Using a credit card wisely is an important step in building a good credit rating. If you’re trying to re-build your credit or if you’re young and just starting out, pay close attention the next time you receive a new card offer in the mail. When you’re trying to build a positive credit history for yourself, using the right credit card makes sense. Making small purchases and then making your payments on time each month is a simple, reliable way to build an outstanding credit report.
What to Look For On a Credit Card Application
If you receive a credit card application that appears to offer a low monthly interest rate, don’t make a decision until you turn it over and closely examine the Disclosure Box. In it you’ll find a more important measure of credit terms – the Annual Percentage Rate, or APR. By federal law, the Disclosure Box will also tell you whether or not the card has what is called a grace period – a number of days, usually 25, until your purchase starts to accrue finance charges. If a card has a reasonable grace period and you pay off your balance at the end of each billing cycle, you won’t have to pay...
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