Best Credit Card Practices
Monday, March 24th, 2008Credit cards are like fire.
Use them wisely and you have a tool that enhances your ability to accomplish things. Use them unwisely, and like those who play with fire, you’ll get burned.
Using credit cards wisely requires that faithfully do the following.
1. Always pay on time.
2. Pay the balance in full each month.
3. Always pay at least the minimum balance if you can’t pay the balance in full.
If you pay late, you’ll get burned with late fees. Pay too late and your interest rate will increase.
If you fail to pay the balance in full each month, you’ll pay interest. If you use your card for unnecessary things like coffee or eating out, you’ll pay more than the drink or meal was worth.
If you pay less than the minimum balance, at a minimum you’ll get burned with an higher interest rate and a rising balance.
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