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Tips for First Time Credit Card Users

Learn about how consumer credit works with these tips for first-time credit card users.

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Tips for First Time Credit Card Users

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  1. Tips For First Time Credit Card Users

  2. Consumer Credit Why should you use credit? How can credit impact your life? What kinds of interest rates and hidden fees should you expect? These are all great questions involving credit and many people have these same questions. If you are curious to learn more about how consumer credit works, then read no further.

  3. Don’t Fall for Introductory Rates Don't fall for the introductory rates on credit cards. Be sure to ask the creditor what the rate will go up to after, the introductory rate expires. Sometimes, the APR can go up to 20-30% on some cards, an interest rate you definitely don't want to be paying once your introductory rate goes away.

  4. Pay on Time Make sure that you make your payments on time when you have a credit card. The extra fees are where the credit card companies get you. It is very important to make sure you pay on time to avoid those costly fees. This will also reflect positively on your credit report.

  5. Keep Your Balance on a Minimum Credit cards should always be kept below a specific amount. This total depends on the amount of income your family has, but most experts agree that you should not be using more than ten percent of your cards total at any time. This helps insure you don't get in over your head.

  6. Rethink Your Cash Advances Only take cash advances from your credit card when you absolutely have to. The finance charges for cash advances are very high, and very difficult to pay off. Only use them for situations in which you have no other option. But you must truly feel that you will be able to make considerable payments on your credit card, soon after.

  7. Ask for a Lower Interest Rate To avoid spending more money, ask your credit company about the opportunity for a lower interest rate. If you have a significant history with a credit card company, and have paid your payments in a timely manner, they may be willing to offer you a lower rate. A simple phone call may be all it takes in order to get a more competitive rate and save you money.

  8. RESOURCES For people who are trying to build their credit score, secured credit card is a good start http://www.newhorizon.org/Info/securedcc.htm ● Or make sure you apply to credit cards that DO NO harm to your credit score - or those cards that only do SOFT INQUIRY to your credit report. ●

  9. Join Our Community New Horizon Business Services, Inc. NewHorizon.Org NewHorizon.Org

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