8. Exceeding your credit limit

If your credit limit is exceeding then it a bad financial move, which can also hurt your credit score. You might end up paying penalty for using too much of your credit limit. Debt utilization is one of the major factors that will help you determine your credit score. Never carry a balance of more than 30 percent of your credit limit as the exceeding balance can prove dangerous for your credit card score.

9. Paying late interest

Pay your monthly interest on credit cards on time, because if you neglect it and don’t pay it before the due date then your lender might levy late-payment charges that could be higher than your minimum amount. However, this will not only affect in having a negative credit score but will make it hard for you to get future loans and accounts granted.

10. Ignoring the fine print

This is the 10th and the worst mistake that consumers do. Don’t ignore the credit card agreement fine print, but read through it. This is extremely important, as when you read you will understand the terms and conditions of your card. It is important to know the details of the promotional interest rates or the limits on the points you can earn. These details might be hard to understand and also boring to read but this is where the true facts are outlined.

These 10 mistakes are common and made by millions of credit card consumers every time but if you are aware and careful, you can avoid some of these pitfalls and save money in the process.

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