Credit cards have become so much a part of today's lifestyle that most people will have at least one card in their possession. Much as credit cards are convenient payment tool, it is important to know how to manage them through proper financial planning.

To be able to manage your credit card with care, you should know the types of fees and charges you may be subjected to. Do some window shopping. Card issuing banks run promotions periodically. Sometimes there are no joining or annual fees imposed.

Pay attention to the fees for cash advance, balance transfer and the interest-free period offered by the card issuer. If you are attracted to paying only the 'minimum monthly payment' amount which is usually a manageable figure, please note that it will extend your repayment period and also, the interest you have to pay.

Always remember that using a credit card to buy carries an obligation to pay. Ensure that all transactions charged are within your capacity to repay when due. If not, finance charges are imposed. It is best to ask your credit card issuer to explain how finance charges are calculated. If you have many commitments for a particular month, it may be wise to adjust your spending patterns for that month.

Here are some security tips which you may wish to practice:

1. As soon as your receive your new card, sign it.
2. Treat your card like cash. Safeguard it at all times.
   Keep a vigilant eye on the card, wherever the card is, whether in your bag, pocket, drawer or at the cashier, especially when it is out of your sight.
3. Ensure the card is not left unattended.
4. Check that it is your own card (name and account number) that is returned to you after any transaction.
5. Any card loss must be reported to the card issuer and police immediately.
6. Check amount on sales draft before signing.
7. Do not sign blank, incomplete or altered sales draft.
8. Destroy any altered or mutilated sales draft before throwing them away.
9. Do not lend your card to anyone.

 Extra Tips

• Keep the contact numbers of your card issuer.
• Use your Bankcard to withdraw cash.
• Cut your expired credit card into two upon receipt of the new card.
• Keep your copy of the sales draft for checking against your monthly statement.

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