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.

good advice,

even though 'paying on time' isn't always an option.. ;)

Nowadays credit card become a sign of luxury. These credits card can be used from small Cafe to get expensive products and these amount are not granted for us.  People should be aware of the rate of interest they are paying for using those credit card and thus avoiding the regular usage of credit card is a wealthy feature. Those tips are very handy one for us and surely it should be followed by all the members to avoid dept.

But be sure to have only or use only cridet cards if you really max out your cash. they will just burn ypou down with the interest. I never like having a credit card, this could lead to more debt. It is better to have the good old cash budgeted.

Same with me, I'm not dare to use the Credit Card if still afford to pay cash. It's good for people who can manage their discipline level constantly. But for me, I can't.. my discipline level always fluctuate :). I like this phrase "Don't bite more than you can chew". Pretty nice to hear, but most of the peoples are greedily eat all rather than bite or chew. That's the truth.

I have credit card. But i put the limit at my credit card. I only use it for my flight ticket when i still study abroad at sabah. If not, i prefer to use cash or debit card. Its more easy and no need to worry about credit card.

But if you still fine with credit card. Always pay fast before the interest give you nighmare every night. So, credit card is useful if you know how to use and control it.

Jerlene certainly presented some good advice on managing your credit card spending. I don't know about anyone else but I only carry two cards in my wallet. The temptation to use them because they are available seems too high to me.

I also monitor my credit card statements to be sure I actually charged what it shows. And, I want to be sure I'm not being charged a fee by the card company. They have inundated their cards with all sorts of hidden fees so it pays to watch the statement very carefully.

 

Thnaks for the wonderful advice.I had been using my credit card on many lavish stuffs which are costing me dearer.Now i will use it wisely as you had said.