7 key tips for smarter credit card usage

Pay your balance in full every month

This avoids interest charges, which can quickly escalate into debt. Treat your credit card like a debit card and only spend what you can afford to pay off immediately.

Never miss a payment

Even one late payment can damage your credit score significantly. Set up automatic payments or reminders to ensure on-time payments.

Resist the urge to max out your limit

Aim to keep your credit utilization ratio (credit used divided by credit limit) below 30%. This helps maintain a good credit score and avoids exceeding your ability to repay.

Choose the right card for your needs

Consider rewards programs, annual fees, interest rates, and foreign transaction fees that align with your spending habits. Travel cards might not be best for everyday purchases, and vice versa.

Track your expenses

Utilize budgeting apps, spreadsheets, or online tools to monitor your spending and identify areas where you can cut back.

Avoid impulse purchases

Dont rely on your credit card for immediate gratification. Wait 24 hours before making a large purchase to avoid buyers remorse.

Be vigilant about fraud

Review your statements regularly for unauthorized transactions and be mindful of phishing scams. Report any suspicious activity immediately to your card issuer.