1. You can save as much as a thousand dollars or more each year in lower credit card interest charges by paying off your entire bill each month or by using a check, cash, or debit card for purchases.
2. If you are unable to pay off a large balance, pay as much as you can and switch to a credit card with a low annual percentage rate (APR). You can obtain listings of low-rate credit cards through http://www.cardlocator.com or http://www.bankrate.com (click on credit cards), which provide information at no charge to consumers.
3. You can reduce credit card fees, which may add up to well over $100 a year, by getting rid of all but one or two cards and avoiding annual, late payment, and over-the-credit limit fees.
Web Resource: http://www.federalreserve.gov/pubs/shop
We would like your feedback on this Personal Finance Frequently Asked Question.
