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Banks try their best to retain their existing cardholders and work hard to attract more. Banks are often willing to offer a number of perks and benefits to their customers. Similarly, credit card issuers also offer such perks to the cardholders in certain situations. Here are a few avenues that you could explore to receive additional perks and improve your credit health.
Timely payment is crucial for your credit score. A late or a missed payment can have long-lasting repercussions. However, if you have multiple credit cards with different due dates, you could get confused and miss a payment unintentionally. You could sort out this problem by speaking with the card issuers and asking them to move your monthly due dates to a single date. That being done, you will have just one date to remember and the chances are likely that you will miss a payment anymore.
If your credit limit is high, you will tend to spend more. Increasing your credit balance leads to an increase in your credit utilization rate, which inevitably brings down your credit score. Also, if you spend more than you can afford to repay, you might incur a debt. You can ask your issuer to set caps on the amounts of purchases that you are allowed to make so that you can keep your credit utilization rate low, preferably below 30%. Alternatively, you could cap your expenses yourself by setting up a monthly budget.
You can decrease your credit utilization rate by increasing your credit limit by talking to the card issuing company. This request will lead to a hard inquiry; so you must carefully evaluate your chances of approval before applying for the raise. If your current credit limit is low or you sometimes carry a balance, you might try to request an increase in your credit limit. The decision is entirely at the company's discretion. However, if your request is approved, you must be very careful with your expenses. A higher limit might tempt you to spend more.
If you have been associated with your bank or your card issuing company for a long time, you would definitely be a valuable customer for the bank. There is no harm in politely requesting your bank for a lower interest rate, provided that you have maintained a clean credit history of timely payments. If approved, a lower interest rate can help you save money if you ever carry a balance in future.
If you've had a spic and span credit history of timely payment, you can approach the card issuing authority and ask them to waive the late fee for your first missed payment. Some cards also have an offer in which the late fee of your first missed payment. However, this is just a backup option and you should ensure that you make all payments on time.
Some credit cards charge a hefty annual fee. Many customers cancel their credit cards to avoid it. In case you too are thinking on the same line, stop and reflect! Closing an account can affect your credit age, and you don't want your credit score to drop because of that. If your issuer values you, they might be willing to waive your annual fee. You could try talking to them and ask for a waiver.
You might find it hard to believe, but a quick phone call to your card issuer can solve a lot of potential problems and open up a door to many perks that you originally don't have access to. However, it is best to be a responsible spender and reduce the chances of running into a problem.