Tips To Help Manage Credit Cards

There are many tips and secrets to credit cards that can help a person manage their credit card debt and save money every month.  Many of these secrets the credit card companies do not want you to know about because they are making money off of you.  However if you follow these tips you should be able to pay off your debt sooner and not end up with bad credit.  When this happens many end up getting loans for bad credit borrowers.

Annual Fees

Yes it is possible to get rid of the annual fees a credit card company charges just to have one of their credit cards.  Sometimes these fees can be extreme.  If you have good credit the credit card companies may consider removing this fee altogether.

Interest Rate

Do not be late on your credit card payments.  There are many credit card companies that have fine print in the contract that states that under their contract if you are late or miss a payment your interest rate can be increased on the credit card as well as other cards that you may have.

Due Date Changes

Credit card companies like to trick people by changing the date that your payments are due.  They will do this so that if you pay late because you are not used to the new date they are able to collect a late fee.  Often times the late fees can be very high.

Promotion Checks

Promotion checks are a trap that credit card users get stuck in.  These checks should be used with care and the fine print should be read before using the checks.  There are fees that are associated with promotion checks and there are also transfer fees that are charged.  These fees may end up being more than what the original interest rate was.

Try To Get Late Fees Waived

It is possible that if you ask a company may remove the late fee that was charged to you.  Most companies will do it if you have never been late on a payment before.

Pay Off The Card Every Month

Why pay interest when you can pay off your credit cards every month.  By paying them off you will save money in interest by not using the convenience of paying just the minimum payment.

Credit Card Insurance

Credit card insurance is a cost that many card companies will try to push you into purchasing.  This is insurance that if something happens and you are no longer able to work or you become unemployed it will delay the payments.  This insurance is very costly and will make your monthly payment higher than it has to be.

There are many ways to manage your credit cards and stay out of a large amount of debt.  These are just a few.  The smart thing to do is to use your credit cards wisely and pay the balances off every month.  No one likes to be in debt and debt can spiral out of control before you know it.

 

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Category: Credit Card