Managing a credit card can be scary. When you factor in that a secured credit card has your own money at stake, the odds are that you’re feeling some apprehensive about the entire process. While a secured credit card can be a good way to build your credit if you’re just getting started or to help you bounce back after a financial stumble, it also comes with the potential to make mistakes that could leave your credit in worse shape than when you started.
1. Charging Your Card up to the Limit
Even though a secured credit card is funded with your own money — and it can be tempting to use it all — it’s a good idea to keep your balance as low as possible. After all, you’re trying to build up your credit by demonstrating that you have sound financial practices.
Instead, aim to keep your credit utilization rate — that is, the amount of credit you use compared to the amount you have available — under 30 percent. So if you have a secured credit card with a limit of $1,000, make it a rule to keep its balance at $300 or under. Using all of the credit you have available is one of the most common mistakes that credit card holders make.
2. Spending Money You Don’t Have
By avoiding mistake #2, you can also more easily avoid mistake #1. Many people see a credit card as a way of being able to afford the things they otherwise couldn’t get if they had to save up the money for them. While it can seem like a paradox to not spend money that you don’t have, doing otherwise could set you up for bad habits in the long run.
If you’re trying to build credit by using a secured card, spending money you don’t have by using your credit cards instead can easily lead to a cycle of interest and payments that winds up costing you more money in the long run.
3. Making Only the Minimum Payment
Here’s another mistake that you might find easy to make but that can end up costing you much more than you realize in the end. Making the minimum payment on your purchases can seem like an easy way to afford those things that are too pricey to purchase with cash or that will take you too long to save up for. Going this route, though, could mean that you’re paying significantly more than what you initially charged on your card because of the interest that’s tacked onto it.
4. Not Paying Off the Full Balance Each Month
It’s a common fallacy that carrying a balance on your credit card each month helps to build up your credit. The opposite is actually true. In fact, not paying off the full amount you owe on your credit card each month is one of the most common mistakes you can make with a credit card –whether it’s one that’s secured or not. By using your credit card only to pay for purchases that you already have the money for, you can easily pay off the amount you owe each month.
If you don’t do so, it gets more difficult to pay the full balance the next month — and each consecutive month that you continue to carry a balance. That’s because the amount of interest you’ll pay steadily increases the longer you have a balance because the interest is charged on what you owed when the billing cycle ended.
5. Not Reading Your Credit Card Statements Religiously
Get your credit card statements sent via snail mail if that makes it easy to remember to read them each month. Maybe getting them sent to your inbox, though, means that you can read them as you commute to work on the metro each day. Regardless of which delivery method you choose, get into the habit of reading your credit card statements each month when they hit.
You’ll find a wealth of information on these statements that you can use to protect your credit and learn from any mistakes you might have made. For example, studying your statements on a regular basis will make it easier for you to spot a mistaken transaction or one that is fraudulent.
The sooner you realize these issues, the easier it is for them to be resolved. Most credit card companies require that you alert them to any questionable charges or concerns within a certain time frame in order to dispute them.
6. Not Understanding the Terms of Your Credit Card
Ideally, you should read the terms of your secured credit card before you ever sign up for it. Doing so can help you better understand what your responsibilities are. Understanding these terms can also help you choose the right credit card for your needs.
For example, some secured credit cards state that the money you deposit as the security is refundable after a certain time while others do not. You might not want to pay an annual fee for a secured credit card. This information is covered in the terms offered by the credit card company.
You’ll find information such as your card’s interest rate, the fees associated with it and if your initial deposit is refundable. In addition to information about any annual fees that are charged, other fees that are usually covered include late payment fees, cash advance fees and balance transfer fees.
7. You Don’t Look at Your Credit Report Regularly
Staying on top of your credit report has many benefits. Not only can you see your credit score improving, you’ll also be able to spot potential issues before they have a chance to damage your credit. If you think there’s been a mistake on your credit report, you can take steps to alert the credit reporting agency and have it fixed.
8. Not Understanding How Your Interest is Calculated
Many people don’t realize that credit cards companies — including those who issue secured credit cards — often charge interest daily. This concept can be confusing because credit card companies refer to this interest as the annual percentage rate. This is another reason why it’s a good idea to pay off your credit card balance each month.
Secured credit cards are an excellent way to improve your credit as a young person who is just starting out or if you need to rebuild it. Just make sure you watch out for these common mistakes. Doing so can add to your enjoyment of the credit cards — and improve your credit score as well!
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