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Managing Credit Cards

August 6th, 2013 at 12:36 am

Nearly 60 to 70 % of households are having credit cards in most developed countries and merging economies like Brazil or South Africa.Credit cards are very attractive to use as you do not have to go to banks physically for personal loans and they are accepted nearly everywhere including out side our countries.
This advantage goes with disadvantages as we tend to misuse credit cards and we end up accumulating many debts.
There are many ways you can manage your credit cards and these are some of them I have identified:
1.Keep a list of all the credit cards you have and keep their telephone numbers in your pocket in case you need to contact them immediately.Credit cards can be stolen or lost.
2.Monitor your statements as credit cards can be scammed
3.Do not accept credit cards if you do not need them.Some banks beg you to have their credit cards.It is very easy to be tempted to use them when you do not have to.
4.Determine your ratio of debts to be 1:10 of your debts and income
5.Buy on your credit card when you can pay within one month to avoid paying interest rates
6.There are credit cards with offers.Take those offers
7.Manage your credit portfolio
8.Note that the interest rates on credit cards are much higher than on savings accounts.Hence avoid or limit use of your credit cards.
9.Credit cards can be very handy when buying tickets for abroad travelling as you get insurance when you pay with credit cards but be sure of what the insurance covers and make sure that you have deposited your travel costs savings on the credit card before you use it.

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