Credit cards are our go-to options when we are left with no other alternatives. But let’s accept it – credit cards are the saviors when we’re desperately in need of some quick funds. Here are a few quick tips about credit cards you’d love to know about
1. Use your card sparingly
Trying your best to avoid using your card and swiping it when you actually require it makes total sense and is super beneficial for you. Spare the credit card for the times when you cannot do without it and watch how positively it impacts your credit score. Maintain the fine balance between use and overuse, and you’re good to go!
2. Terms and conditions – watch them
3. Give the high-interest cards preference
The credit card with higher interest rates is what you should be paying off first. Not that you shouldn’t pay the rest, but just make sure you have a sorted approach towards the payments that includes paying off the higher interest rate card bills off first.
4. Monitor your credit usage
What’s best than keeping a tab on your credit and taking decisions based on that? So make sure you have that finance app ready in your smartphone that will monitor all your credit and also generate reports for you when required.
5. Watch the offers
To be frank – don’t fall for these offers. Make sure you study and weigh the pros and cons of such offers before you actually sign up for one. The credit card companies want to make their business thrive so they wouldn’t really mind pushing you into overspending by luring you with these offers. Be careful!
6. Don’t use cards unless you pay them off
Instead of continuing to use the cards and piling up those debts, stop using the credit cards until you have paid off the bills. This will save the interest amount that would keep accumulating, thus increasing the amount you have to pay off.
Simple tips that would not only keep your credit score in the permissible limits but will also allow you to make use of the facilities credit cards bring with them!