DID YOU KNOW? The first national general-use credit card that allowed balances to be paid over time was the BankAmericard, issued in 1958, (which in 1977 changed its name to Visa).
Surprisingly to most, credit cards are very complicated tools. They come with a number of interest rate tiers, complex repayment policies, and a thick collection of perks and features. CBS News lists these tips to make you a highly responsible credit card user:
- Pay in full each month. You should never maintain a balance on your credit card because interest rates are outrageous. Credit cards are an easy way to defer payment on bills, expenses, and incidentals every month. The article below calculates the best ways to pay off credit card debt: http://www.cbsnews.com/news/calculate-the-best-way-to-pay-off-credit-card-debt/
- Sign up for autopay. Relying on autopay to avoid a costly mistake is convenient and logical.
- Use the right card for the job. If one card offers 1 percent cash back on all purchases but another offers 5 percent back on gasoline, it makes sense to use the 5 percent card when you fill up your car. Don’t treat your cards like commodities.
- Spend your rewards wisely. You may be likely to receive all of your rewards into cash back when some cards may offer travel programs or other reward structures. With a right card, you could potentially turn $500 worth of cash back into $2,000 worth of travel perks.
- Use each card at least once a year. It is okay to rely on one or two cards, but make sure to use every card you own at least once a year to avoid having it cancelled unexpectedly.
Visit this website for new smartphone credit card apps: http://www.practicalecommerce.com/articles/2497-11-Credit-Card-Apps-Swipers-for-iPhone-Android-and-BlackBerry
JOIN US FOR OWN YOUR CREDIT CARDS!
Be sure to join us as our Work/Life Distinguish Faculty guest speaker, Alka Bramhandkar, talks about owning your credit card so that it doesn’t own you! Stop by the Human Resources Conference Room (PRWC, GL52) on Thursday, January 29th from 12:00 pm to 1:00 pm to hear her speak.
Individuals with disabilities requiring accommodations should contact Katie Sack at ksack@ithaca.edu or (607) 274-8000. We ask that requests for accommodations be made as soon as possible.
