Your Pocket’s Best Credit Card Tips for 2023

Having a credit card can be a great way to build credit and earn rewards, but it’s important to use it responsibly to avoid any financial headaches. Here are some tips to help you make the most of your credit card in 2023:

1. Pay your bills on time: Late payments can result in fees, penalty interest rates and can damage your credit score. Make sure to set reminders or automatic payments to ensure you pay your credit card bill on time every month.
   
   

2. Keep your credit utilization low: Your credit utilization is the amount of credit you use compared to your credit limit. It’s recommended to keep it below 30% to maintain a good credit score. Try to pay down your balances as much as possible each month and consider asking for a credit limit increase if needed.
   
   

3. Compare rewards and perks: Credit cards come with a variety of rewards and perks, and it’s important to compare them and find the one that best matches your spending habits. Whether it’s cash back, travel rewards, or other benefits, make sure you choose the card that offers the most value for your lifestyle.
   
   

4. Monitor your credit report: Keep an eye on your credit report regularly, at least once a year, and make sure all the information is correct. Dispute any inaccuracies or fraud immediately, to protect your credit score and ensure you are approved for the best credit card offers.
   
   

5. Keep track of your expenses: It can be easy to lose track of how much you’re spending with a credit card, so it’s important to keep an eye on your expenses. Make sure to use your credit card responsibly and stick to your budget.
   
   

6. Be aware of annual fees: some credit cards come with an annual fee, that can significantly decrease the benefits of the card. Consider if the rewards offered on the card are worth the annual fee, or if a card without an annual fee would be a better option for you.
   
   

Use your credit card for emergency funds: Consider keeping a small balance on your credit card as an emergency fund. This will ensure you have a backup plan in case of unexpected expenses and would not be caught off guard.

Don’t open too many credit card accounts: Every time you apply for a new credit card, it will result in a hard inquiry, which can have a negative impact on your credit score. Try to limit the number of credit card applications you make, and focus on finding the best card