Getting your first credit card is thrilling. Most likely, there are items that you would love to purchase using the new credit card. However, it would be best if you did these things first.

Activate your Credit Card

A credit card is not an ATM card. It is a credit card, so you must activate it to make purchases. Activation will ensure that the issuer knows that you have received the card and have started using it.

Check for any Fees

If your credit card has any fees, check for them in the terms and conditions of the card. Going over the limit can get you charged.

Apart from this, you will also have to pay the penalty for late payments or cash advance transactions. Before activating your credit card, understand all the terms, fees, and conditions.

Additionally, it is crucial to know how to calculate credit card interest.

Pay your Credit Card Bill on Time

It is crucial to pay your credit card bill timely. It will help you to build a good credit history.

Moreover, if you pay your bill late, you may be charged an interest fee or a late fee. If the issuer charges a late fee, it will be added to the outstanding amount that you owe on the credit card.

According to Lantern Credit, “Nearly all card issuers will waive interest charges when you pay your entire statement balance before the due date.” Some issuers charge interest on unpaid bills even if they are paid within the grace period.

Hence, pay your credit card bill on time and avoid these extra fees.

Establish A Good Credit History

While using your new credit card, try to keep a low balance on hand.

Pay off all your bills on time each month to maintain a good credit history in the future. Also, try to keep track of all your expenses using online banking services or mobile applications to manage your expenditures better.

Check Your Credit Card Statement Every Month

Check your credit card statement every month. If you see any anomalies, contact the issuer immediately to report the irregularities. Ask for a correction. This will help you avoid any further charges or fees on your account.

Also, it is always better to check your credit card statement online than to receive a physical copy in the mail. Subscribe to alerts on your credit card account to receive a text message or email as soon as there is any activity on your account.

Such a subscription will warn you of any fraudulent activity on your card.

Choose A Credit Card That Best Suits Your Needs

Before applying for a new credit card, research thoroughly and choose one that best fits your needs.

If you tend to carry a balance from month to month, choose an issuer that offers low-interest rates. Also, try to select an issuer who has good customer service so that if there are any problems with your account in the future, they can be resolved easily and quickly.

Conclusively, credit cards are a great way to make your life easier. They offer convenience and security, but you are responsible for using the card wisely and paying off the balance every month.

After all, credit card debt can be a nightmare for you and your family if not appropriately managed.