Credit cards might seem like convenient financial options for managing expenses. However, handling them responsibly could be the key to avoiding debt. In this video, we’ll take you through some simple tips that might help you manage your credit cards better.
We’ll begin with repayment strategies. Paying more than the minimum amount due each month might help clear your debt faster. This could save you from unnecessary interest charges. Maintaining a credit utilisation ratio below 30% could also protect your credit score by ensuring you don’t overextend your available credit. If missing payments is a concern, setting up automated payments might help avoid costly late fees.
Next, we’ll talk about the importance of reviewing your credit card statements regularly. This could help you quickly spot any fraudulent transactions and act before they cause major issues. While cash advances might seem like a quick fix, they usually come with higher fees and interest rates.
Finally, we’ll cover why upgrading your card might be better than cancelling it and how to manage multiple cards without going over your limits.
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