Strategies for Using a Bank Credit Card (Public Service)
This is not joke but this straightforward information would allow you to prevent a financial issue in the foreseeable future. As many Filipinos both local and abroad went bankrupt as a result of incorrect use of bank credit card, I am hoping this simple suggestions would help.
Pay off your balance every month. You can avoid paying interest on your credit card purchases by paying the outstanding balance in full each monthly billing cycle. As long as you pay off your balance in the end of every cycle, you will never pay an interest charge (which might not be accurate for balance transfers and cash advances). Resist the temptation to spend more than you can pay off each month, and you're going to take pleasure in the advantages of utilizing a credit card without interest fees.
Use the card for needs not wants. A credit card should be utilized with discretion, since frivolous purchases can lead to debt. Bank Credit cards could be used in emergency situations, like a mobile telephone bill that's due prior to your next payday. Utilize the credit card as a temporary loan to yourself, and pay back the sum as soon as possible to avoid amassing interest costs.
Never skip a payment. When you have collected a substantial bank charge card balance, there are means to get out of debt. An important piece of credit card advice to keep in mind is to never skip a payment. Pay your statement every month, even if you're able to only afford the minimum payment. Missing a payment could result in a late payment fee, a higher interest rate as well as a negative mark on your own own credit score.
Make use of the credit card as a budgeting tool. Should you feel assured that you could use a credit card responsibly and pay off the balance every month, try using it as a budgeting tool. By making all your purchases with your bank credit card, you can see just how much you have spent at the end of each month. Naturally, you must only do this in the event you're confident you can pay off the balance each month. To make sure that your credit card spending doesn't get out of hand, never charge more to your card than you've saved in your bank account.
Use a rewards card. In case you are using a bank credit card for most or all of your purchases, be sure to discover a card that provides rewards. Not only will you avoid paying interest on your purchases if you pay off the balance every month, you will also earn rewards including cash, airline miles or retail points.
Do not exceed 30% of your overall credit limit. One method to keep your credit score healthy is always to make regular monthly payments on time. Another is to keep your credit utilization ratio under 30%. The credit usage ratio is the portion of total available credit which you're using. For example, when you own a credit card with a limit of $1,000, you should keep your balance under $300. But remember the ratio applies to the sum all your cards. So if one credit card has a $3,000 limit and a $3,000 balance, and a second credit card has a limitation of $7,000 with no balance, you're right at the 30% usage mark ($3,000 of an available $10,000).
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