Have you thought of improving your credit card habits and putting your debt in check this year?
For safe use of your credit card, it is important to maintain a close check on how you use your card so you can check your debt level. The following five ways can help you manage your debt and use your card wisely.
Play a role in security of your card
Credit card thefts will soon be outdated as issuers work out on launching the EMV chip cards. Compared to traditional magnetic strip based credit cards, the new EMV cards will be harder to reproduce for fraudsters, making them ideal for this year.
All the same, you can also play a role in minimizing fraudulent activities on credit cards by monitoring your financial statements regularly. In case of any suspicion, make alerts as soon as possible. Changing behavior can also help minimize fraudulent activities. Avoid throwing your statements in the trash, or leaving your smart phone unlocked. Treat any source soliciting for your passwords or financial information online as a scam because they expose your account to fraudsters.
Get regular credit report
Without credit report, you may know very little that happens in your account. Beware of mysterious lines because they signal identity theft. According to Federal law, you can obtain three reports in a year free of charge. You can obtain the reports all at once or spread them as you monitor the affairs of your account.
Assess the annual fee your card brings
Some annual credit card fees are normal while others are not. The value depends on your lifestyle, and on how you spend. For example, if you are a regular traveler, you may need a card that is tied to your regular airline, which may provide fee offers with complementary upgrades, lounge access, or checked luggage.
Calculate what your annual fee is and determine if it is worth the benefits you get from your card. If you are losing points, it is time to switch to a more-cost-effective method of payment.
Be free to ask your issuer questions
If you think your annual credit card fee does not match the benefits you get, do not hesitate to call your issuer to see if they can do something. Credit card issuers value their clients and they can lower your interest rate or increase your credit limit to suit your individual circumstances.
Abreast with these tips, you can be able to manage your credit card wisely in 2015 and beyond.