How To Use Credit Cards Correctly
While cash is always king, that doesn’t mean credit cards are the court jesters. Credit cards can offer convenience, protection and in some cases, rewards. If you’ve figured out the wrong way to use plastic, here are suggestions on how to use credit cards the right way.
Rack up points for rewards. A card like American Express Blue Cash can give you up to 5% cash back on qualifying purchases. If you are using a credit card for the majority of your expenses, the points add up and can be retained with little headache in the form of a plane ticket to gas cards. To search for reward cards offering a certain set of criteria, such as a low introductory rate or best for a student, visit CardRatings.com here.
Pay amount off in full to avoid fees. Who needs to wait for a snail mail bill when you can pay off your card online as soon as the purchases are made? However, this can be a costly game if you’re not disciplined or honest enough about your finances. As this Stop Buying Crap blog entry states, if you do rack up credit card debt just remember no one held a gun to your head and made you do it.
Protection against identity theft or loss. A credit card can offer more protection that a debt card and is easier to replace than cash. Most credit card policies remove unauthorized purchases if reported as soon as they are caught. Read your bank’s small print. By law, once you report the loss or theft, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card.
Use as a road to good credit. Your FICO score depends deeply upon your ability to prove you can pay your bills on time and have so for a period of time. Credit cards are one of the cheapest and easiest lines of credit to get approved for – and you don’t have to tap into the loan. It’s just there to make the benefits of a credit card work for you.
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February 24th, 2010 at 6:19 am
credit card holders should learn how to manage their finances wisely to avoid debt problems in the future. It’s better to pay regularly or not to carry balance on your card so you will not pay interest rate.