Because of problems that can occur with credit cards, many people are scared to get one. There is no need to be scared of credit cards. If you need to buy something that you don’t have the cash for or don’t want to spend the cash on immediately, you can use a credit card. This article should give you some great advice on how to manage your credit cards.
Speak with the credit card company right after you see a charge on your statement that you did not make. This gives the credit card companies the most opportunity to catch the person responsible. By doing this you also are less likely to be held responsible for any transactions made from the thief. Fraudulent charges can usually be reported by making a phone call or sending an email to the credit card company.
Do not bother with retail credit cards unless you have a serious intent to shop at a given store on a regular basis. When a retail store inquires about your credit prior to opening an account, that inquiry is recorded on your report whether you go through with opening a card or not. Too many retail store inquiries will cause a hit to your credit score.
Lots of credit card companies give bonuses for when you sign up for new credit cards. Make sure that you go over the fine print because a lot of these credit cards will have terms that are very specific on qualifying for bonuses. Many times, the creditor will require you to charge a particular amount in a set time to receive the bonus.
If your financial circumstances become more difficult, speak with your card issuer. If it is possible that you will miss your next payment, you may find that a card issuer will help by allowing you to pay less or pay in installments. This communication may keep the company from filing a late payment report with creditreporting agencies.
Carefully look over your balance and statement. You should also remain aware of your credit limit. If you exceed your card’s limit, you will end up paying big penalty fees. This will make it harder for you to reduce your debt if you continue to exceed your limit.
If you need to acquire a credit card, though you lack a lengthy credit history, think about getting someone to co-sign your application. A co-signer could be a trusted friend, sibling or parent and anyone that already has established credit. They are required to state their willingness to assume responsibility for outstanding balances if you fail to pay. This method is a smart way to help build your credit with a first credit card.
Sign each credit card as soon as you receive it, as most people don’t do this, which makes stolen cards very easy to use. A lot of places need a signature so they can match it to your card, which makes it safer to buy things.
The advice in this article will help anyone fearful of getting their first credit card. Credit cards can be extremely useful if you use them properly and understand how to use them without fear. Simply remember the advice you received and you will be fine.