You're Outstanding, But Your Credit Card Balance Shouldn't Be


credit card pile

I'm really good at managing my credit card... My credit union keeps sending me letters saying that my account is outstanding. 

The situation in that joke above is the last situation we want you to be in! You may have just opened your first credit card, or you may be a seasoned veteran when it comes to credit cards. Regardless, here are some tips that will make your relationship with your credit card a healthy one! 


Know Exactly What Your Credit Card's Interest Rate Is 

According to Bankrate, "More than four out of ten credit card holders don't even know what their interest rate is." Not knowing your interest rate could be the difference in hundreds of dollars. Before you make any drastic credit card decisions, know what your current interest (APR - Annual Percentage Rate) is. 

When Payment is Due, Pay in Full 

Minimum payments will only do the minimum. Making the full payment on your credit card saves you from pesky late payment fees and insane interest penalties. Does making a large payment once a month take the wind out of your sails? Try making multiple smaller payments throughout the month. Have a lot of tasks and reminders on your plate? Set up autopay options so payments will be an afterthought!  

Don't Go into Debt Chasing Rewards

You know the 90's song by TLC that goes, "Don't Go Chasing Waterfalls"? The same applies to selecting credit cards. Just because the credit card may have great rewards, the interest rate may be out of this world (cough, cough Amazon). There are many credit cards out there that have great rewards, and also great rates just like this credit card

Already Have a High-Interest Rate Credit Card? Transfer Your Balance to a Lower One! 

If you already have some credit card debt piled up, first, take a deep breath, there are ways you can solve it. Second, transfer your balance to a credit card with a lower interest rate. Some institutions carry balance transfer fees but currently, LincOne has a $0 balance transfer fee, apply today. If you have credit card questions, we'd be happy to help, contact us today! 

Balance Transfer Fee $0








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