A credit card is a card that lets consumers spend money on credit. It is like having a loan for the amount you pay using the credit card. Payment by utilizing a credit card is one of the handiest ways of electronic payment.
However, it is necessary that the consumers use it in the correct manner. However, if this credit card is used in an incorrect manner, then as a result, the consumers find that their debt gets out of control if they are not compensating the left amount before the end of the 0% interest period.
Here all the necessary instructions regarding how you can manage a credit card or what are the best credit managing applications have been mentioned in a precise manner.
Uses of Credit Card Managing Application:
There can be various credit card managing applications that several consumers use in order to handle their expenses more efficiently. But, here are some of the most common credit card managing applications that users often use. So, check out the undermentioned section and try to determine which application properly fits your requirement.
- Credit Karma
- Credit Sesame
Credit Karma is one of the most popular credit card managing applications used in the UK. Users mostly prefer this application for its easy-to-use interface. This application comes up with multiple useful features along with some unique tools that will help the consumers to manage their credit easily and all these tools and features are accessible for free.
By utilizing this application, consumers can access their credit report and get a credit score, even determine the monitoring alerts. Moreover, users are also able to recognize which factors are posing an impact on their credit report and score.
Also, it will render all the necessary suggestions that will help you to improve your credit score. Apart from this, it will also provide recommendations for credit items that can assist you to save money and reduce the outgoings.
Further, there are many other utilities that are not directly associated with the credit however useful in overall financial management involve the capability to locate unclaimed money, free tax filing, a saving account, etc.
Therefore, you can launch a Credit Karma saving account through the Credit Karma application and begin obtaining a high-yield interest rate. This application is easily available and downloads it for free on every platform such as iOS, Android, Online.
Credit Sesame is another freeware credit score application that many consumers use in the UK. It renders the Experian credit score at a monthly interval. It will assist the consumers to monitor their report or score, summaries the monthly debt payments and even make the consumer understand the total debt balances.
In comparison to the Credit Karma application, the Credit Sesame renders less amount of tools and features. But, it offers some of the eye-catching utilities for homeowners like real-time saving suggestions on home loans, home value estimate calculators, and many others.
Like the Credit Karma application, it is also available for free download. However, consumers can run it on multiple platforms such as iOS, Android and even Online.
The Intuit’s Mint mobile application does a lot more than a reliable credit managing application as it is more of an entire personal financing program. This application pulls the credit card transactions, baking statements and categorizes them in a proper manner so that a consumer can easily identify their income and expense. In fact, the consumers get spending and balance alerts, bill reminders, and notification of bank fees.
When it comes to the credit managing application, beyond tracking the expense on all of the credit cards, this program lets the consumers determine their credit report as well as the credit score along with the credit alerts and updates.
The consumers get more credit monitoring feature after updating the Mint Credit Monitor application to its latest version. This application also includes monthly credit score monitoring features from all the credit bureaus and theft identify resolution.
Consumers can easily download it for free and it can be run on every platform such as Windows, Android, iOS and Online.
Top 7 Tips for Credit Card Management:
Here are the top 8 tips that will help you to proceed with credit card management. So, without further ado, let’s check out the underlying tips carefully.
1. Try to Keep the PIN Secure
- Do not give your credit card PIN to anyone else or store the PIN with the card. If anyone takes the card and uses it, then the lender won’t compensate for the stolen amount back.
- Set a PIN code that you can easily remember. But do not use any common number like your date of birth that others can easily guess.
2. Review the Bills
- Be sure that everything on the credit card statement is for those things you purchased and verify anything you do not determine. Make an attempt to keep your credit card receipts so that you can match things up.
- In case of getting the credit card statement online, it could be the best idea to review it at a daily interval.
3. Attempt to Pay off the Entire Amount each Month
If you do not pay the entire debt balance, then you will be charged interest on everything on your credit card. Go through the terms and conditions mentioned underneath.
- Debt can get out of control. If you do not clear the monthly debt amount, then the debt can mount up and it takes a lot of years to pay off.
- Interest rates and the method they are measured vary considerably. Be sure you identified what happens on your credit card.
4. Try to Avoid the Late Payment
If you do not compensate for the credit card bill on time, then there can be various serious outcomes. Some of the prominent outcomes include:
- You will be charged a late or miss payment fee along with interest on the entire debt amount you owe.
- If you repeatedly do the same thing and make your payments lately, then your credit card issuer may enhance your interest rate and also decrease the credit card limit. In the worst scenario, your credit card provider can cancel your credit card.
- Making late payments can damage your credit ratings. At the same time, it also makes it harder to get another mortgage, credit or phone contracts.
5. Avoid the Minimum Amount Payment Trap
The minimum payment you require to pay back on your card every month is pretty small, however, it will cost you a lot in the long run. You might need to make payments for several years and end up spending higher than the actual debt.
6. Try to Ignore Credit Card Cheques or Cash Withdrawals
Credit cards are different from debit cards. Therefore, you are not able to cash withdrawal for free. You need to pay more than the normal interest. If you pay the full amount at the end of the month, other transaction can be considered as withdrawal and add extra fees and changes, like:
- gambling transactions
- buying foreign currency
- buying postal orders
- competition entry fees
- Make payment using the credit card cheques
Therefore, it is recommended you avoid such kinds of payments using the credit card.
7. Protect your Payment
If you are getting worried that something may help to prevent you to stop making payments on your credit card debt, then there is insurance available that you can purchase. However, before proceeding with it, go through the undermentioned points.
- This often arrives with multiple conditions and exclusion
- It can be pretty expensive
- You may be covered with any other insurance scheme.