Having a credit card is almost a must in today's credit-focused materialistic world. There are a few tips you can use to properly use your credit card that will save you from having a credit issue down the road that could interfere with loans or home loans for your mortgage. Here are three tips for the wise regarding credit card usage in the modern world.
Always Make Your Credit Card Payment
The simple act of making your credit card payment every month or whenever you have a payment to make will keep your credit card use healthy. Follow the rules of your payments so you won't be hit with additional finance fees and late fees for your credit card. Most credit card issuers choose a few different specifics on credit card payments. Be sure you keep them in mind and make sure you meet all the demands. Often credit card issuers have a certain time of day that you need to fulfill your payment. Your credit card issuer may also expect you to include a pay stub. They may also require you to include your account number with your payment. Be sure to make your payment and be mindful of a delay time in your payment.
One way you can manage your credit card to avoid any additional charges or late fees is to set up automatic payments for your credit card. If you choose this option, you should be careful to maintain sufficient funds in your bank account at all times. Otherwise, your credit card could overdraw and your bank account would be charged for insufficient funds in your bank account. Be aware of what your bank's rules and regulations are regarding overdraws and direct payments. You should also check your bank account regularly to keep track of the funds in it.
Another way of making sure you always keep up with credit card payments is to ensure that you set up a reminder for yourself on your phone or in a planner. You should also ensure that you have the correct address if you are paying by mail. You could have a delay of five days if your payment doesn't go to the correct address right away.
Refunds, Error Problems, and Unauthorized Credit Card Charges
Refunds on credit cards are available if you have a credit balance on your account and you request to have a refund. Your credit card issuer should give you the refund after 7 business days following your request for a refund.
Error problems with a credit card must be corrected by the credit card company you are going through. The credit card issuer should give you their guidelines regarding error corrections. If the error is a charge on your account that you didn't make, you can easily dispute the charge. You just have to write a letter or an email to the credit card company. The company should resolve your problem within 30 days or after two billing cycles.
In cases where your credit card is stolen, lost, or used without your permission, most credit card companies will only expect you to pay up $50 of any unauthorized charges. If you report the credit card as lost right away, the credit card issuer will not expect you to cover any unauthorized charges. They will cancel the card before charges can be made. Every credit card company has a few different rules regarding when a credit card is stolen or if there are unauthorized charges on it. You will have to check on these rules.
Security for Your Credit Card
Keeping tabs on the security for your credit card is important. If you make sure your credit card is safe and secure, you likely won't have to worry too much about unauthorized charges or if your card would be stolen. Never lend your credit card to anyone. You should only be the one handling your credit card. Be careful to never sign a blank credit charge slip. Draw lines through the blank lines on a credit card charge slip so the amount cannot be changed by anyone. Never put your credit card account number on any postcards or the outside of any envelopes. Always be careful where you write, type, or say your credit card number. Make purchases with your credit card only with companies that you trust and are reputable. Keep all of your receipts following every transaction. This way you have an accurate record of the charges you made. You should only take along with you the credit cards you plan on using. Never take cards you don't intend to use when you go out. This will reduce the likelihood of more than one of your cards getting misplaced or stolen. In case of your credit card being stolen, have a record somewhere in your personal files of your credit card numbers, the expiration date, the CCV number, and the phone number of the credit card issuer. This allows you to easily phone a credit card company to report that your credit card was stolen.