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Using Credit Cards Wisely
"I think money was stolen from my card" or "I might have
blocked my card in the ATM" - these are frequent problems that
bank customer-support officers usually hear from agitated
clients. Incorrect use of credit cards or wrong interpretations
of their functions are frequent even after tens of years of
credit-card extensive use. Actually, there are 4 most frequent
causes for problems; one is related to overspending, the second
is about missing money; this is usually connected to the 3rd
problem - unauthorized use and finally there is the issue of
forgotten information. All these problems are interconnected and
can lead to serious financial problems. However, there are a few
simple things that you can do in order to avoid hassle.
First and foremost, remember that your credit card has a
limit. When you open a credit line you will be given a certain
credit limit that can vary from twice your monthly income to 3 or
maybe 4 times that income, depending on past credit history.
However, do not spend more than you can pay back. At the end of
each month you will have to pay-back the borrowed money and there
will be no exceptions from the rule. So lesson number one is
"spend within limits".
The second thing you need to do is keep a record of your
expenditures. Keep bank statements, receipts and carbons in a
safe place and at the end of each month make a calculation of
your deposits and withdrawals. If there is any discrepancy
between the two, make sure to contact your issuer bank
immediately and solve the situation. Most people find out that
they have forgotten about a certain payment that was made with
the card, yet you may find out more important information than
this.
This brings us to the next issue - the unauthorized use of
credit cards. This is a wide problem mainly due to theft. It is
safe to keep your credit cards in a wallet, separately from any
other papers so that you do not lose cards; it is also
recommended that you make sure there is no one watching over your
shoulder when you type you personal identification number and off
course there is the rule of never giving out the PIN to anybody.
Unauthorized use is not only related to theft. Young children
should never be given the number and/or the PIN of a credit card.
If they are still not aware of the value and importance of money
you may find yourself paying for useless items or services. So
rule no.2 is Never Give out Your PIN.
There are many things we need to remember and keep track of.
One of these things is credit card information such as name of
issuer, year and month of expiration, credit card number and PIN
and the help-line phone number. If you feel there is too much
data to memorize it is best to have everything written down and
kept in a safe place like a deposit box or your telephone - there
are telephones that offer a special notebook feature which can
only be accessed by introducing a code and where you can store
data safely. Therefore, another thing you need to do is Keep
Records of Important Information.
Managing credit cards is not child's play. You will need to
keep good track of your money if you do not want to overspend or
lose track of expenditures. You also need to learn that your
money is your business and thus attention needs to be paid when
giving out credit card identification information. Last, but just
as important, you need to keep in handy support-centre contact
information in case you need to report irregularities or you have
questions to ask. Attention and common sense is actually all you
need in order to use a credit card wisely.
This article has been provided courtesy of Creditor Web.
Creditor Web offers great credit card
articles available for reprint and other tools to help you
search and compare credit card offers.
MORE RESOURCES:
MORE COLLEGE CREDITChicago Sun-Times, United States - 10 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
Ask, and you might receive a lower credit-card rateSeattle Times, United States - 13 minutes agoPick up the phone, look at the latest credit-card offers and keep repeating this: The bank needs me more than I need it. By Susan Tompor Pick up the phone, ... |
Boston Globe |
US travelers face credit snafuBoston Globe, United States - 12 minutes agoBy Eric Lucas All I wanted to do was buy gas, so I put my credit card in the automatic card-reader and got ready to fill the tank. ... |
Credit - Google News
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