Things that You Should Not Use Credit Cards For

Wednesday, March 7th, 2012

There are a few things that you must avoid doing with credit cards if you want to maintain a good credit score and have an impressive credit history. Good credit card habits can always help you in maintaining your credit history. Here are some habits, though, that you must try to avoid as much as possible.

Using multiple cards

Possessing one or two cards is usually fine but there are people who apply for every credit card that comes their way. This is not the right thing to do, as there is every chance that you will end up with credit card debt on several different credit cards. More the number of cards you own bigger will be the problem of managing them. It gets difficult to remember the due dates for all the different credit cards.

Balance transfer too many times

Some credit card customers have the habit of going for balance one time too many. They get into a habit of clearing the debt on one credit card with another. This means they will always have an outstanding debt. This might not reflect well on the credit history either as credit cards will look at you suspiciously. Moreover, you might not always get the best terms possible.

Missing out on payments

One thing you should never miss is the due payment date of your credit card. It is imperative that you check your bill and pay it on time. Most card issuers usually give you a grace time of around 20 days after sending you the bill. There are two problems in not paying your bills on time. Firstly, you will be charged with a late fee. You will also have to pay interest on your outstanding credit card debt and that could be substantial. Every missed payment also shows up on your credit file. This taints your credit history and lowers your credit score. The more inconsistent a consumer, the lower the credit score will be.

Shopping for rewards

A lot of credit card holders tend to shop a lot specifically for the reward points, air miles or discount offers available on the credit card. However, this is one habit that must be avoided by card holders. This is because when you shop without need, just for the rewards you tend to end up with a big credit card debt that becomes hard to pay off. Moreover, you might end up paying interest on the debt as well which adds up over a period of time, eating into your savings made on offers.

Not checking the monthly expense report

Credit card companies will send you a monthly expense report along with the final bill. This is for your reference to make sure the bill you see is actually a representation of your expenses. You must check it thoroughly to make sure that there are no fraud expenses. Credit card fraud could happen from time to time and card issuers allow you to deny making purchases which are unfairly charged on your account.

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