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Maximize Your Credit Card Benefits with O1ne Mortgage

At O1ne Mortgage, we prioritize your financial education and well-being. While credit cards offer numerous advantages, such as earning rewards and building credit, it’s crucial to use them wisely. Here’s how you can make the most of your credit cards and maintain a healthy credit score.

1. Understand the Fees and Terms

Familiarize yourself with your credit card’s fees and terms to avoid unexpected charges. Key details include:

• Purchase APR: The interest rate on purchases if you carry a balance.
• Penalty APR: Higher interest rates triggered by missed payments.
• Balance Transfer and Cash Advance APRs: Typically higher than purchase APRs.
• Annual Fee: Often associated with rewards cards; ensure benefits outweigh costs.
• Cash Advance Fees: Additional fees for cash advances.
• Balance Transfer Fees: Usually 3% to 5% of the transferred amount.
• Late Fees: Imposed for late payments.
• Returned Payment Fees: Charged if your payment account has insufficient funds.
• Foreign Transaction Fees: Applied to purchases outside the U.S. or in foreign currencies.
• Grace Period: The time between the end of the billing cycle and the payment due date.

2. Always Pay Your Credit Card Bill on Time

Timely payments are essential to avoid late fees and penalty APRs. Late payments can also negatively impact your credit score. Set up reminders or automatic payments to ensure you never miss a due date.

3. Pay More Than the Minimum Payment

While making the minimum payment is better than missing it, paying your balance in full each month is ideal. This helps you avoid interest charges and keeps you out of debt.

4. Keep Credit Card Balances Low

To maintain a healthy credit score, keep your credit utilization ratio below 30%. This means if you have a $1,000 credit limit, try to keep your balance under $300. Avoid impulse purchases and stick to a budget.

5. Set Up Account Alerts

Enable text or email alerts to monitor your spending, prevent late payments, and detect fraud early. Alerts can notify you of payment due dates, balance updates, and suspicious transactions.

Common Credit Card Mistakes to Avoid

Be mindful of these common pitfalls:

• Maxing Out Your Credit Card: High utilization can harm your credit score. Aim to keep usage below 30% of your limit.
• Closing Unused Credit Cards: This can reduce your available credit and negatively impact your credit score. Instead, use the card for small, regular purchases and pay on time.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. Our team is here to help you navigate your financial journey with confidence.

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