Friday, December 11, 2009

Holiday Credit Card Tips

BY: Nicole Nelson

Many stores offer discounts or special deals if you sign up for their credit card. This practice is even more prevalent around the holidays since they realize many people are buying now more than ever, they are putting it on credits and most likely not paying it off for a couple of months or longer. But, although it may seem good to save money by opening up a card, you may actually save money by using the card you already have. Most store cards carry very high interest rates and low credit limits. When purchasing, it is also smart to check out which of the cards you already have has the lowest interest rates. This includes checking the fine print to make sure this rate won’t all of a sudden rise drastically. It is also important to keep track of your credit card limits. Your credit score depends on the amount of your credit that you are actually using. Also, some people do not realize or take advantage of return policies. Major credit cards offer “return protection”. This means the issuer will take back items that the store will no longer take, up until 90 days after the purchase. The last tip seems like a simple one but is most of the time forgotten. This is taking note of how much you are charging. This will save you time and money after the holidays have ended.

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