File.- A first credit card is always something that excites those who manage to get it because, in principle, an assessment is made to find out whether it is qualified or not, and this depends a lot on the financial criteria regarding the history that the applicant has. So it’s not a random process, but the result of previous positive financial behavior.
This financial product is very useful because it guarantees independence, comfort and opportunities as long as you know how to manage it well. Doing so will benefit your financial health, which is an advantage in case you want to apply for a home or car loan. In this context, Brenda Silupú, professor at the University of Piura, offers the following tips to properly manage a credit card:
1.- Remember your billing and payment dates responsibly. Record these dates in your calendar as they will help you manage your purchases correctly and avoid payment delays.
2.- Consider paying a single installment. Consumer cards have very high interest. The more installments you put into your payment, the more interest you generate. For this reason, the specialist recommends using it in a direct payment regime or in a single installment, so that interest will not be charged.
3.- Consume the day following the billing date. The best date to make a purchase with your credit card will always be the day following the billing date because you will have more time to pay for that consumption without interest charges being triggered. Therefore, keep that date in mind so that you can make the most of it and buy everything you need without going overboard.
4.- Use it to build your credit history. Absolutely all purchases that you make with your credit card will be recorded in your credit history, so be responsible with your payments and cancel your purchases on the agreed date, so as to maintain a normal rating.
5.- Avoid using 100% of the credit line. This advice will help you stay out of debt. According to Brenda Silupú, a finance specialist at the University of Piura, it is recommended that consumption does not exceed 30% of the monthly credit line. If you have large purchases that you can’t pay off in one installment, look for cheaper financing, such as a personal loan.
