How to manage your credit cards and ensure your credit is in good shape

03 April 2014 - WHich Way To Pay

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How to keep your credit in tip top condition and take care of your credit cards

Do you have lots of credit cards? Did you know that even if you pay then on time every month, you will not be attractive to lenders? This is a well known fact in the credit industry. If you have too many cards it starts to make you a risky prospect, this is especially true if you have access to more credit than you can afford to repay. If you get in a shopping frenzy and lose control of your finances, they might not get their full repayments.

Do you pay off your credit cards in full each month?

Always remember to pay off your credit cards in full every month before your statement date. This is of paramount importance unless of course you have a 0% interest rate deal. Even if you are lucky enough to have a 0% interest deal then you must ensure that you make the minimum payment on time every month. If you pay off your credit card every month, all your rewards and points will be worth it and not be overwritten in the interest you are paying.

Never have more than one type of credit card

What does this mean? Everything in moderation is the key to life, but this also applies to credit cards. If you have got more than five credit cards then chances are you have too many, you should start to question which ones do you really need? Which credit cards do you currently use?

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