Using Credit Cards?
Know How to Best Play The Credit Card Game

How much are you paying in interest? Lower your Interest rates with better credit.     Credit Card Balance: Interest (Annual Percentage Rate): Monthly Payment: (at least $25 for each $100) Months required to pay balance: Your total payment will be: Your total interest payments will be: Lexington Law. We know credit Repair   Click here to find out more about legal online credit repair.

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If you cannot totally pay off a large balance, then pay as much as you can.

Then, consider shifting the remaining balance to a card with a lower (APR) annual percentage rate.

For example, if you have a $5,000 balance with a 17.6% interest rate, there will be $880 in interest in the next 12 months. If you can transfer that balance to a card with a rate of 6.4%, your interest would be only $320 for the next 12 months.By doing this, you'll save $560.

With the new lower interest rate card, make the same payment as before, or double the minimum amount.

For a modest fee, Bankcard Holders of America (703-389-5445) and RAMResearch Corp. (800-344-7714) will send you a list of low-rate cards.

Think before you charge. With every purchase, first ask yourself, “Do I need this, or just want it?” Unless you completely pay off your credit balance each month, don't use your cards for anything you can eat or wear.

Avoid using credit to buy "wants" such as a new electronic gizmo.

Wait until you have the money to buy it. Don’t take out a loan for a new toy. Since electronic items usually come down in price over time, you’ll end up spending less of getting a better model for the same amount by waiting.

Only use your credit cards for emergencies -- when the refrigerator dies or the car breaks down.

Get rid of all your cards except one.

Take that one and make it hard to impulse shop with -- freeze it in a metal can full of water in your freezer. Than if you want to use it, you'll have to wait for it to defrost before you can use it. Since you used a metal can, you can’t use the microwave for a quick defrost.

This will make you wait for a while giving you a chance to consider whether you really want the item or whether it is simply an impulse buy.

Check your statement for the due date and make sure you abide by it. Be sure to always send in your payment a week to ten days before the statement due date. Even being five minutes late can cost you $29 in late payment fees.

They may also increase your interest rate if you are late. Credit companies frequently check their customers' credit reports. Late payments on one card can increase fees and interest rates on other cards!

Carefully read your monthly statements. Specifically, look out for hidden charges, such as credit insurance.

You also don’t need credit card disability insurance. If it ever kicks in, it will make debt worse. Even though you don't have to make payments, the debt piles up all along.

Be sure to use the envelope provided in your statement. Sometimes, the Credit card companies change their payment P.O. Box. By mistakenly sending it to the old address, you'll be responsible for the late fee and, likely, an increased interest rate.

How is your credit rating? If your credit rating is low, you are subject to higher interest rates and card fees.

The calculator and links below can help you with this situation.