6 Awesome Tips for Best Credit Card Managementby Abnv jnmgm Owner
Initially, if you get a credit card, it would be tempting yourself to rush out and spend it for purchases. Credit cards seem to be trending and convenient options to pay for the purchase you do, the way of convenience can help you make purchases that you want otherwise you should able to afford with ready cash, which we can’t able to carry always in hands. Here are some tips to avoid ready cash in purchases and managing credit card and its responsibility:
1. Keep track of your spending amount
It can be very easy to rack up more debt on your credit card to avoid afford with repaying, so it is important to stay in control. The best way to do this is to keep track of your spending amount and check your credit card pay statement regularly.
2. Pay your credit card bill on time
When you get your credit card payment statement, check the date of your card due, and make sure you are ready to pay on time. This will help you to avoid extra interest charges or late payment fees. To make it easier to be assured to pay your bill on time, consider setting up a direct debit to pay a fixed amount off the balance owing each payday. Just make sure these payments cover at least the minimum monthly payment due on the credit card.
3. Maximize your credit card repayments
If you only make the minimum repayments on your credit card each month, you will be paying a lot of interest and it could take years to pay off your credit card debt. If you are struggling to pay more than the minimum monthly repayment, consider switching to a card with a lower interest rate, and pay off more when you can. If you switch, make sure to close the old credit card account so that you don't wind up with more debt.
4. Set a sensible credit limit
Your credit limit should be the amount that you know that you can able to repay, and once that won't tempt you to spend more than you can afford. The following methods will help you to set a sensible credit limit to lower your limit back to a more manageable amount.
· Reducing your credit limit
· Invitations to increase your credit limit
· You can ask your card issuer to increase your credit limit at any time.
5. Check your credit card statement
The best way is to check your monthly pay statement is to keep all of your credit card receipts each month. This will help you to check the charged amount for the things you bought. Even if you don't keep your receipts, here are some tips you should look for when you are checking your credit card statement:
· Charges by companies you do not recognize
· unusual charges
· Changes indirect debit amounts
· Duplicate charges
If you didn't make any transactions, contact your credit card provider immediately, as they may be able to reverse the transaction. Also, you can check for an unauthorized and mistaken transaction for more details.
6. Close your credit card properly
Instead of just cutting up the credit card, there are more ways for closing the credit card account, Before you are closing your credit card make sure to check the following steps,
· Pay off any remaining balance
· Redeem any rewards
· Call your bank
· Send a cancellation letter
· Check your credit report
· Destroy your old card
Finally, it is recommended to take charge of your credit card and make sure you only pay for the expenses you have authorized.
Created on Feb 27th 2020 22:13. Viewed 474 times.