Credit Cards – Mistakes People Make

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Cardholder Benefits » Credit Cards – Mistakes People Make

Credit Cards – Mistakes People Make

This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.
Credit cards are a big part of our lives in a number of different ways. We use it for shopping for various transactions online and offline, for bulk purchases, for large scale buying and many other reasons. This plastic card has changed how we function and made monetary transactions so much easier. Most of us would find it very difficult to live without this very versatile tool that has become a huge part of our daily life. We use credit cards for a number of purposes each day and often use different credit cards at different locations. Based on certain features or rewards with certain cards we use them differently each time. The biggest mistake people make is to have too many cards being used at the same time. We may use one card which gives us rewards for groceries at one location like Target or K mart and use another on our gas miles, yet another card might have reward points on air miles which we regularly bill for our travel expenditures. What we don`t realize until alter is the important fact that each of these cards are expensive, have high APR and annual fees and to keep a track of the various payments on every single one can be a difficult process in itself. So we need to be sure we have means of paying all the minimum balance due on the cards on the set dates. In case, a payment is missed it often results in one too many problems like accumulating interest rates and penalty fees. Soon in no time you are going to have a large balance to close and then find that you are in debt. This situation could have been avoided. Cards are useful but they must be used with care. Splurging on a credit now can feel good, but having to pay it off and struggling with fees over fees will not be so pleasant. When you use credit, be sure your credit to debit ratio is reasonable such that you can afford the payments you need to make every month in addition to your other financial commitments like a home loan. Make sure you do not end up on the defaulters list, if you cannot close the whole balance in one shot at least make a minimum required to avoid the interests accumulating. Paying the whole balance at one go may not be a very plausible solution, but neither is a high APR, you could think of switching all your balance over to a card which can give you lower interest rates and make things easier by paying in one place each time. Credit card debt is a problem many other citizens like you have, it can be dealt with if you can make a commitment to closing your debts and not starting new ones. That means no to impulse shopping and making sure you do not miss payments. Plus if you get bad credit, your chances of getting credit again are lowered! Use your cards right!

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Spring 2018 – Expert Choice

Top 5 Cards for Travel from Our Partners: Spring 2018 – Expert Choice

Posted: February 12, 2018

Days are getting longer, snow is melting and you already feel the lightest breath of warm breeze on your face - spring is here. Summer holidays are looming, and so is Easter with its shopping. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!