A guide on credit card usage and tips for everyone.

1. Tips for using Credit cards wisely

2. Credit cards are must-haves in
our fast-paced lives. However,
it is a well-known fact that
credit cards can be tricky and
can prove to be a big
nuisance, if not used sensibly!

3. Therefore presenting to you
some basic steps to keep in
mind while managing your
credit card…..

4. Restrict the number of credit cards you hold:
You do not need too many credit cards on your name.
Having just one or two cards should be enough for you.
Go for the ones that don’t charge you annual fees.
Remember credit cards should always be used in
conjunction with your debit cards.

5. Keep track of your spending
It is utmost important that you do this.
It is always better to be in budget rather than overspend and then repent!!!

6. Know your Statement Closing Date
Always keep a track on your credit card’s payment due date
and pay on time.
The interest on credit cards is calculated on a daily basis but
is charged on a monthly basis.
Also, if you have more than one credit card, always pay off
the one with the highest rate first.

7. Low credit limit
Make sure you open a credit card account with a company
that will provide you with the highest credit limit possible.
High credit limits, even if they are not used will add merit to
your credit score and improve it.

8. Be cautious while transacting online
This holds true for all your transactions – whether it is
through your Credit card or your debit card.
Always ensure that you are using a secure site.

9. Be very sure before you pay your bills
You should go through your monthly statements thoroughly to
make sure all the charges were authorized for the correct
amount and not subject to any unexpected fees.
You have every right to question your bank regarding any
wrong billings.

10. Never withdraw cash from your credit cards
Cash card withdrawals are subject to transaction charges as
well as interest charges right from the day of your withdrawal.
Credit card companies charge too high an interest - it ranges
between 24 to 48% per annum!!

11. Be cautious and disciplined regarding your credit
card finances and surely this plastic money will
become your best financial tool!

12. For
more finance news and personal
finance, please visit
http://www.bestpersonalfinancenews.com