Using technology in conjunction with your credit card is a great thing. Not only can technology help you be a responsible credit card user, but it can also help you get the most rewards with every credit card purchase, and make the most sound financial decisions with lots of relevant data about your spending habits. Here are our top six technology tips to help make using credit cards easy.
Tip #1: Sign up for automatic bill payment.
One of the fastest ways to mess up your credit is by not paying your bills and/or not paying them on time. You can ensure this never happens with automatic bill payment. However, if overdraft of your checking worries you, make sure you follow tip #2 and #3.
Tip #2: Sign up for paperless billing.
Paperless billing means no more envelopes in the mail that may or may not get misplaced by you or your mailman. Instead, your bill is delivered to your email inbox each month along with the ability to receive email notification for bill available, bill due, and payment posted. Sign up to make sure you receive all of these notifications so you are notified of important credit card information in real time.
Tip #3: Check your credit card account online regularly.
By signing into your credit card account on a regular basis, you will be more mindful of charges you incure throughout the month so you don’t spend beyond your means. Also, regular checking will guard against credit card fraud. When checking your account, be mindful of charges that look unfamiliar or are outside your regular spending habits. Additionally, for real-time credit charges information, don’t just look at your total charges. Take into account the past few charges, which will be listed as pending because they have not been processed and thus, will not affect the total charges until later.
Tip #4: Sign Up for Instant Notifications
Signing up for instant notifications allows you to be notified of any changes to your account which you preset. These notifications can be delivered to you via text message and/or email. Most credit cards offer notifications for charges over a certain amount that you set and when you approach your credit limit.
If your credit card does not have instant notifications, services like Mint.com can notify you with similar information for all credit cards.
Tip #5: Use Reward Summit
Figuring out which reward card is best for your spending habits and choosing the card in your wallet that gets you the most rewards with a particular purchase is extremely time consuming. Not to mention, determining the optimum reward credit card is a moving target as your spending habits change. Reward Summit figures this out for you. Our easy-to-use app recommends a credit card in your wallet each time you make a purchase and will also recommend a new card that will get you even more rewards after analyzing your spending habits. If you’re going to use a credit card, you might as well get rewarded for it with a rewards card. And if you’re going to use a reward card, why would you not want to use the one that would get you the most rewards?
Tip #6: Use Intuit in Conjunction with Reward Summit
Reward Summit is integrated with Intuit for more privacy and efficiency when using the app. Once users link their cards via Intuit, Reward Summit is instantly able to make the best possible recommendations. The app automatically knows if users have maxed out their 5% category on their Discover card for the quarter, or their 3% back on gas for their Bank of America card. Additionally, the app can send users detailed reports that analyze how well they use their cards and tag exact dollar values to other cards they may be considering. For instance, a user may have earned $750 this year with his current mix, but by adding a Cap One QuickSilver card, he could earn an additional $272.