5 Things You Should Do When You Get a New Credit Card
It’s a thrilling experience to get approved for your first credit card. It can also be a little frightening.
Because of all the terrible stories regarding credit cards, you may be afraid that something similar may occur to you.
It would be best to do a few things as soon as you get your new credit card to manage it better and secure your financial security. Here they are:
- Activate the Card
- Activate Mobile App
- Setup your Pin
- Use your credit card regularly
- Monitor your credit score
Activate the Card
Usually, the first thing you should do after getting your new credit card is activated your online banking account since you won’t be able to do anything else without it.
Your credit card will be delivered along with instructions to help you get started. These will include instructions on how to activate your card.
Activating your online account is essential as it allows you to manage your card easily. You may accomplish the following things:
- View your credit limit
- Enable automatic debit
- Check reward points
- Check offers and much more
Activate Mobile App
Almost every bank/credit card company has a mobile app that allows you to view/manage your credit card while on the go.
Some companies, like Plastk, offer a specialized app, whilst other institutions include it within their standard banking app.
Most tasks you would typically perform through internet banking may now be performed using a mobile app.
Setup your Pin
After you’ve set up your Online banking account, the next most important step is to choose your preferred credit card PIN. You may do this using online/mobile banking or phone banking.
It is essential to have many credit cards like I do because you never know when you’ll need this new card at a hotel.
Mobile banking used to come in handy in such instances by allowing me to generate a PIN while on the road using an app.
Use your credit card regularly.
Credit cards help you create your payment history, which is one of the reasons they are so effective in improving your credit score.
That is the essential component in determining your credit score. When you pay your credit card bill on time, it is recorded as timely payment.
This only works if you have a credit card bill to pay. Every month, you must activate your credit card for this purpose.
It doesn’t take much; even a single purchase results in a credit card statement and the payment you make improves your credit score.
Monitor your credit score
A credit card may come with free credit score monitoring. If so, you should be able to access it using your online account. If not, several internet services will provide you with your credit score for free.
In any case, you should have a service that you use to verify your credit score. Using your first credit card responsibly will avoid credit card debt and create an excellent credit history.
Before you know it, you’ll be able to qualify for the best credit cards and enjoy all of their benefits.
Point to Ponder
It’s a good habit to go over these basic steps every time you get a new credit card so you don’t have any unwanted surprises in the future.
