Credit Card Tips for sparing citizens

Credit cards are helpful financial tools and similar to any tool, they need to be successfully managed. Learning to use a credit card correctly is an important step in developing financial reasonable.
Here are 5 basic credit card tips. There are many others, I'm sure, but this is a good starting point!
1. Take care of your card like a debit card. Your credit card is not "extra money". It is a loan that has to be repaid. So, don't spend money you don't have.
2. Don't sign up for cards you don't want. If you get unsolicited card offers, don't sign up for that card. You most likely don't need it -- which is why you didn't seek out the credit card company yourself.
3. If you make use of credit cards, pay them off every one month. Carrying a balance on your card can add up to hundreds of dollars each year in interest.
4. Don't use credit cards for provisions. Buying things like groceries with a credit card unless you pay it off each month is a no-win situation. Recurring items like groceries will only tend to increase your credit card each month.
5. Shell out your card on time. Late card companies can charge huge fees for paying late.

I prefer Credit Cards to Debit Cards, especially for small business and especially if the client can follow your rule #1.

-Most people who use Debit Cards have paid overdraft fees (or they pay for OverDraft protection on their accounts. This is much more expensive than CC interest - which should be -0- if it's paid off every month.
-Most businesses (I have polled) say they don't have receipts for most of their Debit card purchases. This lack of control can be costly, and if you are audited, you would need the receipt to substantiate the business expense ($200 charge from Best Buy could be anything. The receipt is the key).

Good post. I'm with ya!

Thanks,

Fender
www.projectedfinancialstatements.com
www.401ktest.com

-Most people who use Debit Cards have paid overdraft fees (or they pay for OverDraft protection on their accounts. This is much more expensive than CC interest - which should be -0- if it's paid off every month.

That might be true, only if most people are dumb enough to take their accounts down to zero, with no cushion or savings.

Which means, that's probably a gross generalization.

I use my debit card all the time, because my bank doesn't even do paper checks anymore!

No question this is a generalization, but not a gross generalization. I said most Debit card users either:
-Pay overdraft fees, or
-Pay for overdraft protection.
Every Debit Card user I know pays one of these fees. If you don't, I believe you are the exception.

I have heard horror stories (first hand) from people who use debit cards because they 'can't control their Credit Card spending'. Debit Cards are a tool, just like credit cards. They can be useful, but they can also be expensive!

Just give credit cards a chance man! : )
btw: I like your quote! Wealth is the slave of a wise man. The master of a fool." -- Seneca

Thanks,

Fender
www.projectedfinancialstatements.com
www.401ktest.com

I use my Chase debit card as a "Credit Card" mainly to get rewards points. No fees so far, and I have been using upwards of 8 years. I don't worry about overdraft fees because I am very "anal" (for lack of a better term) about my account balances. I check my account online daily.

I use my Discover card to get 5% cahsback for gasoline. I try to get the best of both worlds!

Dingobiscuit is my long-lost twin brother. I, too, check my balances regularly, sometimes daily. I also still write everything down in a checkbook register (I have to buy them on stupid eBay these days, since my bank doesn't do paper checks), and balance my checkbook three times a month.

If you know your balance, if you write down your purchases, there's no need to go over-limit, or pay for overdraft protection. I'm not sure why that isn't a basic, fundamental thing in personal finances.

I also still write everything down in a checkbook register (I have to buy them on stupid eBay these days, since my bank doesn't do paper checks), and balance my checkbook three times a month.

That is a skill lost on many and if it were beaten into kids' heads (past, present, and future), this "Credit Crisis" wouldn't be half as bad as it is today.

I'll admit that I do not use my bank ledger unless for tracking rare payments by check, but my bank is scary fast as far as marking credit/debits onto my online acct. goes.

Gawd, isn't that the truth! I will have made a purchase a store downtown (a mere mile and a half from my house) and by the time I get home, it's already posted.

