Want to brush up your credit card ethics and keep your debt in check? This article is for you. Here are 6 tips that can help you manage your credit cards effectively.
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Switch to the EMV
What’s EMV? Simple. It’s the Europay, MasterCard and Visa chip cards that most card issuers have been rolling out recently. These cards have new and stringent rule and standards on fraud liability that makes it difficult for fraudsters to use your card without your permission. It’s nothing but an added layer of protection that you MUST take.
Be vigilant about fraud
Even though you have an EMV chip card, but you should always be careful when using your card. Be proactive about possible frauds. While you can find a lot of retailers switching to EMV readers for accepting payments, there are some who haven’t upgraded their payment devices to EMV readers which makes them a target of fraudsters.
Freeze your credit
Placing a freeze on your credit card is a good idea because freezing your credits makes it impossible for creditors to scrutinize your file. Freezing your card will eliminate all scoop for the creditor to view your credit report, and therefore they won’t approve of extending your credit. It is a good way to safeguard yourself against identity theft.
Pull your credit report and statements
Almost 20% of the American households suffered data breach in 2014, and the number is high on the rise. As such, it is important that you closely monitor your credit reports and statements and inform the authorities immediately if there is a sign of fraud. There are various ways to pull free credit reports, one of them is through myBankrate.
Start paying off your credit card debt
The best way to manage your credit cards is to pay your debts in a timely manner. Start by prioritizing your credit card debts. The one with the highest annual percentage rate should be on the top of the list. Also, you can get yourself a balance-transfer credit card that allows you to move the expensive debts over to a new card, with a low APR. Needless to say, paying your debts off regularly is a good way to bump up your credit score.
Rethink an annual fee card
Consider the annual fee factor while choosing your card. If you own a credit card, you will be aware of the fact that you will need to pay a certain amount as annual fee to keep the card up and running. Of course you can get a waiver, but for that you will need to spend a good amount of money making purchases through the credit card to get the fee waived. So, if you think you have expanses amounting to that specific value, you can consider going for that card. In addition to the fee waiver, you will get to enjoy a lot of added perks. But in case you are one who use the credit card only occasionally, a good idea will be to apply for a card that has the minimum annual fees.