Looking for your first credit card or looking to consolidate your multiple credit cards. Here's a few credit card tips to keep in mind.
Your credit card use is tracked by lenders and will build up your credit history. The right credit card can be great the wrong credit card can cause you major problems, our first point is wherever possible DO NOT take out a store credit card, the 10% disocunt you get on the first day is nothing compared to the 28-29% interest a store credit card is likely to cost you.
You should pay all your credit cards on time. Remember your credit card payment date and ensure you allow time for your payment to be delivered, if not paying by direct debit. Remember to allow 5-7 days for your check to reach your credit card provider. Late payment means added interest, bad credit etc. If you are going to be late paying phone your credit card supplier asap, surprisingly they are only human and realise that every one has a problem from time to time. If you are going to be late paying call your credit card company before your make your payment and ask for an extension to the payment day, you can't do this too often though.
If you can't make a credit card payment at all, again call your credit card company as soon as possible, they will help out and will arrange a payment schedule to help you back on your feet.
Credit card consolidation - If you have 5-6 credit cards you should strongly consider consolidating them into 1-2, but you will need to carefully review the transfer terms, a good deal can see you move over the balance and pay 0% interest on the transfer until it's all payed off, but other credit cards may only give you 6 months interest free on the balance transfer.
Just remember having too many credit cards can damage your credit reporting, even if you pay them off on time or don't even use them all.
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