When you are ready to take a new credit card there are lots of factors you need to consider. Among these factors is a credit card term. You need to choose the plan terms that best fit and suit your financial needs. You need to consider plan terms like free period or grace period, annual percentage rate (APR), annual membership or participation fee, transaction fee among others.
It’s very important that you understand each of the credit card plan terms before you accept the card to avoid putting yourself in financial bondage. For example, if your issuing company did not give free period and you are unable to pay on time your account will be charged and it will ends up adding to your debt.
There are several cases of card theft in recent days so it’s advisable that you keep your card very well to avoid unauthorized use. Also, don’t give away your card information where you aren’t feeling secure. Another way to avoid lost or unauthorized use of your card is to only carry the card you think you will use. And in case of lost of your card you need to call issuer and inform them of the lost quickly. So, keeping separate records of each of your account number, expiration date and issuer contact information is very important as well.
It’s very important that you reconciliate your account when you get statement of account from your card issuer. In other to reconcile your account successfully you need to keep record of receipts where possible and personal note where you don’t have receipt. Most likely you will discover errors which could have been added to your statement without you noticing it.
Keeping the above tips in mind will help you while shopping for new card and using it as well.