Five Tips To Reduce Your Credit Card Bills

by : Leo Chu

Nowadays, most of us have more than one credit card. It is very important to keep track and keep safe each and every piece of the credit card that you own. If you misplaced one, imagine the damage that can happen. Someone found it and swipe it. You got to pay for it! Below are some good Credit Card Tips:

On your existing credit card accounts:

* Keep a list of your credit card numbers, expiration dates and the phone number of each card issuer in a secure place. It will come in handy if you lost any of the card.
* Open credit card bills promptly and compare them with your receipts to check for unauthorized charges and billing errors.
* Report promptly and in writing to the card issuer any questionable charges. Written inquiries should not be included with your payment. Check the billing statement for the correct address to send any written inquiries. The inquiry must be in writing to guarantee your rights.
* If any of your credit cards are missing or stolen, report the loss as soon as possible to your card issuers. Some companies have 24-hour service and toll free numbers are printed on their statements for this purpose. For your own protection, follow up your phone call with a letter to each issuer. The letter should contain your card number, the date the card was missing, and the date you called in the loss.
* If you report the loss before a credit card is used, the issuer cannot hold you responsible for any subsequent unauthorized charges. If a thief uses your card before you report it missing, the most you will owe for unauthorized charges on each card is $50.

When using your credit card:

* Watch your card after giving it to a clerk. Take your card back promptly after the clerk is finished with it and make sure that it is yours.
* Void or destroy any incorrect receipts.
* Never sign a blank receipt. Draw a line through any blank spaces above the total when you sign receipts.
* Never give out your credit card number over the phone unless you have initiated the call.
* Never put your card number on a post card or on the outside of an envelope.
* Leave infrequently used cards in a secure place.
* Consider closing any inactive accounts with the issuer(s).

Outstanding credit card balances can get the better of you if you do not keep them under control. Here are five essential tips for reducing the amount you owe:

1. Take advantage of 0% balance transfer deals. You will need to work out how much you will be charged to transfer a balance, but you will usually save money over the life of the deal.

2. Pay more than the minimum each month if you can. Even paying just a little more than is required every time will reduce your outstanding balance (and any interest charged) quicker than you would otherwise.

3. Work out a monthly budget and stick to it. This will not only enable you to pay off your credit card balance each month, it will also ensure you do not habitually pay for more purchases with your cards. sending your balances higher still.

4. Be determined. cut up your credit cards. If you really do not feel comfortable doing so, either ask a trusted friend or family member to hold onto them for you, or keep the one with the lowest interest rate for emergencies.

5. Look out for cut price interest deals. If you cannot transfer your whole balance onto an interest free deal, transfer as much as you can and look for a low promotional rate to transfer the rest onto.

Find out how much the interest rate is on each of your cards. if you have more than one. and transfer the highest rated one first. You can save a significant amount of money just by doing this.

One final tip. if you are currently paying $100 a month off your credit card balance, and shifting to a lower rate means you only pay $60, try and maintain the $100 payment if you possibly can. You will reduce your balance a lot faster and pay far less interest.