5 credit card mistakes to avoid

Unwise or irresponsible use of a credit card can wreak havoc on your finances, especially if you commit these potentially costly errors.

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36Comments
Feb 25, 2013 10:20PM
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There is no credit card company that wants to "help" you.  What they want is to help seperate you from your money.
Feb 25, 2013 10:12PM
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None of these are anything innovative or new.  I personally believe the best credit cards are the ones you cut in half.

 

And yes..........I do use a credit card, but I pay it off before the interest sets in.

I know not everyone can do that.  :(

Feb 26, 2013 1:00AM
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I make money off my credit card companys reward cards. I buy everything with the cards and pay the balance off each month. Make about $1500 a year free money.
Feb 26, 2013 2:14AM
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The easiest way to use a credit card properly is to pay it off every month.  Before you buy something, first ask yourself do I really need this, if so, YOU have to pay it off within 30 days.  Use their money, but pay it off by the following month.  I will bet you, you do not know what the interest rate is on your card, for cash advance,  % of charge on minimum bill when the balance reaches a certain limit.  Some card charge 25-29% on balance.  Read your statements every month to know what you are being charge for.  Fraud is big business out there, check your statement for unauthorized purchases. Report anything immediately that you did not purchase to your bank or credit union ASAP.  You can be held responsible for the first $50.00 if they are not notified ASAP.  Check your credit report three times a year, free report from one of three Credit Company every quarter.  It is Free!!!
Feb 26, 2013 10:37AM
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#1 mistake is getting the credit cards .




Feb 26, 2013 12:33AM
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I agree.  I have a debit card that I use.  I don't have it, I don't spend it.  Credit card companies are out to make a buck even when I had cards and paid them off every month they wanted to charge me a yearly fee.  Forget it.  It's all a scam.
Feb 26, 2013 10:36AM
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All this information is general knowledge.  Please post better articles.
Feb 26, 2013 12:27PM
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I began using cash only two weeks ago. Never been happier!
Feb 25, 2013 11:11PM
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I think a debit card is cool...you have the mone

y for thing,s and that,s it.....

Feb 26, 2013 2:11PM
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Why do people think debit cards are better than credit cards?

A credit card is much safer than a debit. A debit card is a direct link to your bank account and there is no limit spending on it, if someone gets a hold of it they can clean out your bank account and hard earned money. A credit card is a third party or a different line of account which has a monthly spending limit, if it gets stolen your bank money will still be safe and if you act fast enough to report it stolen then it wont cost you anything. I would choose a credit card over a debit any day because its more secure, even if I have to pay interest for it.

But it goes without saying cash is by far the safest way to do transactions to prevent theft.

Feb 26, 2013 2:07AM
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I don't have a credit card and I don't want one. I do have a debit card and I use it frequently. 
Feb 26, 2013 10:49AM
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When your Discover Card is overdue
And your American Express is way too large
Get a loan on your Visa Card
And pay it off with your Master Charge

Feb 26, 2013 12:17PM
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Your information is very good for a 6 yr old. You are proof of the stupidity and ignorance of the average citizen in this country. When you provide such trite information believing you are providing great financial information you must be laughing to yourself knowing the ignorance of much of our citizens. These people actually vote and that is how we have an affirmative action president.
Feb 26, 2013 12:30PM
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My favorite piece of advise is don't just go out and randomly hand your card to strangers and tell them to go on a shopping spree!!!!
Feb 26, 2013 1:24PM
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There are no 5 mistakes...there's 1 mistake...haveing a credit card in the first place.

This is a banks dream...to make you pay to use your money...GENIUS...for them

STUPID ...for you

Feb 26, 2013 3:03PM
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Credit cards can be a trap. I want to close one but if I do my credit will take a hit. So I purchase small things on it every month and pay it off immediately (the balance is no more than $10).

 

My other Amex (Starwood) I use for the free trips. I try to keep the balance as close to zero as possible. It gets difficult because its "easy" to swipe...and this is not even for shopping. This is for daily expenses (Groceries, utiliy bills, cable etc). It can easily run to almost $1000 a month. It gets paid off but Im trying to get to a point where I dont need it. Which is just a matter of timing (the bills are due before the paycheck).

Feb 26, 2013 2:47PM
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All credit card companies are focused on how much money they can "legally" steal from the unsuspecting faceless # that you are. They lie, cheat, steal, and breed corruption wherever they are. Avoid them at all cost, no pun intended. Given the slightest chance, they will cost you all.
Feb 26, 2013 2:45PM
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Capital 1 and HSBC both charge so much interest and never relent on anything---I agree with the service charge that they charge to use their cards---$39 or $59 isn't this quite redundant---a debit card is the way to go and believe me if you don't pay a bill or they don't send a bill and it gets turned over and you pay a second party the creeps put you on the Credit lists and never take it off even though you have paid off to the second party who bought this---how are they allowed to do that??????????????
Feb 26, 2013 12:00PM
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My cc company increased my limit by a large amount without consulting me. I had a devil of a time making them change it back to the minimum amount. It's the old "You didn't tell us not to..." gambit. Don't let them get away with this.
Feb 26, 2013 2:55AM
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I use a finance software to keep track of money and credit cards. I go one step further with the paying off the balance each month. What ever amount my software shows that I owe is what I pay for the month. This takes care of the overlap for some purchases that were made too close to the statement cutoff date and normally would carry over to the next month. My zero balance is always based on my software and not just the credit card statement.
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