Keep Credit Card Costs Down

Unfortunately, owning a credit card can actually be quite costly if you do not read the fine print and use your card wisely. In order to avoid getting bogged down with credit card expenses, follow these few simply tips:

• Read all of your credit card document thoroughly – By reading all of the documentation, you will learn important things such as what types of fees you can get hit with and what will cause those fees to be activated. If you aren’t sure of what some of the terms in the paperwork mean, call the card and have it clarified.
• Always be aware of your interest rate – Even if you have fixed interest rate, the credit card company can change it so long as they provide you with advanced notice. Sometimes, this advanced notice is buried within a pile of paperwork. So, be sure to always be up to date on your current interest rate. Better yet, pay your card in full at the end of each billing cycle and avoid paying finance charges completely.
• Learn about the grace period – Be sure to know the ins and outs of the grace period your credit card provides. Some have interest free grace periods while others charge for this “convenience.” Know which side of the fence your credit card company stands on in order to avoid paying extra finance charges.