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| Do you view credit cards as a financial liability? Good Credit Cents can change your mind Some people think credit cards are a money pit that traps you into making purchases beyond what you can afford. But if you understand this fundamental risk and use credit cards wisely, you’ll not only build a good credit history, you’ll save money over time. General Principles for Using Credit Cards Wisely Our goal at Good Credit Cents is to provide helpful information on using credit cards. The good news is that no matter how your current financial situation appears, it’s never too late to begin implementing the following tips. • Apply for credit cards with no annual fee – Most of the time, you can get a credit card that fits your needs without an annual fee. This could save you on average between $59 and $105 a year per credit card. Use Good Credit Cents to find a credit card with no annual fee today! • Use different cards for different occasions – Having more than one credit card gives you tremendous financial flexibility. You can open one credit card account with a low fixed APR if you need to transfer balances. You can have another credit card that offers rewards on everyday purchases. Whatever your needs, just search for the best credit cards for your spending decisions. • Pay monthly bills with credit cards and immediately pay off your balance – This is one of the easiest ways to quickly increase your credit score using payments you have to make anyway. Apply online to automate the payment process if you don’t have to pay an extra service charge. • Sign up for credit cards that offer rewards – If you follow the previous tip, you will accumulate rewards points every month on all the bills you pay. This is a great way to leverage your payments and earn cash back, free airline miles, extra gas money and more. Use our Credit Card Search Form to see a list of great rewards programs you can utilize immediately. • Always pay off your balance – When you apply for any type of loan, lenders will see compare your credit card balance to your credit card limit. This is referred to as your credit to debt ratio. The lower the balance and higher the limit, the higher credit score you will receive. Plus, if you have multiple accounts with low or zero balances, your ratio will be even better. • Pay on time, every time – One way to avoid unnecessary fees is to make timely payments. Not paying on time, even when you can, is one way your credit history and credit score can plummet. Set up automatic online bill pay if you have a habit of forgetting to send payments. Just make sure you have enough in your accounts to cover the automated deductions each month. Take the next step to building good credit Once you understand how to use credit cards to your advantage, you will avoid financial mistakes and be on your way to a good credit history. Start putting Good Credit Cents principles into practice and search for good credit card offers online. The earlier you begin using credit wisely, the sooner you can receive the valuable benefits they offer.  |
