ME, MYSELF, & I
centage rates (APR). This will all be
disclosed in your terms and conditions when you sign up for the card.
Also take a look at the transaction
fees. There will be different fees for
different transactions, such as cash
advances and going over you limit.
Pay attention to
you credit limit.
By: Tamisha Seals
SWIPE SMARTER
The Smarts to owning a Credit Card. It
takes a lot more than just applying and
spending.
J
ust about everyone owns a
credit card now a days, and
if you don’t you may have
hopes to. Having a credit
card comes with a big responsibility. You must have a little
knowledge about credit cards and
be financially wise when it comes to
using one. Those who’ve use their
credit card as if it was free cash have
more than likely put them selves in
debt, or are drowning in debt. Frankly it would be best to avoid having a
credit card altogether, but if you’re
looking to buy into the credit card
world, or you already have a variety
of cards to choose from. Here are
some tips that, for one make since,
and two I’ve done a little research
to help you swipe smarter and save
money.
Imagine going to the bank and
asking for $40.00 to buy a pair of
shoes. Seems silly right? Well every time you swipe your card for
something small and simple, that
probably could have waited until
you got paid, or saved the money for
it, you’re basically doing just that.
Only you’re going to pay interest on
it, and a hefty late fee if you missed
the payment. So now that $40.00 has
turned into $50.00. If you don’t have
2 6 M A Y 2 014 / ARIES
the money at the time of your purchase, do the math and ask yourself
if you’ll have the money once you’ve
got the bill. You’re usually not thinking about these things when you’re
out shopping or on vacation. Actually, having a credit card instead of
cash on hand, could be a good thing,
yes, but if you tend to be a careless
spender or you’re not watching your
spending, you may end up in deep
water.
First and foremost, when
signing up for a credit card
there’s some research that
needs to be done.
You need to do a little, let’s say,
credit card shopping. There’s many
cards and banks to choose from.
You’ll need to find one that will fit
your needs. Keep in mind every card
has it’s own terms and conditions
that will tell you what you’ll be
paying each payment cycle. Some
creditors want you to pay an annual fee to sign up. Ugh, well forget
that! Creditors want to do business
with you, so if one bank is trying to
charge you a fee annually move on
to the next one. Every creditor will
have different fees, and annual per-
Come on now, if you’re only make
40k annually, it’s not such a good
idea to have a spending limit of 10k.
Just because they’ll give it to you
doesn’t mean to take it. Forbes recommends that you limit yourself to
one major credit card with a spending limit you can handle. If you do
happen to go over your limit contact
customer service immediately and
make a payment arrangement to get
that balance down. Then don’t use
your card until the balance is zero.
A good way to save yourself
some money and get good reviews
on your credit report is to make your
payment in full. Also When making
your payments on time you avoid
late fees which adds up over time on
top of interest. You credit score is
based off of your payment history,
accounts owed, length of credit history, new credit and types of credit
used. Check your credit report often
to view any changes and immediately report any suspicious activity.
Save your receipts,
so you can keep
track of your
spending.
You’ll also have a
paper trail in case
your card is lost
or stolen. You’ll
be able to track the
last place you were
and how much you
spent there. Have you
cards customer service
numbers and account