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HOW TO MANAGE YOUR FIRST CREDIT CARD



               You have a credit card and still you can’t seem to make up your mind about its use. You may simply want to manage your expenses and want to mop up more rewards for yourself or to build a great credit score. Some people might warn you against getting too much dependent to the piece of plastic but if you manage it wisely, this would have potential to help you take control of your finances. If you are a first time user, we will guide you "How To Manage Your First Credit Card" stress free. You should follow some easy steps to manage it wisely.

FIND THE BEST CARD THAT SUITS YOUR NEEDS: You should research well for the best offers before you zero in on a card. Check the rewards on credit card that make most sense for you and align with your spending habits. If you are a constant traveller, you might opt for a card that offers great rewards on discounted flights or rail tickets, free lounge access etc. If your weekends are spent in fancy dining or catching the latest released movie, then go for a card that offers cash- back on movie tickets and huge discounts on dining. The two types of cards that offer benefits on your spending are reward cards and cash-back cards.

BE AWARE OF YOUR CREDIT REPORT: Your credit report is based upon your credit mix, credit history, its utilization and payment history. If you have no credit history before, you can build your credit history by making the right moves. If you have some guardian who has a good credit history, you can get them as a co-signer of your credit card. Your credit history will report the activity on the card.

ONLY PAY FOR WHAT YOU USE:  The basic rule to follow is to pay your outstanding card balances on time and in full. If you are unable to afford, check your card’s APR to estimate the sum that you would have to pay over your outstanding card balance. If you have a great credit score, it might help you in securing a credit card with a low rate of interest. Many companies offer credit cards with number of sign up bonuses but often come up with minimum spending criteria within a given time period. They also come with an annual fee i.e. the amount charged to card in exchange for benefits that you receive. If you are having a reward card, you should try to earn as much as your annual fee in rewards to make your ownership worth it.

PRACTISE HEALTHY CREDIT CARD HABITS: There are couples of things you need to keep in mind to manage your first credit card well. The easy way to build your credit is to pay your bills on time and for this you can even set automatic payments to simplify the process. If you have a high credit limit, try not to spend more than 30% of your available credit. Remember, lower will be the credit utilization, higher will be your credit score. Don’t apply for too many cards as they result in bringing down your credit score. So before "Applying For a Credit Card" research well and make sure it meet your needs and specific preferences.

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