Uncomplicated Credit Card Finance Resources Methods ? Where ...

Dealing responsibly with credit cards is one of the challenges of modern life. Some people get in over their heads, while others avoid credit cards entirely. Learning to use credit wisely can improve your quality of life, but you should avoid the common pitfalls. Read on to learn ways to make credit cards work for you.

Learn about the grace periods that your credit card company has. You may find that there is not any grace period for you to get a payment turned in late. Knowing this can help you avoid the late payment fees that can amount to a very high fee that you likely cannot afford.

It is important that your payments are made on time monthly. Most credit card companies charge late fees. A late fee can be as high as $25. If you?re late or miss several payments, the penalty fees could increase each time.

Understand the basic terms of the Fair Credit Billing Act. This act helps to prevent consumers from having to pay unauthorized charges on their credit cards. It can protect you in the event of fraud, but only if you have a basic understanding of it. Sometimes credit card companies will try to make consumers responsible when they shouldn?t be, which is where this law comes in.

If you no longer plan to use a credit card, considering closing that account. Closing the account will protect you from identify theft and credit card fraud. In addition, closing an account that is no longer used will help improve your debt-to-income ratio, which is one of the factors that lenders look at, when determining whether or not to approve a loan application.

You should contact your creditor, if you know that you will not be able to pay your monthly bill on time. Many people do not let their credit card company know and end up paying very large fees. Some creditors will work with you, if you let them know the situation ahead of time and they may even end up waiving any late fees.

Never give your credit card number out, over the phone or online without knowing and trusting the company you are dealing with. If you are receiving an unsolicited offer that is requesting a credit card number, be doubly suspicious. There are many scams out there that want your credit card number. Be diligent and protect yourself.

You should feel a bit more confident about using credit cards now that you have finished this article. If you are still unsure, then reread it, and continue to search for other information about responsible credit from other sources. After teaching yourself these things, credit can become a trusted friend.

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