Sunday, April 19, 2009

8 Tips for Saving Money On Your Credit Cards

Holiday shopping overloaded your credit cards? Disquieted about the finance charges
you’ll soon begin paying? Fortunately, you can utilize a clump of different tactics to salvage
money on credit cards. Some suggestions follow:

Leave Home without It

If you’re like most people, you pass more than money if you carry a credit card around. Some surveys demo that credit card holders pass 23 percent more on average even
if they don’t carry a balance on the credit cards. No investing pays an
instantaneous 23 percent rate after taxes. Even business investments. Despite what
one credit card issuer says, you’re really better off if you go forth home without it.

Cancel Unnecessary Credit Cards

If you don’t carry credit card balances, call off credit cards that charge an annual
care fee. Lighten your wallet by canceling all the cards you don’t use, for
that matter. You’ll only pass more than if you utilize them, anyway.

Ask Your Bank to Waive Its Annual Fee

Call your bank and explicate that, because of the annual fee, you might call off your
credit card. State the bank you believe it should relinquish its annual fee. Your current
credit card issuer will probably gulp and then relinquish the fee. For a two-minute
telephone call, you’ll be ahead by $20 or $30. (By the way, most credit card issuers
don’t relinquish the fee on a gold card.)

Consider an Affinity Card

If you travel on business a lot, you can easily run up $10,000 or more than on a credit
card as you pay for airline tickets, hotels, and rental cars. In this case, it’s well deserving
it to pay $50 for an chemical attraction card. Once you have got the card, charge all your personal
and business purchases on it.

Cancel Credit Insurance If You Have Any

Credit life insurance is usually a large waste material of money. You only need credit life
insurance if you cognize your estate will accumulate and you can’t get a better sort of

Credit disablement insurance is usually another large waste material of money. But, as with credit
life insurance, you may need this insurance if you necessitate disablement insurance and
you can’t get better insurance.

Cancel Credit Card Protection Insurance If You Have It

Credit card protection insurance is another waste material of money. If some nefarious type
steals your credit card and runs up huge charges, you are probably only apt for
the first $50 or so as long as you immediately state the credit card issuer that the
credit card was stolen.

Never Make the Minimum Payment

Pay more than the minimum payment. Paying off high-interest-rate credit cards is
one of the best investings you can make. (The others are typically investing in a
profitable business and contributing money to a 401(k) program in which the employer
fits a part of the contribution.) If you do minimum payments only, your
credit card debt quickly balloons. Very quickly balloons, I should say. Soon you are
paying monolithic monthly finance charges.

Get Quit of Your Gold Card

You’re paying for the privilege and prestige of that gold card. But you knew that,
right? You can probably salvage yourself at least $40 or $50 just by having an old,
boring, regular Visa or MasterCard.

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