Credit Card Lowdown: Use your Credit Card Smartly

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Use your Credit Card Smartly

Be it a holiday, shopping, party or anything else, you will be using a Visa, a Master card, American Express or a Discoverer card. This is the best way to pay, as it is secure and traceable. If the card is stolen, you can cancel it. Your bank will issue a fresh card and cancel the old one. It is the best way to trace your shopping as you can make out where you have spent and on what. While doing all this, you should use your credit card wisely and smartly. You need to see your personal interest as credit card companies are looking to make money. Massachusetts has published a consumer guide, to understand and to select the best credit card. It is very important to know two cycle billing and interest backdating. Try to get the interest rate reduced as much as possible and pay with in time. Study in detail, the annual fee, grace period, interest rate, the credit line etc. before finalizing on a credit card. Study your flyers properly as the terms are subject to change. Creditlovers.com Reports:

Credit card issuers have two-cycle billing--a means of calculating interest--which results in customers paying two months' worth of interest if they did not pay off the first month's balance in full. Two-cycle billing only occurs when consumers have changed from paying in full to carrying a balance each month.