Credit Cards - Saving Money Tips

[Dave Rowtree]

IF you're in the UK Money Saving Expert Forums are a good resource too for credit cards. One of their points:

When you transfer money to another 0% credit card; DON'T use that card for anything else if you can help it; you'll be charged interest on you cash advances or purchases first so won't take full benefit of a 0% balance transfer rate.

[Marketiva]

I've the best saving after the using of my credit card:
0% interests after the shopings (within 51 days)
And I've a FREE travel insurance
My bank: CitiBank

[ScrimpAndSave]

Great tips, thank you!

[ScrimpAndSave]

Great tips...thanks!

[btacay]

Credit Card Saving Tip

Cutting on your credit cards will save you a lot of money. The number one rule with a credit card is to pay off the total balance every month. Never incur interest on a credit card.

If you can't do that, cut it up today. Even if you are getting the best credit card rewards around, if you are paying interest each month, you are losing money.

[hassell]

1. Although Visa and MasterCard gift cards offer convenience, they come with fees for both you and the recipient. It makes more financial sense to buy a nice card and put a check or cash inside.

2. Always pay off your entire credit card balance each month. You can end up paying almost as much in interest charges as the item actually cost if you only make the minimum payment each month.

3. Avoid taking cash advances using your credit card. Interest rates are usually much higher for cash advances than on your credit card purchases (which are already high). Furthermore, there is usually no grace period with cash advances meaning the interest starts to accrue immediately.

4. Be extremely skeptical of unsolicited email from "nonprofit" sites that claims they can reduce your credit card debt. The credit counseling industry is unregulated with plenty of operators who will take advantage of those in debt, and nonprofit claims hold little weight. Take the time to seek out a reputable credit counseling agency.

5. Be extremely wary of offers to receive pre-approved credit cards with low interest rates and no annual fees for an upfront payment. Not only will you never see the card, you will likely never see your up front payment again, either.

6. Do not staple your check to your credit card payment voucher. Doing so will prevent the document from being processed through the credit card company's automated machines. Your payment will be put aside until someone has the time to remove the staple from the voucher which may result in you being assessed late penalty charges.

7. Don't be fooled into paying extra for credit card protection. Federal law already protects credit card users, so even if your credit card is stolen and huge charges applied to it, your maximum liability is $50.

8. If you make a credit card balance transfer to a new, lower rate card, continue to make the minimum payments on your old card while waiting for the balance transfer to take effect. Transfers can take up to 4 weeks and if you miss a payment to your old credit card issuer during this time, they will likely charge you a late fee which could also adversely effect your credit rating.

9. If you need a credit card, try to obtain a no fee card, although you need to consider other factors such as grace period and interest rates as well. If you are charged an annual fee on a current card, call the issuing bank to try and get the fee waived. Many are willing to do so to keep a good customer, but you have to ask to receive it.

10. Begin to pay off your credit card debt. Start by promising to pay more than the minimum amount due on your credit card bill every month.

11. Reducing your credit card interest rate can be as simple as making a phone call. According to a Public Interest Research Group (PIRG) study, 56% of those surveyed reduced their credit card rates simply by asking their credit card companies to do so.

12. To avoid credit card late fees and a possible increase in your interest rate, simply send the minimum payment as soon as you receive your credit card statement. Send a second payment near the due date to pay off the balance.

13. To help avoid paying credit card late fees, keep a calendar with your normal monthly payment dates listed. As your normal payment due date approaches (generally 10 days before), if you haven't received a statement you should call the credit card company for the payment due and put it in the mail.

14. When paying with MasterCard, Visa, or American Express, don't write your phone number, home address, or driver's license number on the credit card sales slip since this makes identity theft easier. All three companies require merchants to sell to you even if you don't provide this information.

15. While transferring credit card balances to a lower interest rate card is a good idea most of the time, be aware that some credit cards charge you a fee to transfer your balance. These fees can be quite hefty, so if you're planning to do so, search for a card that doesn't charge the transfer fee.

Such nice post. Its gives us very informative things. Thanks for sharing us. Just one question, Is that applicable for Payoneer Debit Master Card.