Managing your first credit card
Author: Simon Macsis
Category: Finance
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The current credit crash in America and the effects of the recession on the world has made everyone take a closer look at their expenditure - and their debt repayments - and weigh up their credit options with a firmer hand.
Not so easy to do if you have just signed for your very first credit card and have no prior experience of the pitfalls and hidden costs of credit card ownership. Here are a few pointers to help you manage your first credit card without falling into debt.
Paying the percentage
Make sure you know exactly how much you will be charged for using your credit card to make purchases. Also, make sure you ask about short and long term repayments.
Annual fees
Some credit cards charge annual fees, regardless of how often the card is used. Ask about charges-no annual fees are a good option.
Paying with grace
Ask about grace periods - you can avoid finance charges if you pay the amount due before the due date. Some cards have no grace period and begin imposing charges on the day of the transaction.
Transaction fees
Find out the details of your transaction fees. Sometimes extra fees are charged for certain payments such as wire transfers, making bookings online or over the phone or outside the country.
Never be late
Most credit card companies charge a fee for late payments - the higher the balance, the higher the fee. Ask your credit provider about their policies and ask for reminders or alerts to be sent to you if the payments are not automatically made from your bank account.
Get competitive
Just like car and home insurance, credit card companies are pretty competitive and many will offer good deals and specials - you may not get a higher limit or cheaper repayment options every time, but you might just find yourself a good offer or a special giveaway with a bit of searching. Look online, as you would for car and home insurance, or speak to your bank about the best deals.
Please note that Churchill does not control and cannot guarantee the relevance, timeliness, or accuracy of the article above.
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Keywords: credit cards, home insurance
View Count: 252
Date Submitted: 2/20/2009
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