The “Top 7 Things” About Credit Cards You Should Know That They Do Not Want You to Know About

Before you sign up for a credit card, you have to always understand the commitment benefits and penalties involved to help you to manage your finances more wisely. So always read the terms and conditions of your card before you use your card. You can buy goods and services without using cash when using a credit card. You can use your card locally and overseas in establishments that display the credit card brand services.

THE # 1 THING: THE MINIMUM CRITERIA A person have to satisfy the minimum annual income criteria determine by different banks before you can apply for a credit card. Your salary slip and income tax statements are the basic documents require for your credit card application.

THE # 2 THING: THE CREDIT LIMIT As indicated by regulatory requirements, an issuer is allowed to extend to a maximum credit limit of twice the cardholder monthly income. Generally, the actual credit limit granted would depend on the issuer assessment of your credit rating.

THE # 3 THING: THE MINIMUM SUM For a charge card member, whereby you have to pay the entire amount stated in the monthly statement or be incurred with a late fee penalty. Unlike a charge card holder, for a credit card holder, you can pay a minimum sum which is usually three to five percent of the outstanding balance or $50, whichever is higher, to avoid a late fee penalty. And also a credit card offers you flexibility to how you wish to pay off your outstanding balance, either paying the minimum sum, partial or making the full payment. But a interest is charged to your outstanding sum, therefore it is recommended that you pay off the debt as soon as possible.

THE # 4 THING: THE INTEREST Generally, card issuers use an average daily balance to calculate interest to your outstanding balance. They include charges made during the month duration. Basically, some companies charge interest from the transaction date while some others charge interest from the statement date. These dates can be found from your monthly statements.

THE # 5 THING: THE GRACE PERIOD You have to understand that a grace period usually 20 - 25 days, is the duration given by the card issuer for you to settle your current bill without incurring interest. The grace period counts only when you have no outstanding balance. If you have have an outstanding balance, you will be charged interest to your outstanding balance plus any new card transaction from the moment you make a product or service purchase.

THE # 6 THING: THE OTHER COSTS Generally, beside the interest, you may have to pay the annual fee or fees to participate in reward programmes. Sometimes, this fees can be waived by the issuer due to circumstances.

THE # 7 THING: THE CASH ADVANCE Your card can be use to withdraw cash advances from your credit card locally or overseas. Generally, for cash advance, some card issuer may charge a service fee while others may not charge interests as long as the card member pays up when the bill arrives.

PROTECTING YOUR CARD Upon receipt of your new card issued to you, always sign on every new card. Always went online or the ATM machine to change your password as soon as you receive your new card company documents which contain your username and password. Then shred the documents and destroy your expired card. Always do not disclose your credit card number and expiry date over the phone if you do not know the person you are talking to. Any conman can make purchase using your credit card and expiry date. Always when purchasing online, do not give your credit card number too freely to dubious and little known companies.

Always purchase online from branded and trusted companies and most importantly the companies website have to possess a secure https:// at their website address that means the companies have a secure network that you can shop online confidently and safely. Always do not lend your card to anyone and do not it lying around unattended. Keep it securely in your wallet after purchase. Always verify your monthly statements carefully for any dubious transactions, if there are some dubious transactions, verify with your card company upon receipt. Always shred your old receipts before throwing away to prevent conman from obtaining your account number. If your card is missing, call your card company at once to freeze your card. By law, once you have report the loss, you are not liable for unauthorized charges incurring after your loss report. Always only use your credit card when you can afford to pay off monthly.

Richard Douglas - Reprints welcome so long as by-line and article are published intact and all links made live.

© Copyright All Rights Reserved Worldwide

“RICH DADDY Money Making SUCCESS SECRETS You Can Trust”

The ” TOP SUCCESS SECRET TO MAKING MONEY ” Instantly…… NO GIMMICKS http://www.RichDaddyBlog.com

Your $18,291.75 Paycheck…

Is Waiting Here - See Proof: http://www.RichDaddyBlog.com