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Ask The Expert

Home > Ask The Expert > Once You Have The Credit Card
 

Ask The Expert

Credit Cards

Once You Have The Credit Card

  1. SHOP AROUND. Beware of sleazy "teaser rate deals" that jump way up after 3 months. Look for the best offer around. Remember, the interest rate (APR) doesn't matter if you always pay off the full balance. But if you carry an unpaid balance, it matters a lot more than the annual fee.  

  2. ONE CARD: One national credit card is all you need to help you build a credit record, if you pay it off on time. Remember, you can build a credit record without carrying an unpaid balance. Don't get into the card shuffling habit, use just one card.

  3. PAY OFF THE FULL BALANCE: If you must carry a balance, always pay as much as you can afford, every month. Never pay only the minimum balance, or you'll never pay down the card. (Hint: See hypothetical real-life situation above.) 

  4. PAY ON TIME: Mail checks early. Late credit card payments hurt you 3 ways: (1) You know about the bad credit reports. (2) Banks also charge late fees of about $20-25 bucks. (3) Finally, 1-2 late payments in a year can put you in the penalty box-- your interest rate could jump to a penalty rate of 24% or more. 

  5. KEEP A LOW LIMIT: If you make timely payments, your bank will automatically raise your credit limit without asking you and other banks will send you offers for more "pre-approved" cards. Don't take the bait. Decline the increases! Keep your balances low! Don’t max out your card! Throw away the offers! 

  6. AVOID CASH ADVANCES: Don't use your credit card like an ATM card for cash withdrawals-- the interest rate on advances is at least 2% higher than on purchases and interest accrues immediately.
 
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