Credit cards can be both convenient and useful; however, they can easily be misused. Here are 5 top credit card mistakes to avoid:

Too many credit cards: Accumulating credit cards can be detrimental. If you aren’t great at keeping up with payments on just one card, it’s most likely that you will lose track of your other accounts.

Not reading the fine print: When signing up for a new credit card, always make sure to read the little details such as when the 0% or very low interest rate expires.

Not rate shopping: Look for the best possible APR or interest rate. If you are struggling financially, you might not get the most favorable rate.

Making minimum payments: Always remember to live within your means. Not paying off the total credit card amount for the month can easily lead to debt.

Buying things you don’t need: It’s much easier to spend money with a plastic card than it is to shell out cash. Find alternative ways to spend money that helps you second guess your next unnecessary purchase.

 

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