The most stupid mistakes that credit card owners make - ForumDaily
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The most confused mistakes made by credit card owners

Фото: Depositphotos

Фото: Depositphotos

Credit cards can be a support or a disaster for your financial condition.

It depends on how you use them. Of course, each case is exceptional, but there are mistakes that no one should definitely make.

Edition Time collected a list of such.

1. Credit Card Photos

Even if you are very happy that you received a new credit card, you should not take a photo of it and post it on social networks. This is an invitation for someone to steal information and use your credit card for their own purposes. And there is nothing pleasant for the cardholder.

2. Maintaining balance

Since the advent of credit cards in the world, there has been a myth that maintaining the initial balance on it (that is, in essence, refusing to use credit funds on it) improves the credit history. It is not, moreover, it may even harm.

The best thing to do is to actively use the loan amount available to you, but, of course, you need to return the money taken on time. If you do not use money on the card, the bank increases your credit limit, which very often leads to a too large nominal loan in the history of your records, and this damages the credit rating.

Although, if you decide to reduce your credit debts to zero, then there is no point in maintaining a balance on a credit card.

Фото: Depositphotos

Фото: Depositphotos

3. Maintaining balance on reward cards

Rewards points and amounts on cards are very nice, and sometimes you can spend significantly more than planned in order to get a bigger reward. Therefore, it is worth controlling this process, but still there is no point in not spending anything at all, because then you will not receive any rewards, and the cost of the card, taking into account the interest on the loan amount and maintenance, will cost more than the cost of the rewards themselves.

If you want a credit card to help you maintain your balance, choose another option—a rewards card is not suitable for this purpose.

4. Pay bills late when you can pay them on time

Paying your bills on credit card on time is very important for 2 reasons: late payment always results in fines and penalties, and this will harm your credit rating.

Sometimes a late payment of a bill on a credit card can be caused by valid reasons or financial difficulties, but if you have not forgotten about it and you had the financial opportunity to pay the loan on time, then late payment is simply a big mistake on your part.

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What you need to know about the expiration of the credit card

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