Finance Wise: Commandments in having your first Credit Card

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Yes, gonna have my first application for having my first credit card. It's been 2 years that I don't want to have a credit card. This is due to the fact that some my colleagues at work are in the sinkhole of their finances due to mismanagement of their credit card. But why will I get my first credit card, after all I learned from the experiences of other people specially my co-officemates? The main reason for me, is to have my credit rating. Yes, having a good credit rating will open good doors for other opportunities like giving loans by the bank, car loans, housing loan and specially BUSINESS LOAN and others alike. But to have a good image to lenders, you must have a good credit rating. My first step is to have a good credit standing to my first and only credit card.

Credit Card as my predominately say have a good and bad sides if you don't know how to manage it wisely. The worst bad side of it, is being trapped to a big depths of debt due to nonpayment capacity and the worrisome interest rates it brings. That's how bad credit card is. Getting my first credit card takes years for me to decide and my first step is to look to the internet on what are the pros and cons and best tips from other websters experiences in using credit cards. As far long knowing credit cards, I came to some the most fundamental and important details for credit cards and called it:

COMMANDMENTS OF CREDIT CARDS

1. PASSWORDS - Credit Card password should be strong enough not to be decrypt by hackers.

2. TYPE OF CREDIT CARD - having different type of credit cards are good but you need only one, and that one should suffice all your needs. This is due that some credit card company charged big annual fees and interest rates. Also, they are some privileges that comes to the specific credit card you use, like discounts in supermarkets, freebies and others.

3.CC NO. - I cant recall but that is the 2 or 3 numbers on the authorized signature area of your credit card and this must not gave to anyone specially if some anonymous callers requiring you to give this number, and this is a big NO to give that detail.

4.ANNUAL FEES - Annual fees is one of the fundamental to know to your credit card. You must select the best credit card for you, and the least annual fees you will pay.

5. SECURITY - Credit Card security comes in two ways from you on how will you safe keep it and use it, and the internet security of yours if you transact through webs.

6. ATTITUDE - Don't be under the credit card strings but be the one who control the strings. Don't impulsive in using your credit card, use it in most important scenario or in mandatory basis only.

7. CUT-OFF DATE - Knowing your cut-off date means you know how to stretched your financial capability up to 52-55 days. It means that if you cut -off date is 30th of the month, then credit card wiser will use their credit card at 1-20th days, this transactions shall be included in your 30th cutoff statement and another 22 days for the payment due date to pay it.That' more than 50 days. That's financial stretching.

8. CHARGES AND FEES - know the charges and fees if you will not pay your balance in whole because this will make you gaga or chaotic if you will not pay it in full if you dont know it.

Credit card is not here to gave burdens to ones card holder. It is the credit card holder's responsibility on how and when to use it wisely. Using credit card is not here to maximize your CAPACITY TO PAY, it is only here to MAXIMIZE YOUR CAPACITY TO PURCHASE. SO use it wisely,

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Be savy everyone!