Wednesday, 17 July 2024

Things to Do When You Get a New Credit Card | Best Practices & Tips to Help Manage Your New Card

Things to Do When You Get a New Credit Card | Best Practices & Tips to Help Manage Your New Card
31 Dec

Hi there, it's Ernest from Trip Astute In this video, I'm gonna share with you some things that I do whenever I get a new credit card

Getting a new credit card can be exciting, especially if there's a generous opening bonus associated with it Even for those of us that have been collecting points for years, there is something really exciting about getting approved and knowing that you might be earning a large opening bonus Okay, I know I'm a nerd However, I can say from personal experience that I've messed up a few times when getting a new credit card In fact, I once accidentally forgot to pay my statement balance, and even missed my window for my opening bonus

So today, I want to share some tips to take when you get a new credit card Some of these might seem very obvious or basic, but I think it's worth reviewing even if you're experienced in the points and miles hobby Number 1: Set-up auto-pay You should always pay off your statement balance, and the best way to do it is to automate the payment process You can do this with all issuers

I usually just opt to pay off the balance due on my statement Not to be confused with the minimum balance due You definitely want to pay the full statement balance and not just the minimum balance Doing this means you'll never get hit with a late payment or interest fee It's probably the most important thing that I do when I get a new card, and I highly suggest setting it up as soon as you receive a new credit card

Also, if you're planning to use your new credit card with reoccurring expenses or subscriptions, like a utility bill or gym membership, then make sure you set it up with those vendors Number 2: Set up notifications I've set up my accounts so that I receive a mobile notification if there's any charge on the account I like to use the notification to remind me to update my expenses in You Need a Budget I also find it useful to keep track of any unauthorized charges

To be safe, I also recommend setting up a notification for gas stations and international charges Stolen card numbers are often used at gas stations, so it's a good practice to monitor those charges Number 3: Plan your strategy for meeting your minimum spend If you're chasing an opening bonus, then it's worthwhile to plan out how you're going to meet the minimum spend If you need some ideas, check out our video on the topic

Number 4: Add your card to a tracker I like to log when I get a new card so I can keep track of my application history and bonuses If you need a tracker, check out our free credit card tracker on Google Sheets I'll include a link below, but if you want to see more details, check out our "How to keep track of credit cards" video Number 5: Merge credit cards from the same issuer under one view

For some reason, when I apply for new cards, I sometimes get a separate login for that card, even though I have other cards from the same issuer under a different login If this happens to you, I suggest calling the issuer to have your cards merged under the same login and view That way, you can monitor all your cards from the same issuer without having to manage multiple sign-ins Also, this can be useful if you have a separate personal and business account For example, I have two Chase Ink Business cards and some Chase personal cards

I called Chase to see if I could merge the views and they ended up moving all my personal credit cards into my business account view So now I can see all my cards under one view, which saves me time and effort Number 6: Save card details in a password manager I like to save my card number expiration date and security code in my password manager It's a secure and encrypted database, and it's a good place to keep your details in case you lose your card or need to make a payment without your physical card in hand

I personally use 1Password as my password manager, but there are several options on the market Fiona uses LastPass and seems to like it a lot Number 7: Opt for paperless statements This is not only a more eco-friendly option, but it also reduces the chance of your statement being stolen or lost in the mail With identity theft on the rise, it's important to minimize the opportunities for someone to steal your information

And those are my top tips when getting a new card Do you have any tips or routines when you get a new card? If so, please share them below in the comment section If you enjoyed this video or found it useful, please hit the "like" button and consider subscribing Also, visit our website and sign up for our newsletter for travel articles, updates, and information on giveaways Until next time, travel safe and travel smart

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