How Many Credit Cards Should You Have? Here Are Some Great Tips!

Credit card purchases can yield perks such as frequent flyer miles or other discounts, if used properly. Others that use credit cards foolishly just charge vacations on the cards and return home to stressful bills. To alleviate the chances of getting in over your head, read the tips contained in this article.

It is a smart idea to have a couple of credit cards. This will increase your credit score over time, especially if you don’t carry a balance from month to month. If you have too many cards open at a time, it may be difficult for you to find a loan, as too many cards on your credit report can be a red flag to lenders.

If you notice a fraudulent charge on your credit card, report it immediately. The earlier the credit card issuer knows, the better chance they have of stopping the thief. Additionally, you will avoid being responsible for the charges themselves. Any charges that you did not make need to be reported to your credit company with a phone call or a high priority email.

If you have the money to do so, pay your entire balance on your credit statement monthly. Ideally, credit cards should only be used as a convenience and paid in full before the new billing cycle begins. Your credit score benefits from the credit card use, and you won’t have finance charges if paid in full.

Carefully monitor all communications from your credit card company, and open everything as soon as possible. Credit card lenders can, and often will, make changes to their terms but they must inform consumers of these changes in writing. If you don’t wish to comply, you are allowed to cancel that credit card.

Do not provide your card or account number online or over the phone unless you are confident that you have a secure connection with a company you trust. Be very suspicious of any offers that are unsolicited and request your credit card number. Many unscrupulous scammers make attempts to get your credit card information. Protect yourself by being cautious and staying diligent.

Credit cards have a wide variety of uses. From simple things like making a payment to boosting your credit score, there truly is a myriad of uses. Put the information presented in this article to good use.