Tricks To Be Cleverer Than Your Credit Card Company

Due to the seemingly never-ending global economic recession, people have been increasingly annoyed with the way their banks have dealt with certain issues. Pathetic customer service, high interest rates, and credit card fees have all left them yearning for betterment and change. The current credit card act might be the appropriate step to ward off people’s displeasure, but definitely not a permanent fix. There are a few users who have come up with ways of outsmarting credit card companies and make the flawed system work in their favor. A few tricks have been shared here for you to learn and imbibe.

Try Not To Carry A Balance

Pay off credit cards on time

This is supposedly the golden rule that you need to know if you’re a credit card user. Try to pay your balance in full and on time each and every month. This way, you would never have to shell out an interest. Moreover, you’ll be raking in an interest on the money that you had in your kitty starting from the time you buy something to the time your payment is due. That makes up to a time period of 50 days as far as interest gains are concerned.

Pay Off Your Outstanding Balance Every Month

Suppose you’re unable to pay the money back in full each month, but your debt is gradually decreasing. You will be more inclined to take benefits from the perks that these credit cards put on offer and at the same time, wouldn’t want your debt load to increase. If you possess one card at the very inception, and have a debt to pay, your first priority should be to put an emphasis on how to pay off your current card debt before settling for a new one. Paying off the balance in total each and every month holds the key to cleaning your card. Don’t incur an interest on your new buys prior to that.

Be Aware Of Your Statement Closing Date

Visit your bank’s website to know the statement closing date

In case you pay your debt off every single month, the bank will offer you a free loan starting from the time of your purchase to the closing date of that individual cycle of payment. According to federal law, banks shell out a grace period of 21 days to pay your incurred interest back. Try to pull off a transaction one day before the payment cycle closes. This way, you will get a month extra until the closure of the next cycle. In addition to that, you’re eligible to have an extra 21 days to pay your balance off.

Get The Right Credit Card While You’re Traveling

Do not just use your usual credit card while traveling

You might use an American Express Card while you’re doing a transaction in the United States, but when you travel abroad, using a Capital One card might be of a greater utility to you. While you are on a trip, the best thing that you can do is ask your credit card company about their foreign transaction fee. Try to inform the company of the details regarding your travel, when, and where you’re having a trip. This way, you can avoid their suspicion of you being the victim of a fraud.

Grab A Huge Bonus

Grab the special offers and discounts while using a credit card

Those who spend a lot earn ample rewards every month. But if you consider the rest, creativity is running short. There are two lucid lessons that you need to learn if you’re a credit card user. Firstly, desperate airline companies have been striving way too hard to create extra awards for their consumers. Secondly, banks are somewhat over-anxious to get a hold of new customers with an impressive credit score and offer them unthinkable rewards like offering them a 75,000-mile journey on the American Airlines in order to have them sign up for a credit card.

Customers with a good credit score are enjoying the bonanza that these banks have to offer. All they have to is wait for the best deals with patience. Remember, that your credit rating can get hampered if you are inclined towards signing up for brand new accounts frequently. Credit card entities are out there to earn money. But, their tactics and strategy mostly involve taking an undue advantage of their customers. Restrain yourself from using credit cards with a no-holds-barred attitude. Be patient. Be calculative.