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Credit Cards

Credit Cards. The Essential Facts. Rule #1. Charge only what you know you can afford to repay. Rule #2. You pay more when you use your credit card and keep a revolving balance (i.e., you don’t pay your bill in full each month) because you pay interest on your outstanding balance. Rule #3.

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Credit Cards

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  1. Credit Cards The Essential Facts

  2. Rule #1 Charge only what you know you can afford to repay

  3. Rule #2 You pay more when you use your credit card and keep a revolving balance (i.e., you don’t pay your bill in full each month) because you pay interest on your outstanding balance.

  4. Rule #3 Pay your credit card bill in full each month. If you can’t pay in full, ALWAYS make more than the minimum monthly payment.

  5. Rule #4 Don’t spend over your credit limit … over-credit-limit fees are expensive

  6. Rule #5 Pay your bills on time. You pay a late fee, risk the chance of losing a low APR, and your credit score is negatively affected when you make late payments.

  7. Rule #6 Learn how to protect your credit rating … it’s your financial report card

  8. Rule #7 Never use one credit card to pay another (i.e., don’t take out a cash advance on one card to pay another). In fact, obtain only one card to avoid many problems.

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