Credit cards are being used by millions of people all over the world. They are automatic advanced cards that provide us with great convenience in restaurants, shopping malls, stores, hospitals and heaps of other places. Having a card has many beneficial aspects, however, card management is necessary to prevent the build up of debts. Credit card eliminates the need to carry a large amount of cash, it lets you buy stuff in advance without paying for it, it is great for organization of taxes and bookkeeping and can be a big help in starting a business. Infinite number of people get swindled due to carelessness and can get swallowed by a huge loan if they use the card excessively. Card management is nothing but a combination of a bit of common sense and caution.
Edward Bellamy described the idea of a credit card in 1887 in his novel Looking Backwards. In 1920s, the oil companies and automobile owners began using credit cards for fuel services and by 1938, several companies started issuing the cards to their clients and accepted each others cards. John Biggins introduced the first bank card in 1946 and named it Charg-it and the next step in the usage of cards was the Diners Club Card invented by Frank McNamara. Over the decades various cards organisation and companies were formed that issued both national and international currency credit cards.
Card management is of utmost importance as the consequences of the negligence are drastic. First step in the card management is do not own more than two credit cards. Having many credit cards lower your business score and can incur in debt accumulation. Choose a card that you can afford to have. Make an account with limited definitive credit as this will prevent you from using it excessively when you are tempted. It has happened to everyone where you cannot resist buying a thing you saw on internet or a store. The limited balance will also help lower the charges like annual fees, taxes, interest rates, hidden charges and all other kinds of fees. Another important thing that will help in card management is to take notes of payments for every account you own and try your best to pay them off at the end each month. Late payments results in stocking of ridiculous amount of money. If you cannot manage the bill, this means the time has come to close off some accounts. Numerous companies advertise special deals and cajole many people into stretching their budgets. Remember, the more special the offer is, the more money will be spent. Try not to get sucked into it as this will greatly affect your account credit. Travelers should try to get a card with travel insurance as this will allow you to save a small fortune while travelling.
Tips and comments
Whatever happens, do not let the card control you. It only gives a false sense of security and lets you ignore the card management which can only have painful results. Try not to use the advance card feature as this can induce the accumulation of debt. Do not mix your business credit for personal use. Ask yourself if you really do need the card.