How to get the most out of your credit card
Credit cards are useful tool when used responsibly and strategically. Here are somethings to keep in mind when using your credit card.
- Don't miss monthly payments: Avoid missing credit card payments – credit card providers will often charge a penalty if you miss a payment and you also risk harming your credit score.
- Avoid withdrawing cash: Withdrawing money from your credit card often comes with fees. You'll also be charged interest on top of that. It's best to avoid cash advances unless it's urgent.
- Payoff your balance in full: Unless you've got interest free credit card, it's usually best to to pay off your balance in in full every month. It saves you from being charged interest, and you don't accumulate debt. It also goes a long way in improving your credit score.
- Avoid too many applications: Applying for credit too often can hurt your credit score. That's because each time you apply, it leaves a record on your credit file. It may make lenders think you're desperate for credit and thus they'll be less likely accept you.
- Be careful when overseas: Many credit cards charge foreign transaction fees when you use your credit card abroad. Make sure you have a credit card that doesn't charge you these fees when you travel.
- Be smart about rewards cards: Rewards cards can be tempting at first glance but can prove expensive. Pick rewards that you actually use regularly and check that they outweigh the annual fees that rewards cards usually charge.
For the best mortgage options available Nomey can help.
Need a personal loan? Let Nomey help you out.
Unjumbling money– Nomey has all the tips you need.
We know money - now you can know us.