Five Tips for Managing Credit Cards
1.???Avoid interest charges by paying the balance off every month. At the very least, pay the minimum, plus the interest charged, and any additional you can afford to get the balance down. It’s easy to max out your credit card by just paying the minimum every month.
2.???Stay under 30% of your total credit limit. Your credit score is affected by how much of the available credit you have is used. Keeping this ratio low will increase your credit score. Avoid maxing out your cards.
3.???Review statements for unauthorized use and to understand your spending. Compare the statement to your budget. How did you do? Use this to set your budget for the following month. If you see an unfamiliar charge, don’t hesitate to contact the credit card company to dispute it.
4.???Notify the issuer of your travel plans. Many issuers offer an easy way (online or through apps) to notify them of your travel plans. If you’re going to take a card with you, this will help avoid triggering a declined card.
5.???Change the billing date to one that works for you. This is a simple call that rarely gets a “no” answer. Look at your cash flow and determine what date will work best for you. And don’t be afraid to make payments in between if that works better for you. Just make sure you always have the final amount due to the issuer on time.
Texas Bay offers a great credit card, the Platinum Rewards Mastercard. There is no annual fee, typically lower rates than most banks and credit card companies, a special balance transfer offer, and reward points you can redeem for gift cards, merchandise, event tickets, travel, and more. www.TexasBayCU.org/personal/credit-cards