You open the blank white envelope, activate your new credit card, and you’re ready to go! Your excitement builds for your new credit journey, but do you know how to get off on the right foot? No worries! We’re here to help you out with some tips and tricks to maximize the benefits of your new card.
Tips and tricks
- Build a strong credit by staying below 50 percent of your card’s capacity. For instance, if your credit card has a $2,000 limit, staying below a $1,000 balance will build a stronger credit score.
- You can view your transactions and your statements within Online Banking. Check these regularly to make sure you recognize charges and prevent possible fraud.
- Use your credit card every month, but don’t buy something you don’t need! Put a tank of gas or some groceries on it and pay it off.
- A credit report is important. You may read that you don’t need credit history to buy a house or get a car. But unless you’re working with a lot of cash, it is much more difficult to make these purchases without credit history.
- Make your payments on time! The due date for all Consumers credit cards is the 27th of each month. You can pay within Online Banking (desktop or mobile), through the mail or in any retail office.
- Your payment is accepted the day it is made (Online Banking or office) or the day that we receive it (mail). Payments may take a day or two to show up in your online banking history.
- There is a late fee for payments made past the due date. See our Rates and Fees Schedule for more information.
- You can avoid paying interest by paying your statement balance in full every month.
- If you carry a balance, you will see an interest charge added to your credit card statement.
Keep an eye out on the Consumers Credit Union blog for more financial tips and tricks to maximize your finances!