Credit Card Tips You Ought to Know!
Using a credit card to pay for your everyday expenses is a pretty smart idea. From giving you instant access to funds in an emergency to helping you earn rewards for the expenses charged, credit cards are an important financial tool. Here are some more tips that can help you make the best use of your credit cards.
Look Out for APR Promotions
If you have substantial credit card debt, you should keep an eye out for credit cards with a promotional 0% APR so you can transfer your debt to the new card. Make sure to pick a credit card with a long interest-free period to make the monthly payments easier on your wallet.
Get a Few Different Rewards Credit Cards
While having a single rewards card can certainly help you rack up points, you may want to get more than one rewards card so you can maximize your reward earning potential. That said, you should only get more credit cards if you are sure you can manage the repayments for each of the cards, without it affecting your credit score.
Consider Changing Your Payment Due Date
Your payment due date has likely been fixed by your creditor. However, if it falls at an inconvenient time of the month, you don’t necessarily have to stick with it. You can request your creditor to move up the date to ease your payments.
Making Mid-Cycle Payments Can Positively Impact Your Score
Did you know that credit card companies send out a report about your credit card account including the outstanding balance once every billing cycle? However, this report is not sent immediately after you clear your balance. So, if you are in the habit of charging many expenses to your card throughout the month, it’s a good idea to make mid-cycle payments to your creditor to help keep your credit utilization low.
Sign up For Balance Alerts
If you find it difficult to keep a track of your credit card expenses, you should make sure to sign up for balance alerts. When you opt for this service, you will receive a text or email letting you know when your total spending has hit the threshold selected by you.