6 Smart Ways to Use Credit Cards
The first thing to know about your credit cards is whether you
have the right one for you. That is, do you have the lowest interest
rate you can get?
How to Get the Right Card
Credit card companies constantly offer promotions with low interest
rates -- some as low as 0.0% interest. If you get an offer for a
rate lower than the one you currently have, consider switching or
calling your company to tell them you're got a better offer. Often,
they'll match it to keep you as a customer.
Some card jugglers switch their balance from card to card and always
pay the low rate. Just be careful to note when the promotional period
ends because the rates go sky-high and you need to be prepared.
In addition, always look for cards that offer perks such as cash
back for every purchase, discounts for going to certain restaurants,
frequent-flier miles, Internet access -- anything extra that you
get just for using your card.
To spend wisely with the cards you have, use these smart tips:
If your card charges an annual fee, ask that it be removed. Many
cards don't charge a fee, so you can always switch to one of these
cards (be sure to tell this to the customer service representative
when you call). Most credit cards will remove the fee if you simply
ask. The only ones that absolutely won't are cards with which you
earn airline mileage.
If you accidentally make a late payment, call and ask whether the
late fee and interest can be removed. Most cards will do this at
least one time if you ask.
If you constantly make late payments because the bill is due before
your paycheck arrives, ask your credit card company if your billing
date can be moved. Oftentimes they will be happy to change it to
ensure that you pay the bill on time.
Avoid charging perishable items such as groceries if you carry a
balance each month. The reason is that you'll eat them right away
but could end up paying for them for months, ultimately driving
up the real amount you're paying for food. Coupon clipping doesn't
help when a $3 box of Toasties ultimately costs $6 with interest.
Article continued at http://www.ivillage.com/money/life_stage/startingout/articles/0,,188832_36495,00.html
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