Keep your credit in tip top condition by taking a close look at your credit cards

05 December 2013 - Which Way To Pay

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Manage your credit cards effectively and keep your credit in great condition

If you have accumulated lots of credit cards over the years, even if you religiously pay them off on time every month, you will not be attractive to lenders. This is a general rule that applies to everyone with no exceptions. If you have too many cards you look like you are a high risk borrower, even more so if you have access to more credit than you can afford to repay. If your spending gets out of control, your credit card provider could find that they do not get their full repayments.

Always ensure you pay your credit card off in full every month

Always ensure that you pay off your credit cards in full every month before your statement date. Unless you have a 0% interest rate deal, you could find that you will be in serious trouble if you do not make your repayments. If you are lucky enough to have a 0% interest rate credit card, you must ensure that you make the minimum payment on time every month. If you do not pay the minimum amount you will find your 0% interest rate is spiralling out of control. In addition, if you pay off your credit card every month, you will ensure that the value of your perks, rewards and cash back earned outweigh your borrowing interest rates and fees.

Never have more than one of the same credit card at one time

Like the old saying goes, "everything in moderation" is the key to life, this is the same for credit cards. If you have got more than five or six credit cards then it is likely that you have too many credit cards and you should ask yourself "how many of these credit cards do I actually need? Look at your finances and see which credit cards you currently use then check the credit limit to see what they all total to. You should then ensure that you cancel any that you never use, ensuring that you keep a little credit for a rainy day.

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