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Credit Card Myths
2. Myth: You need to carry 4 different major credit cards to make sure you can use at least one of them. Not true. Two major cards should be enough. 3. Myth: Good debit card management helps your
credit score. Not so. Although it is a good idea to handle you debit card responsibly, it does not affect your credit score. 4. Myth: If you send credit card offers back to the company with "take me off your list" written on them, you will not receive any more unwanted mail. This does not work. You need to sign up for a credit card opt-out service. Call 1-888-5-OPT-OUT. 5. Myth: Merchants may ask for additional ID information to process a charge. Not true. The agreements specifically forbid that practice. 6. Myth: American Express does not issue regular credit cards that allow you to carry your balance plus interest. American Express now offers those cards. 7. Myth: If you pay off your credit card in full each month you do not have to worry about your credit score. Actually, if you use up too much of your available credit you could be penalized. For example, if you have a credit limit of $5,000 on a card and you have a balance of $4,000 you credit score could suffer. If you get your limits raised then you relieve the pressure. Using another credit card to spread the balance also can help. 8. Myth: Credit card companies cannot change your rates. Yes they can and with only 15 days notice.
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