9 Things to Know about Credit Cards

With over 609 Millions cards issued in the USA only, credit card payment is one of the most used payment system in the World. Although very useful and highly convenient, this little piece of plastic can also lead to debt and financial difficulties.
Knowing your credit card a little better can help you maximise its benefits and avoid any bad surprise.

1. Do not over-use it: As most things, credit cards need to be used with moderation. It will avoid to pay a large amount of interest.
2. Keep it safe: Your credit card should be kept in a safe place at all time. The best place to store it is your wallet. When you use you card, make sure you replace it in your wallet. Do not leave it on your desk or on a table as it could be lost or stolen.
3. Car Insurance: You might be eligible for free rental car insurance: It is worth checking this with your card provider because you can easily save a few hundred dollars in the process of hiring a car for a longer holiday.
4. Adjust Your Credit Limit: If you have a large credit limit that you do not use, reduce it. If you are planning on going on holiday or making a big purchase, make sure to increase your limit.
5. Benefits from Warranty: It is quite common that credit card companies offer warranty. This saves you from having to pay for extended warranty periods. Check with your lender to be sure.
6. Keep your Statement & Dockets: Sending your credit card statement to the rubbish bin at the end of the month, could be a risk . Scammers can then find it and use it against you. Dockets look pretty safe, but they contain information (numbers) that can be used. Using credit card number generators, scammers can use it against you.
7. Interest Free DaysMost credit cards will offer you an interest-free period of around 55 days. This means that you can make purchases on your card and not be charged interest for up to 55 days if you have paid the balance to zero during the previous interest-free period.
8. Maximise Your Rewards: Reward credit cards offer incentive programs to make you pay more on credit cards. These rewards can get you discounts.
9. Think about a Debit Card: If you do not need a credit card, opt for a debit card. They offer some advantages.