How To Use Your Credit Card Wisely

Are you tired of paying high interest rates on your credit card? Do you always suffer penalty fees on your monthly billings? If so, you are just one of the many others who have been trying so hard to make their credit cards work out for them the right way. If you are still figuring out how to outsmart your credit card company, here are some tips on using your credit card wisely:

  • Pay your balance in full each month.

In order to avoid skyrocketing interest rates and annoying penalty fees, make it a habit to pay your credit card balance in full and on time. Don’t retain any balance on your credit card because you will have a hard time paying it once there interest rates are placed on top of it. To avoid forgetting your due date, set up an automatic bills payment on your bank account. This will make you never miss a deadline and prevent you from suffering any penalty charge from delayed payments.

  • Avoid additional purchases when paying off your credit card debt.

The secret to avoiding hefty interest charges is to always pay off your credit card debt. If it is hard for you fully pay your credit card debt out rightly then do amortizations. But see to it that while you are repaying your credit card debt, you are not making additional purchases using the same card. Otherwise, your debt will just continuously increase and the interest on that would also increase making it harder for you to settle your credit card balance.

If it is hard for you to stop making new purchases, pay using cash or debit card instead of your credit card.

  • Ask about foreign transactions fees before using your credit card abroad.

If you have plans on travelling abroad, contact your credit card issuer first and ask about their foreign transaction fees. Often, credit card companies charge extra on purchases made abroad and if you don’t know about this, you can expect a very high monthly bill. If the foreign transaction fee of your credit card company is too high, then better use cash while abroad.

Is your credit card is giving you problems but you terribly need cash fast? Take advantage of Barrie Bad Credit Personal Loans. These loans are based on the equity of your vehicle so even without a good employment record, a good credit rating or the other requirements for credit card approval; you can still avail of Barrie Bad Credit Personal Loans. You just need a car, without liens, registered under your name, to avail of such loans.

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