My Credit Card Account

Know Your Balance

Do you know how much you owe on your credit card accounts? You should know more than a mere ballpark figure. You should have a realistic and accurate idea of how much you owe on each credit card. Not knowing the amount of money you owe on your credit card accounts is a dangerous situation to allow yourself to be in. Open your monthly statements each and every month, and don't allow yourself to lose control of your credit card accounts.

Know Your Rates

Not only should you know what your current credit card interest rates are, but you should also make sure that you are familiar with the current interest rates being offered to other credit card account holders. You may think, "My credit card account is fantastic because I have a ten percent interest rate!" but you might be shocked to find out that other people with comparable credit score ranges have interest rates in the single digits. If you find out that you have a higher interest rate on your credit card accounts than you should then you should contact your lenders and demand a lower interest rate. In most cases, as long as you have paid your credit cards in a timely manner, your interest rate will be lowered just because you asked.

Know Your Rewards

Maybe you applied for a reward credit card with the full intention of taking advantage of the rewards you would earn, but then lost track of the details of the rewards program and have yet to utilize any of the benefits. Since reward cards often come with higher interest rates, you should absolutely make sure that you are getting everything you can from the reward program. If you find that you are not necessarily getting the rewards you had expected, or if you decide that the higher interest rate simply isn't worth it, then you should look into switching to a different account.

Know Your Online Access

Your credit card undoubtedly comes with online access to your account information. Most credit card companies have user-friendly websites that allow cardholders to:

• Apply for a credit card
• Check an account balance
• Make online payments
• Request assistance from a customer service representative

Although it depends on the particular credit card company, many cardholders are able to do virtually all of their credit card business online. In fact, some companies actually charge extra fees when business is not conducted online. You should be familiar with the best ways to contact your credit card company should the need arise, and you should take the time to explore your online options for your credit card accounts.

"I'll Control My Credit Card Accounts"

Make this your mantra: "I'll control my credit card accounts." If you do not take control of your credit card accounts, nobody else is going to do it for you. Ignoring monthly statements, overextending credit limits, and seeking out more credit instead of dealing with the credit you already have are all bad habits, which can lead to eventual financial ruin.

Knowing is Half the Battle

You cannot allow yourself to ignore the details of your credit card accounts. If you carry several credit card accounts you need to keep all the balances in check and at all times know what is going on with the various accounts. Problems arise when consumers stop paying attention to their accounts. Credit cards are not necessarily a bad thing, but using them without truly knowing the impact on your personal finances is not a good idea.