fbpx How to use Credit Cards wisely | ekpizo

Useful advice:

  • Make sure whether it is truly necessary to issue a credit card
  • Contact different banks so you ensure the best possible terms
  • Ask for explanation when there is something you do not understand
  • Before signing the contract read it carefully
  • At each monthly bill both the nominal interest rate and the annual percentage rate of charge (APRC) should be mentioned (e.g. any charge above the rate)
  • Whenever and wherever you pay by credit card double check what amounts you sign for, request a copy of the debit note, hold it until they give you the bill and make a comparison
  • Each time the bill comes check carefully the charges. If you have any doubt you can submit your objections in written form and request written explanations
  • Make your payments within the specified time limit otherwise you will be charged with additional interest (deferral interest)
  • Always pay off the full bill because the interest rates are high
  • Have no more than two credit cards and control on your own your credit limit
  • Remember that for credit cards you pay subscription fee and the interest rates are too high
  • If the bank arbitrarily increases your credit card limit, then request to reset to the original credit limit
  • Memorize your credit card PIN number and NEVER carry it with you

 

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