A credit card is a great credit facility to have, and it can be especially helpful during emergencies. But when using this facility goes unchecked, it can become dangerously addictive to the user. It is nice to have such a spending tool at your disposal, but most users are under the impression that the credit limit on the card is free cash; it is not. The credit limit provided by the bank is basically how much you are allowed to “borrow” on the card. Here are five signs to identify a credit card addiction. 1. Hiding Their Credit Card Bills[…]

What should you expect from your credit card statement? If you’re a beginner, getting a credit card statement is probably equivalent to getting back your test results. This is the time where you want to see your progress (how much you spend using the credit card) and the actions you need to take to cover any lacking areas (how much you owe the credit card issuer).  A credit card statement isn’t like your advanced math class. It is essentially just a periodic statement that lists all the purchases, payments and other debits and credits made to your credit card account[…]

Are you thinking of getting a credit card? It’s an intimidating decision, especially if this is your first time getting one. But never let that scare you! Credit cards are a great way to kick-start a blank credit record while teaching you proper money management. Before that, however, it’s important you have a good understanding of credit cards as well as what to look for if you’re getting your first one! First and foremost, the credit card terms you NEED to be familiar with: Annual fee is how much you will be charged on a yearly basis Interest rate is[…]