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Having and using credit can be a beautiful thing, but if not handled carefully it can cause you a lot of trouble. When you use a credit card you are borrowing money that must be repaid. The best practice is to pay your credit card bill in full every month. If you do not, the creditor will add interest to the amount that has not been paid. The average credit card interest rate is 17.73%.

Just because you receive a credit card application in the mail, doesn’t mean you have to apply for it. If you choose not to apply, then shred the application. You cannot apply for a credit card without a co-signer if you are under the age of 21. If you do apply and receive a credit card, remembering these important tips about using your credit card will help you manage your expenses more efficiently.

  1. Check your bill for any questionable charges
  2. Do not spend more than you can afford on a monthly basis.
  3. Pay off in full monthly.
  4. Keep your PIN secure.
  5. Do not only pay the minimum payment.
  6. Pay your bill on time to avoid any late fees and charges.
  7. Do not use the cash advance option.
  8. Do not exceed your credit limit.
  9. Limit the number of credit cards you get.
  10. Obtain a card that has no or low annual fees.
  11. Understand the terms and conditions of your credit card.

Following these simple steps can help you stay on the right financial path and build a strong credit score and history.

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