Taking Care Of Credit Cards

Don't let some dishonest clerk get away with making an extra imprint from your credit or charge credit card to use for personal gain. A mailing may ask you to call a long distance number for a tree trip or bargain-priced travel package. You have to join a travel club first and give your account number for billing. Now the catch is that charges you never made get added to your bill and you never get the promised trip due to not taking care of your credit card usage.

While credit cards make life easier for making purchases, it's crucial to keep track of your expenses. Every purchase on your credit card is equivalent to taking a loan. Impulse and incidental purchases can add up to a lot which needs to be paid when the bill comes. Hundreds of millions of dollars are lost in credit and charge card fraud for cardholders and issuers every year, so keep track of the credit card. 

Another good reason for keeping a tab on your credit card use is inaccuracies on your statement. Any discrepancy should immediately be reported to the credit card company. Use records when buying online or through a catalog, through printouts of each transaction, confirmation codes, copies of the catalogs used, warranty, return and refund policies. In case bogus charges show up on your bill or your credit card is lost or stolen, inform the credit card issuer right away. It can take some time to get everything sorted out but usually doesn't cost anything. Visa, Master Card or American Express cover the losses and not you as a customers. 

Keeping yourself informed and updated will help you maintain constant vigilance on your credit history. This helps you identify potential fraud or errors that may hamper your chances of getting the credit you deserve. Track new entries on your credit report and be quick in reporting fraud or errors. You would prefer not to request a new report each time you want to apply for credit. 

It's not credit cards and credit that create financial difficulties but the abuse and misuse of credit and credit cards. Discipline makes the difference in customers enjoying the convenience of credit cards without getting into the debt trap so typical of credit card usage. 

Dos With Your Credit Cards

A couple of helpful tips can help you make the most of credit cards. Put your signature on your credit cards as soon as they arrive. Keep records of account numbers, expiry dates and phone numbers and address of each company securely. Don't lose sight of your credit card during a transaction and take it back immediately. Save receipts to check with billing statements. Open bills promptly and reconcile accounts every month as with checking accounts. Any doubtful charges must be reported immediately and in writing to the card issuer. If your credit card company charges a fee for not carrying a balance, cancel the card. 

Don'ts With Your Credit Cards 

Beware of common mistakes to remain safe in every aspect. Never lend your credit card to anybody and be careful who you hand your credit card to. Never sign blank charge slips and never put your credit card account number on the outside of any envelope or on a postcard. Be cautious when disclosing account numbers over the phone. Don't let out credit card info in a phone call. Carry only the credit cards you require. Keep records of your account number, expiration dates and phone number and address of the credit card companies safely. Stolen or lost ATM and credit cards must be reported immediately and follow up with a letter. Legitimate companies never call and ask for credit card numbers over the phone. 

Ultimately we all pay for credit card fraud, which is one reason for the astronomical interest rates. However if you check your credit statements, a credit thief will not personally hurt you. Credit cards are second only to your family and time in importance as assets. So take good care of your smart cards.