Be Smart: Tips to Control Credit

In today’s economy it is important to take the appropriate steps to graduate with minimal debt. If you feel that you need to apply for credit cards here are some things to keep in mind while shopping around for a credit card that fits your personal needs:

  • Select a card that does not charge an annual fee.
  • Look for low annual percentage rates (APR). The higher the interest, the more you will have to pay later.
  • Ask about additional fees like those related to making late payments, charging over your limit and maintaining a balance.
  • Remember that the rates for cash advances are usually higher than your interest rate on regular purchases.
  • Watch out for introductory offers. Interest rates usually go up considerably after only three or six months.
  • Have only one card with a low credit limit. A card with a limit of only $500 to $1,000 will help you control your spending.