If you’re trying to get your first credit card, it’s important to have a few considerations beforehand. Here are some things to keep in mind.
Image via Upgraded Points.
A study done by Gallup reveals that the average person has 2.6 credit cards, however, this statistic is a bit off because it also includes the 29 percent of Americans who don’t have credit cards. Those with more credit cards are often able to have more due to having higher credit scores.
Below is a chart of the poll.
| Number of Credit Cards | Percentage of Americans |
| 0 | 29% |
| 1-2 | 33% |
| 3-4 | 18% |
| 5-6 | 9% |
| 7 or more | 7% |
Image via Business Insider.
It’s a little known secret that you can lower your annual credit card fees. Yes, you read that correctly: Although credit card fees seem daunting and overwhelming, they aren’t immovable!
In fact, all you have to do is reach out to your bank and ask them to lower your fees, and most of the time they’ll oblige. You can usually do this up to two times a year, but that depends on the bank. If you always pay on time and threaten to stop using their card, that could also help your chances.
The more you know!
Image via PYMNTS.
The internet is full of information about credit cards, yet people still wonder what the best choice is for them. Here are questions people wonder about…
Is it a good idea to cosign for family members? You should probably never cosign on a card for family. If they default, you’re on the hook.
Should cards with higher interest and balances be paid off first? It is probably a good idea to do so because this will free up more money in your budget.
How often is too often to check a credit score? You can never check too often. This way nothing will surprise you.
Believe it or not, your credit card company can make mistakes too. You should read your report and see if there are any additional or double charges that should be disputed. If you wait too long to dispute charges, it may be too late and you’ll still be liable for paying them.
A few examples would be if your gym charged you an extra month. Or, if you cancel a flight and the airline still charges for baggage fees.
An option to pay off your credit card debt fast is to move your debt from a credit card to a home equity line of credit. Another term for it is HELOC. It can substantially decrease the amount of interest you pay. It is a smaller risk to lenders than other types of loans. That means a lender typically will let you borrow at an interest rate much lower.
One of the most stressful financial situations you can find yourself in is to be retired, on a fixed income and struggling under a heavy burden of credit card debt. However, there is assistance available specifically for seniors facing this financial hardship. Click below to learn more.
Image via Flickr/Matthew Palmieri
If you’ve ever used your credit card to make a purchase online, you were probably asked to submit your card’s CVV number. While most consumers know where to find this three-digit code, most don’t realize its importance in protecting you from credit card fraud. Click below to learn more about this all-important number.
Image via Flickr/agenize statali
