Credit Cards (What You Want To Know Wednesdays)

Excellent credit is a necessity in life. It is hard to find a mortgage, or an auto loan without established good credit. Credit cards can be both life saving, and burdensome. The key is knowing how and when to use your credit cards which can have several benefits. Most credit cards have perks. Perks can range from discounts, money back on purchases, insurance plans for items purchased, theft protection, and maybe extended warranties on gadgets purchased.   You can use your credit cards to earn perks, and pay them off monthly so that you don’t have the stress of debt on your shoulders.

Be patient with the chip card rollout – the new chip reader machines have been slowly trickling into the market, but 2017 will see more chip readers.

Check your statements and credit report – You can request a free copy of your credit report yearly, and there are apps that help keep an eye on credit lines in your name.   Monitor your credit card statements and report any suspicious charges immediately.   Some credit cards even have a “freeze” option where you can freeze your account should you misplace your credit card.

Set up mobile alerts – Almost all credit card companies have an accompanying app. You can monitor and pay your bills on the bus on the way to work.

Pay off debt – make it a goal to pay off your credit cards monthly.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.