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HOW TO USE A CREDIT CARD SMARTLY

May 27, 2011 by · Leave a Comment 

A credit card if used properly will give you many benefits, but if you don’t know how to use one properly it will cause you credit problems that will take years to resolve. Here are some tips on how to be credit card smart.

1. Select a credit card that suits your needs. If you have repayment problems choose a card with a low interest rate if not a card that offers the best rewards scheme will be a good choice.

2. Repay the balance when due or else you face credit card debt which will affect your credit score.

3. Always check your statement against the card slips and if there is a mistake call the credit card company.

4. Don’t over use the card. Keep purchases under the credit limit allowed.

5. Have a manageable number of cards. Too many cards can result in spending you cannot afford. It also makes monitoring difficult which could result in late payments, so keep it to a minimum.

6. Make use of the rewards schemes and be aware of the terms and conditions when accepting credit card offers, they lure you to spend more and more.

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