Maintaining Your Credit Card

Credit Cards ñ Break Up Anguish

One break up has been all over the news this week. Jordan and Peter Andreís falling out has kept the media very busy this week and will no doubt come as a welcome relief to MPs worried about further expense claims coming to light.

The reality television lovers are living out their break up in the public eye with both celebrities giving their side of the story to the press. Splits can be tough and when it comes to your credit card it doesnít do to fall out with your provider. Here are a couple of tips to make sure you get the most out of one of your most important financial relationships.


Credit Card Statements

Like any good girlfriend or boyfriend, your credit card provider will keep in touch and write to you at least once a month. Unfortunately this letter wonít be full of sweet nothings but will bring you up to date with your monthly credit card statement.

Itís important to take a good look at this letter as soon as it arrives. The letter will let you know when your payment is due. This is a deadline you donít want to miss. Doing so will land you with a ? fine and black mark on your credit rating.


Credit Card Repayments

To keep in your credit card providersí good books itís important to make at least your minimum repayment. This will normally be ? or 3% of your outstanding balance which ever is greater.

Ideally you should repay your entire balance every month. People who run into problems with their credit card often continue to make minimum repayments without paying down the balance substantially.

Making regular repayments and paying off your balance will earn you the trust of your lender and over time youíll build your credit score. This score will be used to decide your future card applications and when you try and obtain credit for other financial products such personal loans and mortgages.


Credit Card Rewards

Assuming youíre able to keep your credit partner happy you should be able to qualify for cards with perks. These perks can range from everything from cashback on purchases, airmiles, nights in hotels and all manner of bonuses.

Barclaycardís Simplicity credit card for example offers two for one deals when you use the card to purchase Dominoís Pizza, Thomas Cook holidays and tickets with Ticketmaster. While Lloyds TSBís Airmiles Duo card offers one airmile for every ? spent.


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