I think the original post was a thinly veiled ad, but this has taken a life of it's own!

Reconciling a bank account? Who does that anymore? I'm not even sure if I spelled it right. : )

Good info you posted. I hate using my debit card because of the fees and the late updating of my account by my bank.

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Some additional tips.

Pay your credit card bills on time. This is the single most important thing you can do to preserve and enhance your credit rating. Always pay at least your minimum payment and allow time for your payment to reach the company if you are using the mail.

If possible, pay off your balance in full each month. If this is not possible, then make as large a payment as you can comfortably afford. Paying off or paying down your balance is a sound financial move—one that will save you money on interest charges.

If you can’t pay off your balance in full, then slow down on your credit card use for the next while. Take time to step back and have a careful look at how much you earn and how much you spend each month. A little budgeting can save you big money down the road.

Check your statement carefully each month. Review your statement carefully. Do all the charges look correct? Have any required credits been applied? Are there any unusual or unexpected charges? Your credit card company will correct legitimate errors, but only if you bring them to their attention in a timely manner before you pay your bill.

Transfer your balance to a card with a lower interest rate. If you have two or more credit cards with outstanding balances, consider moving the outstanding balances to the card with the lowest interest rate. You will save money each month and simplify your record keeping by receiving only one bill.

Negotiate for a lower rate with your credit card company. If you have a good credit history, you are a valuable asset to your credit card company. Call them and seek ways to lower your interest rate. This is often possible, but never advertised. If the interest rate you are currently paying is very high, imply you may cancel the card and go with a competitor unless they adjust your rate downward. It doesn’t hurt to ask, and you may be surprised at the results.

Hi,
I use my debit card all the time and it is very good opportunity for every costumer.

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I prefer using debit card rather then credit card. I don't wan'tto be in credit side.

Tips For Using Credit and Charge Cards
Reduce the number of cards you carry and use just one or two. (Optional: Place credit card warning labels on front of credit cards.)

Use credit cards only for essential purchases.

Return all unwanted credit cards, cut up into pieces, to the card issuer.

Keep unused cards in a safe place.

Carry credit cards separately from your wallet or purse.

Keep your card in view whenever you hand it to a merchant.

Destroy carbon papers on receipts.

Never lend your cards to anyone.

Promptly report questionable charges.

Avoid signing blank charge vouchers.

Don't give card numbers out over the phone on calls you didn't originate.

Enter charge purchases in your checkbook register as though they were a check.

Regards

1) Ask your manager when and how you will get your credit card tips.

2) If you do not get those tips immediately then keep track of how much you make in credit card tips. When you punch out the computer should print out a slip. If it doesn't or you are expected to turn that slip in to your manager then get a copy of it from your manager. Ask him or her to sign it.

If you work cash-in-hand (you carry $ with you to make change for your customers and keep the money they pay for their meals until you turn it in at the end of the night) then what you turn into your manager usually reflects your credit card tips and you actually already have those tips.

If this is the case and you lose money (drop it on the ground, give back a $50 bill instead of a $10, whatever) then any lost tips are, unfortunately, your responsibility.

Again, ask your manager to explain it all to you so that you are comfortable in your understanding of the process.

Different places use different systems. No one here can tell you what you need to know. Only your manager can.



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You can find many websites which give tips on how to save the money. You will also even find some credit card comparison (http://www.billshrink.com/) sites which recommends you the right credit card for you.

Credit cards has been really useful but sometimes it can drag you down if you dont control to splurge.... :) plastic.. the money of the future! :P

Your tips was more helpful for me.

So thanks for sharing this post with us.

yes they sould be giving you the tips. I work as a bus by in my family's retaurant. All credit card tips are given to every waitor at the end of the night in a chekc or cash depending on what they prefer. U are entitled to those tips, talk to the manager.



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Nice tips thanks for sharing with us...

I am eliminating all credit cards, only debit cards, the fees and hassle are not worth it.
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