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HouTex
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Top 10 Credit Card Mistakes (Poll)

submitted on July 31, 2013 by HouTex in "Stores / Merchants"

According to this link - http://abcnews.go.com/Business.....d=19785844 -
there are an estimated 1.5 billion credit cards in use in the United States. In fact, there are some places where you can only pay with your credit or debit card. But do you use yours wisely? These mistakes can cost you $$$. Are you guilty of doing any of them?
1. Paying late?
 Yes
 No
2. Paying the minimum balance?
 Yes
 No
3. Charging up to your credit limit?
 Yes
 No
4. Taking cash advances?
 Yes
 No
5. Closing old accounts?
 Yes
 No
6. Ignoring the fine print?
 Yes
 No
7. Failing to check other options?
 Yes
 No
8. Signing up for branded cards?
 Yes
 No
9. Failing to monitor your accounts daily?
 Yes
 No
10. Sending credit card information by email?
 Yes
 No
 or See Results 

        

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  Comments
  • 179867
    HouTex
    admin
    Posted by HouTex on July 29, 2013, merged on July 31, 2013 by HouTex [reply] 0 0
    Payment history represents 35% of your credit score, and a bad report could cost you higher interest rates on future purchases or rejection of other credit applications.
    Another 30% relates to credit utilization, and a lower percentage means a better score.
  • 179868
    roxytang
    professor
    2
    10 7 2
    Posted by roxytang on July 30, 2013, merged on July 31, 2013 by HouTex [reply] 0 0
    Good article. I was guilty of almost every one of the "mistakes" on the list when I was in college. Time and experience has made me wiser and I can gladly say I have learned from my errors in judgment. I don't do anything on that list now. Big Grin
      179869
    • HouTex
      admin
      Posted by HouTex on July 30, 2013, merged on July 31, 2013 by HouTex
      [reply] 1 0
      Once I used one of those "checks" they send you. Big mistake! I had no idea that it was treated as a "cash advance." I finally read the fine print after I had already done it and discovered that they can charge additional fees and a higher interest rate than on the regular account balance.
      I NEVER did that again! Now I shred the blank checks as soon as they arrive.
  • 179899
    2kidsnuts
    professor
    10 8 2
    Posted by 2kidsnuts on July 31, 2013
    [reply] 1 0
    Sometimes they do offer interest free for6-12 months on those checks. I notice I often get offers like that when my card is paid off!
  • 179914
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on July 31, 2013
    [reply] 1 0
    Personally I prefer my AMEX to get extra rewards without the hassle of interest charges.

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