Tips for Using a Bank Credit Card (Public Service)
This is not joke but this simple tips would help you to avert a financial issue in the future. As many Filipinos both local and abroad went bankrupt as a result of erroneous use of bank credit card, I am hoping that 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 bill cycle. As long as you pay off your balance at the end of every cycle, you will never pay an interest charge (which may not be accurate for balance transfers and cash advances). Resist the lure to spend more than you are able to pay off each month, and you're going to take pleasure in the advantages of using a credit card without interest costs.
Utilize the card for needs not wants. A credit card ought to be utilized with discretion, since frivolous purchases may cause debt. Bank Credit cards could be used in emergency scenarios, including a mobile phone invoice that is due before your next payday. Use the credit card as a temporary loan to yourself, and then pay back the amount as soon as possible to prevent accumulating interest costs.
Never skip a payment. In the event you have accumulated a significant bank credit card balance, there are means to get out of debt. An important piece of credit card advice to remember is to never skip a payment. Pay your bill every month, even if you're able to only afford the minimum payment. Overlooking a payment could create a late payment fee, a higher rate of interest plus a negative mark on your credit score.
Make use of the credit card as a budgeting tool. If you are feeling assured that you can 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 exactly how much you have spent in the conclusion of every month. Obviously, you need to only do this in case you are certain 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 have saved in your bank account.
Use a rewards card. In the event you are using a bank credit card for most or all of your purchases, be sure to discover a card that offers rewards. Not only are you going to avoid paying interest on your own purchases if you pay off the balance every month, you will also get rewards including cash, airline miles or retail points.
Do not exceed 30% of your total credit limit. One way to keep your credit score healthy would be to make regular monthly premiums on time. Another is to keep your credit usage ratio under 30%. The credit use ratio is the percentage of total available credit that you're using. For instance, when you have a credit card with a limit of $1,000, you should keep your balance under $300. But recall that the ratio applies to the sum all of 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 are right at the 30% usage mark ($3,000 of an available $10,000).
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