In no particular order, the following are viewed as being the top 10 common credit card mistakes:
1. Applying for a card and limit you cannot afford to repay
Most people have bad debt management skills and are swept away with the fact that they have x amount of pounds as their limit. They rarely consider paying the card and have maxed the card out in a few months. They then spend years trying to repay the card!
2. Applying for too many cards
Not content with having one credit card that has reached its limit, most of us jump at the chance to apply for a new card as soon as it is offered to us. Then, having learnt nothing from our previous experience, we rush and buy all the things we couldnt because we had to save money to repay the first card. Suddenly we have twice the trouble!
3. Using the cash advance function
At least with purchases made for goods and services we should get around 50 days interest free credit, but with a cash advance we start to pay interest from Day 1. Using your credit card to cover your day-to-day cash needs is a very costly mistake!
4. Only paying the minimum repayment
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