How To Use Credit Cards Responsibly

Best Advice about Credit cards

A credit card can be a valuable tool if used responsibly. Here are some tips to keep in mind

It's easy to get in the habit of using a credit card when you make purchases. It can be a simple and fast way to pay—whether you like the convenience of not carrying cash or are all about earning rewards when you spend. But what about your other credit card habits? Are you using your card in a way that helps—or hurts—your credit?

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1. Read Your Card Agreement and Know Your Terms

When you open a new credit card account, be sure to carefully read the credit card customer agreement and the account opening disclosures.

2. Make Payments on Time

As the Consumer Financial Protection Bureau (CFPB) explains, you should make your payments on time, every time. That's because your payment history is an important factor when it comes to your credit scores.

3. Pay More Than the Minimum

Making your credit card minimum payments on time every billing cycle helps you avoid penalties and fees.

4. Stay Below Your Credit Limit

Only use the credit you really need. Better yet, stay well below your credit limit.

5. Check Your Monthly Statements Carefully for Accuracy

Regularly checking your credit card statements—either online or when they arrive in the mail—can be a great way to keep your spending top of mind.

6. Report a Lost or Stolen Card Immediately

Report your card lost or stolen if you're missing your card or think someone stole your account number. When you do, your card issuer will deactivate your old card so no one else can use it.

7. Monitor Your Credit

It's always a good idea to keep a close eye on your credit. Monitoring your credit can help you keep track of where you stand.