Are You a Confused First Time Credit Card Owner? – It’s Alright.
Posted: Oct 28, 2019
How does one be a savvy credit card owner? Getting your first credit card can definitely be exciting, especially since the world of credit cards is so varied and dynamic. Before you commit to any card however, it is advisable to do some homework and evaluation to simplify the process and maximize your credit card rewards. Here are some common tips for that:1. Before Getting the Card
Ensure the card is right for you
Be familiar with the perks, benefits and interest rates that your chosen credit card has. Save yourself the hassle of hunting down credit card promotions and deals using mobile applications such as Cardable. Take your time to consider the different options before deciding on one. By having a thorough understanding of how credit cards work, you can stay on top of the credit card issuer’s rules and regulations, and work within the guidelines.
Doing such a check ensures that you won't be caught off guard by certain credit card fees, and it might even give you the upper hand in disputing any issues with the issuers. Knowledge is power, as they say, and it is no exception to this case.
Get your credit score in good shape
It’s no secret that credit card issuers usually take a look at your credit scores before deciding if they should approve your credit card applications. The credit scores are likely to inform the banks if you are a reliable borrower which they do not have to fret over.
If you’re a little more on the financially savvy side, you’ll know some of the tips and tricks to make your credit score an almost perfect one. However, the general rule is to never default on payments for any loans or credit cards and you are in good standing to get approval for an application and be a credit card owner.
Read the fine print
There are indeed many attractive credit card sign-up offers dangling in front of the average consumer today. From free luggage to cash-back giveaways, these incentives do, of course, sweeten the deal for us.
However, it is good practice to read every condition on how to get your hands on that gift. One missed fine print sentence or two might create a misunderstanding and disqualify yourself for the perk you might have signed up for initially. In addition, some of the benefits that the credit cards bring are only activated with a certain minimum spending on the card; keep that knowledge on your fingertips too, so you won’t be sorely disappointed when the bank informs you of your ineligibility.2. After becoming a credit card owner
Use your card strategically
You have passed all the financial institution checks and you're finally a credit card owner. It’s time to use your card in a way that will best benefit you in terms of getting the purported card benefits and perks, saving you a huge amount of expenses.
The idea is to put in the minimum effort possible to obtain it and this is only done through a proper planning of your purchases and monitoring of your expenses so far. Cardable has an exclusive upcoming feature that would help users find the perfect card suited to their lifestyle. Stay tuned!
Pay all bills on time
This is a must! Paying your credit card bills on time will not only keep you off the black books of the bank issuer, but will also shape your credit score in the future. Employ the use of the numerous financial budgeting and bill reminder softwares or mobile applications and it might be much easier to remember the due dates for your credit card bills.
So, 5 things to remember:
- Ensure the card is right for you
- Have a favourable credit score
- Read the terms and conditions
- Plan your purchases and monitor your expenses
- Pay your bills on time
And you're good to go!
Available on the Web, IOS and Android.
Cardable presents all your credit card and membership card promotions on one platform.