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How can we effectively manage our credit card?

Credit card is a familiar thing that helps you make payment every time and everywhere, even when you have no money in your account. With credit card, you will have to make your payments every month; otherwise, you will have to pay the late fee.

Below are some tips that can help you effectively manage your credit card

1. Do not pay late

Credit card provide you the specific amount of debt due to you income and salary. So be careful because this can make you overestimate what you can earn. You can sometimes spend more than what you earn, it so ok cause that’s your right with credit card. But remember to pay on time; otherwise, you will be charged late fees, which is usually very high.

2. Do not forget any payment

Each credit card has its own credit rate. This rate says about how reputation you are. Or in other word, this is exactly YOUR credit rate. This credit rate can affect your interest rate as well as your debt rate. The higher your credit rate is, the more you are allowed to debt. So, you’d better do not forget any payment. Do keep and increase your credit rate by fully payment for all the expenses you have made. 

3. You have minimum payment, but forget this

But if you only pay only equal to the minimum, your credit rating will down and this can affect your whole expenses in the future. So if you can afford to pay full balance, try to pay half. And if even paying a half is difficult for you, think about pay some much more than the minimum to keep your benefit on the credit card.

4. Make your full payment monthly

It is can’t denied that making full payment monthly can help you solve your debt quickly and entirely. It is clearly so disturb and convenient when you have a big debt that need to pay. You’ll feel worried and confused about this debt. So, never let the debt be big and become long-term debt by paying fully all balance every month.

5. Clearly understand and double check your monthly statement

Monthly statement is a very important factor that reflects your status of credit card. What you have paid, how about your debt, what you have now … are all in the monthly statement. So make sure all the things on your statement are right. If you see something unfamiliar, immediately contact with your credit card company.

Those are some things you should remember to effectively use a credit card. Be smart and take your benefit with this master card.

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