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Managing your Credit Card

The benefits of credit cards can be many, but only when used wisely. Read over our tips for keeping your debt under control

  1. Get to know your card. Always be aware of the interest you are paying, commissions and any charges you may suffer for late payments or exceeding your credit limit.

  2. Always pay attention to letters from your credit card provider, even when they arenīt statements. If you have held an account for a long time then at some point the terms and conditions may change - along with changes in interest rates.

  3. Always try to pay off the total of your balance each month. Limiting yourself to the miminum payment can be a dangerous habit to get into. It will take you far longer to pay off your debt and will cost you an awful lot more.

  4. Always leave enough time for your payments to reach your account. Remember that funds may take several days to appear and weekends can slow the process down even further. If you donīt allow yourself sufficient time you may end up being saddled with unnecessary fines.

  5. Before making a credit card purchase, ask yourself if it is something you can really afford. When on holiday or enjoying yourself with friends itīs easy to think of your card like free money. Be honest with yourself and if you donīt think youīll be able to pay off all your spending at the end of the month, donīt take out the plastic.

  6. If you are thinking of making a large purchase with your card, try looking into other loan alternatives first. Credit cards are best used for small payments over a short term

  7. Keep all credit card receipts and check them against your monthly statements. This will help you know exactly what is going on with your account as well as notice any false charges.

  8. If you use your card to withdraw money from cash-points, be aware of any charges/commissions that you may accrue. They can build up rapidly.

  9. Never spend on more than two credit cards - any more and it can become increasingly difficult to manage your finances

  10. Always try and carry cash with you wherever you go and use it for making small purchases. It is the small, seemingly insignificant payments that can build up rapidly and turn into large debt. Also itīs much more difficult to buy something on impulse with "real money" than with plastic.

  11. Always be aware of card security issues