Tuesday, January 8, 2008

Use your credit cards wisely

There is a saying,"Credit card is for convenience and not for credit."

So, take the following precautionary measures:

1. Every time you use your card make sure that you have sufficient fund to meet the payment at the end of the month.
2. Do not exceed your credit limit.
3.When you notice any unauthorized transactions in your statement, inform the bank promptly.
4, Pay your monthly statement before the due date.
5. When you make major purchases by monthly instalments ensure that the amount is within your monthly budget.
6. When you are unable to make payment in full you must settle the monthly interest fully and also nothing less than the minimum amount.
7. Notify the bank when you change your address. Ask for a copy of the monthly statement when you don't receive it. Otherwise you will end up paying interest for late payment.

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