Getting the most from your credit card

(taken from the Board of Governors of the Federal Reserve System website)

1. Pay on time—Paying on time will help you avoid late fees as well as penalty interest rates applied to your account. It helps you to maintain a good credit record which leads to a higher credit score, thus helping you qualify for lower interest rates. If the due date falls at a difficult time such as before you get paid, contact the credit card company to inquire if they will change the billing cycle.

2. Stay below your credit limit—If you go over your credit limit, your cr...