
Rules of Thumb for Debit and Credit Cards
1. Do Not Get More Credit Cards Than You Need
2. Watch Out for Outstanding Balances
You may not be interested in using all the available balance in your credit card because of commissions. The monthly statements can become overwhelming if you squeeze all the juice from the card balance. It’s often more convenient to spend a fraction to stay in the safe zone.
3. Do Not Use the Minimum Payment Option
The minimum payment means the maximum revenue for the providers. They will encourage you to opt for this choice for major convenience, but it’s a marketing trick. You will face the biggest commissions in this method.
4. Stick to Deadlines: Avoid Overpayments
Credit cards #1 rule of thumb is to pay timely. Otherwise, you will most likely face some additional fees for being late.
5. Keep an Eye on Your Card Statements
Sometimes there are operations that you may not recognize in your card statement. In case of doubt, double-check in the app, online user area, etc. If you still cannot recall the movement, it’s best to check in person with the provider or by phone these days.
6. Do Not Leave Any Card Untracked for Long
You would be surprised about how often people forget cards that are active and, thus, can be used for unauthorized purchases. Stay safe, keep your cards at hand, and double-check their statements regularly. Also, in some cases, you can turn off cards you do not need to use anytime soon.
7. Avoid Withdrawing Cash from Credit Cards
Simply put, the fees are too large. It’s often best to deposit in your account or directly make a purchase with the card.
8. Think Twice before Charging a Credit Card
You may face an upfront fee and additional commissions for future movements. It’s often best to have a dedicated card for online purchases that you can turn on/off at best convenience.
9. Be Smart: Negotiate Better Conditions with the Provider
If you are a long-time client, your entity should offer you better conditions than those for newcomers to retain you. However, sometimes they do not call first. In that case, ask them for improvements – and even suggest you may leave for the competition; you may get a mobile phone out of nowhere!
10. Notify If You Have Issues Paying off a Credit Card
If you risk failing payments repeatedly, the best move is to get in contact with the provider to find a solution. Card issuers can pause some monthly payments or change the conditions according to special circumstances. Stay informed.
By following these simple rules of thumb you will make the most out of your money. Make a smart card user, go contactless whenever you can. Also, learn how to get information from the issuer’s app to keep track of news and your statements on the go. Become a smart credit card user today!
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