Paying your bill is very simple when you have a Credit Card, you've got three choices.

1. Pay the full amount by the due date
2. Pay the minimum amount and then get charged interest on the balance
3. Pay an amount higher than the minimum amount but lower than the full amount so getting charged interest on the remaining balance

Late Payments

Whatever payment you plan to make, if you miss the deadline then this is not good news for two reasons

• Firstly the Credit Card company informs the credit agencies of all your payment records and if you continue to pay late then a series of black marks will build up on your credit file.

• Secondly, the credit card companies usually have what they refer to as 'late payment charges' and other assorted penalties which can all add significantly to the charges levied on your balance. With some cards it is even possible that continued late payers will be bumped up to a much higher interest rate than is actually advertised on the card. It makes sense in situations like this to always read the small print, and if in doubt ring the customer helpline to get confirmation of any acts you don't understand.

The summary of the above table MUST BE that if you regularly carry a debit balance on your card you MUST seek out the card not only with the lowest interest rate (APR) but also one that has the best calculation method of charging this interest, usually the Adjusted Balance method discussed above.

Smart Credit Card Strategies

• Competition is white hot for the credit card companies these days and therefore the consumer is certainly in the driving street

• Forget about brand loyalty (if you already have a Card it's unlikely you'll be offered any special offers) for this doesn't come into play when we want to get the best deal for our money and purchases

• Today's 'best' credit card (APR, reward points etc) may well be next year's bad deal

• The most important strategy for getting the best Credit Card deal is to generally keep up with the news and special offers available

• For example, at present the best deals on offer are normally the ones that you can transfer your debit balance on your present card to a new card and receive a number of months interest free

• If you've got a 4 figure balance then this can mean real and significant savings over a period of 6 months or more

Whatever you do, don't be worried about switching your credit card to always follow the best deals. A lot of money is 'made' (saved) by savvy, switched on consumers who search out the best deals together with managing their commitments prudently.

Conclusions

• Always be on the lookout for special offers, deals and introductory campaigns by the credit card companies and don't be afraid to switch

• Switching Credit Cards won't effect your credit rating but do take into account that it will often help your credit rating if you cancel Cards that aren't being used

• For more information on why cancelling unused credit cards is a good idea - Click Here

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