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Your best credit card management tips

Frequent Contributor

Your best credit card management tips

Share for those digging their way out (too much debt, too low of a score) of their situation.  Post your best tips for management your credit cards/money.

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 1 of 37
Established Contributor

Re: Your best credit card management tips



1. Don't overspend


2. Pay on time


3. Never, ever be late

Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / AU- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / GE Lowes $10K
myFico Scores on 10/03/2014
Eq 798 / Exp 811 / Trans 814
CCT Fico 08 on 1/3/16 - Trans 786 / Exp 793 / Eq 797
Message 2 of 37
Valued Contributor

Re: Your best credit card management tips

Pay more than your minimum payment everytime you get paid if you can afford it, can't be late. 



Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 3 of 37
Established Contributor

Re: Your best credit card management tips

Aren't the above #2 and #3 suggestions the same? lols

If living off every paycheck is the situation, I would try to cut down my budget so I have room to play and pay little more on my cards.
If there's a time of the year when you take your vacations or receive a bonification or extra source of income(for many of us the income tax returns around feb~mar, make sure to use it well.
Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

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Message 4 of 37
Regular Contributor

Re: Your best credit card management tips

honestly, don't be a slave to your CC. They are meant to enjoy! Pay way before due date, pay in full if possible if not, pay above the minimum. If you are rebuilding, watch where your money goes for a month or two to keep track of WHAT you are actually spending on. Oh and my favorite: get credit when you DONT need it. (this was some of the best advice besides low utilization I found on the boards!)

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Message 5 of 37
Established Contributor

Re: Your best credit card management tips

Take the time to create a budget and stick to it. Include paying debt into your budget. It's the only way to work yourself out. I made alot more money 10 years aago than I do today, but never budgeted. Today, making less money, my financial life is much healthier.

Message 6 of 37
Regular Contributor

Re: Your best credit card management tips

Treat them like gold. 


1. Pif.

2. never pay late, NEVER.

3. If you must pay over time, pay it off as fast as you can.

4. Spend within your means/ don't overspend as other member stated.


Message 7 of 37
Established Contributor

Re: Your best credit card management tips

I schedule all payments to be paid by due date through online bill pay with my bank. That way I am never late and I can still make additional payments when I want.

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP

Message 8 of 37
Super Contributor

Re: Your best credit card management tips

#1 Always treat your card like cash



That is all Smiley Very Happy 

Message 9 of 37
Frequent Contributor

Re: Your best credit card management tips

These are just things that I do and are by no means best for everyone and their situations:


Aside from the basics listed above, learn about what each of your cards can do for you.  Know which cards earn points/rewards and use it to your benefit.  For example: I have a Discover card that I can earn 5% cash back on for certain purchases.  Rather than pay for say my gas with my debit card, I use my Discover card then transfer that sum of money to my savings account to use towards paying my Discover bill.  You still pay the same amount that month, but you get the benefit of the 5% cash back that adds up quickly if the card is used smartly.  There are other cards that offer different types of rewards programs, so it is worthwhile to do your homework and try to put together a "wallet" that ends up earning you money every month.


Another thing you can do is find an app that helps keep you updated on your credit card charges so that at a glance you can see how much you have charged on each card at any given time.  The trick to this is figuring out how you think and process information and then find something that works that way.  What works for one person may be greek to someone else.


If you have balances on high interest cards, look into whether or not you have other cards that have lower or 0% interest if you transfer balances (watch for transfer fees though) so that you can pay down balances quicker and for less money.


Lastly, there is so much to be said for actually writing out a monthly budget.  Knowing in your head what your monthly expense are is one thing, but to put pen to paper (or fingers to keyboard) so that you can actually see the totals makes a world of difference - at least to me.  Setting out your "extra" or "fun" money for the month or the pay period really helps to keep you from over spending on crap every month.  When you are honest with yourself and add up how much you spend per week on extras like coffee, snacks, sodas, eating out, etc. you really start to see how much money you are wasting.  Makes cutting back a little easier when you actually see the figures in print.


Hope something here is helpful to you.  Good luck.

Message 10 of 37