|
Practical advice to get
the most out of your credit card
 By:
José S. Canto
Personal Financial Advisor
E-mail: joseca@cwpanama.net
Credit cards began circulating in the 1950’s,
and like many modern instruments of payment that enjoy worldwide
acceptance, they have been incredibly successful.
We offer below some practical advice to get the most out of your credit
card.
- When selecting a credit card, choose a bank
that is reliable and best suits your needs.
- Choose a card from the bank that offers added
benefits like frequent flyer miles, cash rebates,
insurance protection, prizes or incentives, discounts
in selected merchants, advisory services, etc.
- Analyze and compare what each bank charges
for account handling, interest rates and annual
fees, cash advances, balance inquiries and other
services or features. Search for a bank that
offers the most competitive costs in this regard
and guarantees universal acceptance of your card.
- When you apply for card, read the contract carefully before
you sign. Ask for additional details on charges concerning renewals,
additional cards, and others.
- Avoid having more credit cards limit than your income allows.
- When you carry your credit card with you, make
certain that it is safely stored in your briefcase,
wallet, purse or pocket. In addition, make sure
that it will not deform, break due to heat, or
cause damage to the magnetic stripe.
- Visit your bank several days in advance before
traveling to verify that your card is in good
condition. Remember, your bank requires a minimum
of two days to replace your card if it presents
excessive wear and tear or is damaged.
- If your credit card is lost or stolen, request
its immediate cancellation.
- Have on hand and written down in a safe place
the telephone number of the bank’s Lost
or Stolen Credit Card Hotline and do not forget
to take it with you when you travel.
- Remember that in the terms and conditions established
in the credit card agreement, the bank expects
you to cancel your minimum payment in full and
in a timely manner. If not, you will be charged
a late payment fee.
- Never lose sight of your credit card when paying in restaurants
and while shopping. Avoid credit card fraud.
- Calculate your expenses so that you do not
exceed the credit limit that the bank has established.
Also, consider how much you spend versus how
you much you will need to pay later on.
- A good strategy for managing your credit cards is to pay in
full, if possible, the total balance owed. This guarantees the
constant use of your account.
- Take with you only the credit cards that you
think you will use when traveling or shopping.
- Never sign a blank receipt. Your signature means, "I
agree or approve”.
- Bear in mind that the bank always indicates your bill due
date and minimum payment amount owed. Keep adequate control
of this information so that you may always enjoy the advantages
your credit card has to offer.
|
|
