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Being Savvy With Your Credit Card

March 3rd 2016 by
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Credit Card TipsIt is no secret that people are using credit cards more than ever. With this, comes many advantages and disadvantages to consider when using your card.

For many people, credit cards bring convenience to their lives due to the fact that they do not have to worry about ensuring they have enough cash on them and they don’t have to worry about finding an ATM. Receiving monthly credit statements is a good and easy way to keep track of expenses, especially with year-end summaries that can assist you with your taxes.
Using a credit card can also provide consumers with perks that can be of advantage to them. The most well-known perks include frequent flier miles and automobile discounts that can be based on the purchases made with that card. With these perks, many companies also offer low introductory interest rates that allow consumers to move balances to lower-rate cards.
If you can control your swiping habits when making purchases, credit cards can be a great way to build credit, especially good credit. The best way to ensure this is by spending within your budget and paying bills on time. One of the biggest advantages of having a credit card is that most companies will handle disputes for you if a merchant will not allow you to return a defective item or does not follow through on the purchase.
With these advantages, there are also an equal number of disadvantages. The first of these is the most obvious and most associated with credit cards: overspending. It is very easy to succumb to the temptation of swiping your card at every purchase. This can quickly lead to debt that piles up and bills that cannot be paid. It is very important to save all of your statements and ensure that you were not overcharged. Checking your statement is also necessary to check for unexpected fees.
If you carry a balance or miss a payment you will be penalized with high cost fees which will add up quickly. While you may be sold on a card because of the perks, often times the high interest rates and annual fees will outweigh the benefits. The savings that are offered by credit card companies can usually be obtained somewhere else. Many people are also attracted to a company that offers low introductory rates. However, these rates only last for a limited time and when the rates expire, balances can jump very high, very quickly.
Use your credit card in order to help build your credit. Be conscious of how much you are spending and fees that may arise.

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