Some people choose to live without bank cards because they fear that they might run up lots of debt if they got one. There is no reason to fear owning a credit card. Credit cards have the potential to be very useful when you want to make a purchase, but are reluctant to do it with cash. This article should give you some great advice on how to manage your bank cards.

It is a good idea to have two to three credit card accounts open. This helps build up your credit, particularly if you pay your cards in full monthly. But, if you have more than three cards, lenders may not view that favorably.

A retail card should only be opened if you really use that store often. When a retail store inquires about your credit prior to opening an account, that inquiry is recorded on your report whether you go through with opening a card or not. Too many inquiries into your credit history will be a red flag to possible lenders and will lower your overall credit score.

Minimum Payment

Remember that when you are dealing with a credit card company, their minimum payment structure is designed to keep you paying compounding interest for years and years to come. Always pay as much as possible in excess of the minimum payment. Avoid paying interest as much as possible in the long run.

Understand the APR you are being offered. It is extremely important before you sign on to getting that credit card that you must know the interest rate. Without a clear understanding of the interest charges, your bills could rise unexpectedly. If you end up paying more, it is possible that you will be unable to repay the balance every month.

The advice in this article will help anyone fearful of getting their first credit card. When you know how to use them properly, charge cards can be very handy, so you do not have to feel anxious. Just remember what you have learned and everything will be okay.

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