Wise Use of Credit

11/21/2017

Even when knowing the pitfalls, getting deeply into debt can happen without you realizing if you do not follow these basic rules:

 

Find a credit card issuer that offers a low interest rate. 

Build your credit rating by using your credit card periodically. When it comes to making a big purchase, the credit you have built with your card will pay off.

Establish a budget that includes paying off your credit card each month. Maxing out or charging up to your credit card’s limit can make sticking to your budget very hard so avoid doing so at all costs. In other words, don’t buy stuff you cannot afford.

Pay on time, every time – this way you will avoid paying interest charges.

Whenever possible, pay more than the minimum payment owed off the balance. This will save on charges.

Many credit cards offer rewards in the way of cash back, airline miles, and bonus points. By using your credit card and paying off your bill you can collect points that may come in handy.

Many banks offer an alert for unusual transactions and reminders when your bill is due. Make sure you sign up for this option.

Making your credit card payment online will ensure payment is received by the due date.

Access your account information regularly. If you track your spending closely you will be able to identify fraudulent transactions quickly and notify your card issuer immediately.

If there is an error on your account notify your card issuer.

When making online transactions, be sure the site is secure. Free Wi-Fi spots are not always secure.

Hold onto copies of your sales receipts so you can compare transactions with charges on your bill.

Don’t lend your credit card to anyone.

If you move, inform your credit card issuer.

If you have any questions about Warren-Boynton State Bank’s services please do not hesitate to get in touch with us. Stop in at one of our branches in New Berlin, Springfield, Modesto, and Palmyra or visit wbsb.net.

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