Credit Card Savings

Credit Card Savings
Having a credit card is very convenient since carrying a lot of
cash becomes unneccesary and you might even have a hard
time leaving your credit card at home. But with its advantages
comes also its disadvantages. Since you can always buy things
without carrying cash around, you are always tempted to buy
something that you come across. If you have excellent control
on your finances then good for you. If you have a hard time
managing your credit card, then these pointers can help you.
Get organized
First thing's first, obtain your credit card records to have a
better idea of your spendings. Be sure to double check the
records for errors and ensure its accuracy. A good example would be to find out if you have
outstanding debts that should not be there as well as the accuracy of the listing of your
former and present address.
Evaluate your credit card
Go over your recent credit card records and look at the interest rates. Some credit card
companies have promos wherein they offer lower interest rates for a period of time and
this promo may already be over yet you have no idea and are already paying at a higher
interest rate. Also take note of the membership fee which they charge annually since some
have very high membership fees. Consider cancelling this if you are not using it
frequently.
Pay on time
It is important to pay your bills on time since it can have a negative effect on your credit
record or rating. You will also be able to avoid getting charged because of not paying on
time. Try asking the credit card company to remove the overdue charge if you have
forgotten to pay it on time for the first time.
Manage your debts
If you see that you have more debt than what is comfortable, think ahead and plan out
how you will repay it or at least reduce your debt. Devise a way to pay more than what is
required of you so that you will have a reduced payment schedule. Prioritize the card that
has the highest interest rate. Do not bring your credit card always when you go around
since temptations abound.
Don't bite more than you can chew
As the saying "don't bite more than you can chew" goes, do not spend more than you can
afford. True, a beautiful gold bracelet may be enjoyable to wear but its price tag may mean
paying a lot for the next months. If you are bent to save money when using your credit
card, unnecessary items like jewelry and the like should be at the bottom of your
considerations.