Mistakes we make using Credit Cards

There are some mistakes when we use credit cards that will really affect our credit score and cost us money see what are they:

1. Paying Late: Even if you are late just for a few minutes they will charge you extra fees, interests and more.


2. Paying only the minimum: Credit cards company loves that you take time paying the debt. It won't necessarily affect your credit score, but that doesn't mean it's a good practice. Sending in only the minimum payment "is definitely going to keep you in debt longer, and you're going to pay a heck of a lot more in interest," says Francis.


3. Buying on a Card just for the rewards: It won`t affect your credit score but you can get into a lot of debt without you notice it. Be careful with your shopping.


4. Missing a Payment: Not only are you going to be slammed with fees, interest charges and other penalties when you miss a payment, but you'll likely see a rise in your interest rates.


5. Having too many Cards: "There's rarely a good reason to get a new card if you've already got a general-purpose card, a rewards card and a low interest card," says Cunningham.


6. Maxing out a Card: This really will affect your credit score because they evaluate how you manage credit. "It means you don't have enough saved up to cover unexpected expenses."


7. Playing the transfer Game: It is not a good game to transfer from credit card to credit card, they only will see how many debts you have.


8. Debt settlement Plans: Next to bankruptcy, debt settlement "is the most negative thing you can do to your credit score," says Francis.


9. Getting a Cash Advance: It may feel like free money, but the truth is that it's anything but: You'll likely have a fee associated with the advance, and you'll likely pay a higher interest rate than you would by using the card associated with it


10. Using a Card on a Pinch: If the fridge went on the fritz or the furnace conked out in mid-January, you might not have the means to fund its immediate replacement. Putting the bill on a credit card -- and paying it off quickly over the course of a few months -- is a pretty solid option, says Cunningham.

I hope this article will help you use better your credit card.

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