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February 21, 2020

Tips for New Credit Card Users

Opening a first credit card is a significant milestone in many young adults’ lives. It’s also a major responsibility that can come with detrimental consequences if you’re not careful. But never fear—MIDFLORIDA Credit Union is here with helpful tips for new credit card users.


Always pay on time

We put this tip first for a reason. Did you know that late payments can stay on your credit report for seven years? That’s a long time to pay for what could have been a simple mistake or a slip of the mind. That’s exactly why we’re huge proponents of setting up auto pay to make sure your credit card payment is made on time every month. Learn how to set up recurring transfers in Online Banking to pay your MIDFLORIDA credit card bill with your checking account.

Examine every statement

For some, setting up auto pay can make credit card debt out of sight, out of mind. Consider creating a reminder on your phone to look over your credit card statement each month. Why? Most importantly, a quick peek at your bill can reveal fraudulent transactions that otherwise would have gone overlooked. Plus, you might be surprised to learn just how many people pay for unused services and subscriptions without even realizing. Save yourself future hassles or regrets and set aside five minutes each month to look through your bill.

Pay more than the minimum

Unless you’re using your credit card for everyday purchases to earn points or rewards, you should be paying your balance in full each month. But, those who have incurred credit card debt because of emergencies like home or auto repairs might require more time to pay off the expense. If you fall into this category, you can save money in the long run by paying more than the minimum amount due; the more you pay toward the principal balance, the less you’ll be charged in interest over time. Our handy credit card payoff calculator is an excellent tool for demonstrating how you can pay off your debt faster by paying more than the minimum.

Up for the challenge?

Apply online or visit a MIDFLORIDA branch if you think you’re ready to responsibly manage your first credit card.