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Top 10 Tips To Save Money On Credit Cards

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Top 10 Tips To Save Money On Credit Cards

The top 10 tips are basic principles about obtaining and using credit cards that can save you some serious cash and keep you out of debt.

10. Have at Least One Credit Card for Emergencies. While we highly recommend having a rainy day fund for emergencies rather than relying strictly on credit cards, having a credit card with a low interest rate just incase is a good idea.

9. Rewards are not so Rewarding. Rewards can be a good thing, but only if used correctly. Rewards cards typically have a higher interest rate than regular credit cards, with the value of the rewards justifying the extra expense. The rewards are not usually as valuable as you may think. Typically the value of the reward is around 1 cent per dollar charged and often the rewards expire at the end of the year if you dont use them.

8. Have Two Credit Cards. If you do plan to take advantage of rewards, we recommend you carry two credit cards. The rewards card for making your daily expenses that you will pay off in full each month and a second card with the lowest possible interest rate to cover any emergency expenses when you wont be able to pay off the balance in full by the end of the month.

7. Search & Shop. Dont apply for the first pre-approved offer you receive in the mail or any for that matter. Do the research for yourself. There are plenty of sites such as CreditorWeb.com that allow you to compare hundreds of credit card offers with a simple search. Youll get the best deal by shopping around.

6. Read the Terms. The terms and conditions are the equivalent of the disclaimer you hear on car lot commercials. It cuts through the hype and reveals the true terms of the credit card such as what happens when you miss a payment and what youre really getting from the rewards. Most terms are not that long, usually around one full page, its worth your time to read them.

5. Ask for a Better Rate. Once you have been a credit card customer for a few months call them and ask for a better rate. They wont laugh at you, they get hundreds of these calls every day and if youve been a good customer it usually will work. Credit card companies work hard to obtain you as a customer and they will work hard to retain you.

4. Pay Off Full Balance Every Month. All credit cards have high interest rates compared to other types of loans. You should never plan to carry a balance on a credit card. If you must make a large purchase that you do not have the money for at the time, obtain a loan or a revolving line of credit from your bank. You will save a bundle on interest rates.

3. Work with Retention Department. If you ever feel you are being treated unjustly by your credit card issuer, a simple threat to leave will get you transferred to the retention department. This department will be MUCH more helpful to you and will usually do whatever it takes within reason to get you to stay.

2. Do not get a Cash Advance. This is the second worse thing you can do with a credit card, short of missing a payment is getting a cash advance. The cash advances usually come with a very high interest rate. What makes it worse is the fact that with most companies this higher rate credit will not get paid off first, or even in the order that you took it out. They will apply your payments towards all the lower rate purchases and will only begin paying off your high interest cash advance will all other items on that credit card have been paid off.

1. Never, EVER Miss a Payment. This is the absolute worse thing you can do with a credit card. Not only will you incur a late fee, but your interest rate will also skyrocket. In addition it will be a negative blemish on your credit report which can cause the rate on any other loans or credit cards you have to increase as well as insurance rates. It also makes you less likely to get approved for future credit.

Credit Repair Secret Tips That May Be Helpful

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Credit Repair Secret Tips That May Be Helpful

Most people don’t realize it but there are actually several credit repair secret tips that you can use to help undo the damage that’s been done to your credit score. None of this information is widely advertised, I mean, why would it be? An uninformed consumer is a sitting duck to all the threats and harassment of a debt collector. Don’t ever forget though, that you do have rights and that debt collectors have strict rules they have to follow.

The first thing you want to do is make sure that whatever negative things are on your credit report are accurate. It’s important to check your credit reports, from all three credit bureaus, at least once a year. If you find a mistake, contact the credit bureau immediately in writing and request that it gets corrected. This simple tip can help you raise your score and get rid of inaccurate information that has been costing you money in higher interest rates.

When you contact a credit bureau keep a detailed file as to the date you sent the letter, sending it certified may be a good idea, as well as a copy of the letter you sent them. Unfortunately sometimes the credit bureau isn’t right on top of everything and it’s a good idea that you keep track of everything in case they try to jerk you around.

When you are requesting that something gets changed or corrected you don’t have to be timid. Don’t treat them like you are a servant requesting a favor. Of course you want to be polite and professional but you aren’t asking them for a favor you are asking them to correct a mistake. Don’t let them push you around.

Don’t expect this process to happen quickly. By law the credit bureau has up to 45 days to get back to you (but I’ve personally seen it take much longer). This is a process and you have to let the process work it’s way out no matter how long it takes and how aggravating it can be.

If you want to work on your credit because you are contemplating buying a new home or car and you want to get approved, don’t wait until the last minute. Start right now on repairing your credit. Remember, this is a process and it will take time.

In the meantime, while you are waiting for the process to work, make sure that you make all your payments on time. That includes all your household bills such as utility bills and not just your loan payments. You may not realize it but utility and cable companies report to the credit bureaus too and late payments can affect your credit.

Look for mistakes. Let’s face it, people make mistakes. You are dealing with three different agencies, each of which is dealing with any number of creditors; that means there are plenty of opportunities for mistakes to be made. The problem is that one little mistake can have a serious impact on your credit score. If you find any mistakes, be sure to report them to the agency right away. Send a copy of any documentation to support your claim. This is one of the “credit repair secrets” others will charge for.

Pay on time, every time. There are a lot of different things that go into your credit score, and some of them you can’t do much about. For example, you can’t change how long you have had credit for. But you can start making all of your payments on time. Doing this consistently for several months will start to raise your credit score. Now, this may not give you a perfect score, but every point in your favor is worth it.

Fight! Fight! Fight! You need to take your finances seriously. Once you have the right mindset everything else will get easier. There will be setbacks, there will be times when you will want to splurge, there will be days you want to give up, but you will get past them unscathed when you’re fighting for your financial future.

Your credit score may be on the low side right now, but it doesn’t have to stay that way. There is a catch to these credit repair secrets. Sorry, there always seems to be a catch, doesn’t there? The catch is that you have to follow through on them. Just reading about them will accomplish nothing, in fact it could make things worse. What’s next is up to you. All it takes to have the future you want doing anything to take that first step in the right direction.

You can rebuild your credit without resorting to underhanded tactics if you’re willing to devote the time and consistency it will take and that may well be the biggest credit repair secret of all. Don’t forget, the sooner you get started the sooner you’ll qualify for a great rate on that new car loan or mortgage, and that will be great!