Advice for consumers is a business in and of itself these days. Credit cards are often a focus for much of this business. Below are some tips that will increase your knowledge of charge cards and help you to avoid some common pitfalls. A lot of people have a credit card and mismanage it and they endure financial difficulties as a result.

If you notice a fraudulent charge on your credit card, report it immediately. If you do so, it will be more likely that the thief is caught. It also ensures you are not responsible for any charges made on the lost or stolen card. Most fraudulent charges can be reported with a quick phone call or email to your credit card company.

A minimum payment is there in order for the company to milk money from you for a greater length of time. To help decrease the length of time it takes to pay of your unpaid balance, pay at least 10 percent more than what is due. Minimize the amount of interest you end up paying.

Bank Cards

Don’t have any new bank cards sent to you if you have a mailbox that is not locked at all times. A lot of people that admit to stealing bank cards say they got them out of unlocked mailboxes.

Try calling your credit card provider and asking for a lower rate. If you maintain a good history with your company and have always made payments on time, you should be able to come up with a better rate. All you need is one phone call to help you get a better rate.

Never, ever, under any circumstance lend out your credit card to someone. Even if it’s a good friend that needs something badly, it’s not smart just to lend a card out. Doing so can result in over the limit fees if your friend charges more than you allowed them to.

Keep a list of the “lost/stolen card” phone numbers for each of your credit card issuers along with your credit card number for reference. Put this list in a safe place, like a deposit box at your bank, where it is away from your cards. The list will prove invaluable if you lose your cards or if they are stolen.

It is possible that your interest rate can be reduced, so do not think that you are stuck with the rate you were given. Credit card companies compete with each other for your business, and they all use a range of different rates to attract cusotmers. If you think your rate is too high, you can often call the issuing bank and request that they change it.

Overall Credit

Always avoid closing an account. Doing so can actually cause damage to your overall credit score. This is so because it subtracts how much credit you can have from your overall credit. Then it lowers how much you owe and how much credit you are able to maintain.

As it was previously mentioned, you can quickly find yourself financially doomed by using bank cards unwisely. Carrying a balance, late payments, and big purchases can all get an uneducated credit card user into high debt. Hopefully, you can use what you went over in this article to help you use your credit card more wisely.