Learning How To Manage Your Credit Efficiently.

Credit card offers a lot of convenience to the users

. It is not always feasible to pay our expenses by cash or cheque, and here comes the credit cards to our rescue. Credit cards gives a freedom to buy almost anything. But you are required to manage them carefully, otherwise, you are prone to lose the valuable benefits offered by these magic cards.

Reckless use of credit card would definitely push you towards a lot of debt stress, high rate of interests, debt consolidation, payment defaults and finally bankruptcy.

Try to avoid excessive bills : after receiving the credit card, always go through the rule books patiently. These catalogs contains some important points worth considering. Understand and try to acquire knowledge on the following terms :

Introductory offers: credit card companies also offer an introductory rate for the first few months. Many have a 0% offer but always ensure you know everything that is associated with your card and the offers that it includes. Be aware of the validity time period and clarify each and everything you might have with your credit card company.

Annual fees: is a certain amount charged by the company and varies between $35 and $50. for knowing the exact amount that your credit card company is charging, check out the Schumer Box.

Grace Period: 20 to 30 days counts for the usual grace period in a standard credit card for paying the bills, without being charged any extra, beyond the due date. Credit card users who pays their bill in full each month, can enjoy long grace periods. However, remember that if your card doesnt have a grace period then an interest is charged on your card as soon as you make a purchase.

Fees for bill payment: there are credit card companies who charge an extra amount for online bill payment facility or for payment over phone. So, if you want to avoid paying those extra dollars, then pay your bill through mail as soon as your statement arrives.

Penalty: every company follows a penalty rate clause, according to which, you are liable to pay certain amount of penalty in case of late payments. Rate of interest can also be raised on behalf of late payments. Also, if you are on time payee, and pay your bills on time for about six months, your credit card company might consider lowering your late payment rate.

Universal default: this clause allows creditors to raise your interest rates if you make a late payment on any account. Your creditors check your credit report and keep a track of the payments that you make. However, you can have a good credit report by paying all your bills on time.

Credit cards management is considered as an art that everyone must learn. For maintaining a good credit report and credit history, learning how to manage your debts is and important task.

For more details please visit: www.rockbottommerchantaccounts.com

by: Rock Bottom

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