This isnt to say that you should go out and run up your cards up to the limit simply because they are there. Instead, were saying that credit cards are not all bad, credit card companies arent the devil and if you use your cards smartly then they can help jump start your fledging business finances or get you out of a cash crunch. However, the key is to learn how to use credit cards to your advantage and not your disadvantage. With this in mind, we have provided you with the top five tips that will help you use your credit cards wisely:
1. First and foremost, you should realize that carrying cards have some advantages. Here are some major ones that you should be aware of:
a. Credit allows you to buy needed supplies instantly instead of waiting until later;
b. You can spread out the cost of expensive equipment like software and computers;
c. You can learn to cleverly float cards and get months of interest free loans if you choose the right card and use it correctly;
d. When you use cards, your purchases are insured;
e. Credit cards allow you to keep track of miscellaneous purchases and expenses;
f. You can earn points and other rewards simply for using the card;
g. Credit cards help you budget your money. You get a single limit and once that is exceeded then you will be declined so youll be encouraged to keep track of how much limit you have.
2. Second, you have to find a card that has a great rate and/or the best benefits for you. For instance, if you will pay off the balance every month but travel a lot then you might want to consider a card with a higher interest rate that gives more frequent flier miles since you will not be affected by the interest rate when you cant pay off the credit card balance every month. On the other hand, if you cant pay your balance every month, you should consider the card with a lower interest rate.
3. Once youve found an appropriate card, you should make a commitment to pay your balance responsibly. That is, you should only charge the amount that you can realistically pay in a month or so and make a point not to rack up a ton of credit card debt.
4. You should really try and avoid using your credit card to get cash advances. This is because most companies charge cash advance fees which could hurt you. However, an exception to this would be if you have an emergency and need to handle a cash crunch then you should use the least amount possible.
5. Review your statements as soon as you get them to evaluate interest rates. Make sure that you dont see any errors and if you do then report them right away.
In conclusion, you shouldnt feel guilty about using your credit cards to help you start or finance your fledging web business. Instead, you should use the above-mentioned tips and use your cards responsibly so that they continue to be a blessing when you need them!
About the Author
Claire Bowes is a successful freelance writer and owner of the The Credit Card Centre where you will find further advice and tips on the best credit card deals and 0% balance transfers.
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