5 Unmissable Credit Card Tips

Managing your credit card use effectively is imperative! Here are five tips to give you a helping hand:

 

Set up mobile alerts

 

Have you missed payments in the past? This is one of the worst things you can do, as missed payments stay on your credit report for as long as six years, meaning they have an extremely detrimental impact on your rating.

 

To stop yourself from missing payments, it is a good idea to set up mobile alerts. This is something that many large card issuers do, enabling you to benefit from an alert for a variety of activity. For example, you can receive an alert whenever your card has been used, if unusual activity has been detected, and when you are approaching your credit limit.

 

Of course, you can also set an alert for when your statement is ready and your bill is due. If your card provider does not do this for you, you can always set up manual alerts on your smartphone using the calendar or alarm app.

 

Check your credit report regularly

 

In order to manage your credit report, you are going to need to check it on a regular basis. After all, your score can impact everything from your ability to get a mortgage or be accepted for one of the available apartments for rent. This is important so that you can monitor whether your score goes up or down, and what you can do to improve it.

 

It is also a good idea to check your credit card statement on a regular basis too. This will ensure that you pick up on any signs of fraud quickly.

 

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Avoid overseas’ fees

If you are planning on taking a vacation in 2022, you need to be mindful about using your credit card abroad. For most credit cards, and debit cards for that matter, you will be subject to a foreign loading fee. Charges vary considerably, so make sure you are fully aware of the terms and conditions of your credit agreement before you use your card overseas.

 

Set up a direct debit

 

Another way to make a payment on time, aside from setting up mobile alerts, is to set up a direct debit. This is a lot easier than most people imagine – you can usually set it up over the phone or online. You can also usually pick the date of the month you wish the direct debit to be deducted, ensuring you pick the most convenient date for you. You can also determine whether to pay the minimum amount or the full amount on your card.

 

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Don’t apply for a card if there is not chance for approval

 

Last but not least, make sure you don’t apply for cards simply for the sake of it. A lot of people apply for cards on the off chance that they will be accepted because of the amazing promotional offer or low-interest rate associated with the card. However, if you are rejected, this will show on your credit report, which will have a negative impact on your score.

 

This is why it is a good idea to use one of the eligibility checkers to see if you have a good chance of being accepted. Soft searches like this will not show on your report.

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/