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10 ways to use your credit card right!

Tags : dilbag koundal, how to use, Credit card, IT ERP/SAP consultant, Web designer, pantnagar, kangra
Industry : IT Services, IT Products, Internet
Functional Area : India, Product Development, Europe, B2B Sales, Growth
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About "10 ways to use your credit card right!" topic:

Your credit card can be the single most important factor in improving and increasing your credit score. On the other hand it can also plummet your score to dark depths if you are not careful.

 

1. No debts so far. Opting for a brand new credit card for the first time

This makes sense for your credit score. Making use of a credit card judiciously will help you improve your credit score. Just make sure you open your credit card with a respected and popular brand name.

2. Opening a new credit card account

When you already have a couple of credit cards, opening a brand new credit card account can cause a dip in scores. By all means obtain a new credit card if you are not planning to get into more debt, else think several times before opting for one.

3. Low credit limit

Keep a tab on the credit limit of your credit card. Open a credit card account with a company that will provide you with the highest credit limit possible. High credit limits, even if they are not used will add merit to your credit score and improve it.

4. Closing credit card accounts

Even if you do not use your credit cards, don't rush to close them. Keep them as long as you can. If you must close them, then do that over a period of time. Closing too many too quickly will harm your credit score significantly.

5. Choosing the ideal credit card to close.

The number of years you hold a credit card account has an impact on your credit scores. Hence, let your oldest credit card be, if you must close a card opt for the most recent cards and close them one at a time, maybe once a month over a period of time.

6. Rotate usage of multiple credit cards

It is a smart move if you utilise different credit cards for your various different expenses instead of constantly using only one credit card for most of your purchases.

 

7. Bargain for a lower interest rate

If you have never defaulted on a payment for a few years, make use of your good repayment track record and speak to the bank officials for a better bargain.

 

8. Request for an increase in credit limit

You may have purchased your most recent card because of the higher credit limit. If at a later date you wish to close some of your cards and you know it makes better sense to close the most recent card, you have a dilemma.

 

9. Keep a self-imposed credit limit, which is much lower than the actual credit limit

Never exceeding 40 per cent of your credit limit has a very beneficial effect on your credit score. This shows your credit limit is high but you have not burnt it up and have plenty in reserve.

 

10. Paying off credit card dues quickly will dramatically improve your credit score

Try not to encourage too much credit card debt. Be wise and pay the dues quickly and keep rotating your cards. Paying off dues will cause a spike in your credit score, which is highly favourable.

 

 

 

 

 

 

 

4 debates , 2 idea contests , 1 question on topic: "10 ways to use your credit card right!"
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(rate this)
1 check out my article
Dilbag Koundal  |  Added idea  "check out my article"  |  2 years ago
yes all point are right
 
 
(rate this)
What is a interest rate of HSBC Credit Cards ?   And what is a Difference between VISA CARD MASTER CARD?
 
 
Answer: "What is a interest rate of HSBC Credit Cards ? /what is a Difference between VISA CARD & MASTER CARD?" deleted from your view.
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(rate this)
1 Keeping a close eye on the billing date
2 try to use one or two card to ensure unwanted mess because of delay in payment and other charges
SHRIKANT MANOHAR DANKE  |  Supported idea  "Keeping a close eye on the billing date"  |  1 year ago
Right option to avoid late payment charges & penalty imposed for that.
MUKESH JOSHI MBA(HCS)  |  Supported idea  "Keeping a close eye on the billing date"  |  1 year ago
Very well said Irani Keeping a close eye on the statement generation date is very much important if you want to utilize the cash generated by using your card. Moreover paying ur dues in time is also equally important this is how u get ur credit...
 
 
Ideate: "What are the things to keep in mind for people who have multiple Credit cards!!" deleted from your view.
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(rate this)
Credit Card is useful in this modern and fast paced world  
3
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 Credit card leads to unwanted expenses and ruins your finances
Stevve  |  Argues in support of  "Credit Card is useful in this modern and fast paced world "  |  1 year ago
Credit card is good or bad depends on the user provided he uses it Judicously and settles the dues monthly
Prashant Welling  |  Argues in support of  "Credit Card is useful in this modern and fast paced world "  |  1 year ago
Credit Card is a double edged sword. One must know how to use it to your advantage. If used judiciously and intelligently, it is indeed a saviour when you are in a tight situation and are in dire need of some urgent cash or need to make a payment...
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Debate: "Credit Card " deleted from your view.
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Debate: "plz tell me a meaningful sentence which can be read from left to right as well as from right to left gives same meaning. " deleted from your view.
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(rate this)
Yes 
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6
 No
SHRIKANT MANOHAR DANKE  |  Argues in support of  "No"  |  1 year ago
It depends upon how you make use of it.
santosh varghese  |  Argues in support of  "Yes"  |  1 year ago
Given its current form, the Credit card was developed for Mans Doom. It encourages overspending.to the limit the bank forfeits all you have.
nagesh rao  |  Argues in support of  "No"  |  1 year ago
Yes Neelima,awareness is the key. Thanks to RBI Guidelines, that help both the Banks customers. Banks has been asked to issue the card to the eligible customers only.  Banks has also raised their eligibility bar accordingly.  Only high interest...
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Debate: "Should we ban the sale of credit cards?" deleted from your view.
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Yes google due to its Security and Technology 
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 Facebook due to its popularity
ARUN SHARMA  |  Argues in support of  "Yes google due to its Security and Technology"  |  1 year ago
DEAR SIR BEFORE ANSWERING YOUR QUESTION I WANT TO TELL YOU COMPARSION OCCURS BETWEEN SIMILAR THINGS(MAN-MAN),(PROGRAMING LANGUAGE-PROGRAMING LANGUAGE)....WE CANT COMPARE (MAN-DOG) SIMILARY FACEBOOK IS SEARCH ENGINE AND FACE BOOK IS SOCIAL SITE...
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