6 Expert Credit Card Tips

Finance pros were asked about the proper and sensible use of credit cards and here’s what they said:

1. The credit card balance should be less than 50% than the total line of credit. Otherwise, it can negatively impact your credit score and increase interest payments.
2. Avoid sharing credit card accounts with your spouse. It can be more difficult to handle the overall debt and take a toll on your marriage.
3. Beware of promotional offers. Credit card companies often use promotional offers to attract new customers. Make sure an offer benefits you and stay away from unnecessary purchases.
4. Ensure you pay on time. Late credit card payments can result in penalties, additional fees, and it can affect your credit score.
5. Read carefully all terms and conditions before you apply for your credit card and understand the fine print, penalties, rewards, etc.
6. If your credit card gets stolen or goes missing, report it immediately! If you fail to do so, you might end up owing money you didn’t spend.

Read More Here: https://fitsmallbusiness.com/credit-card-tips/