What to do When Credit Card Mistakes Happen
Here at President's Choice Financial, we know credit card mistakes can happen. The good news is there’s no need to panic. Read on for advice on how to fix a slip up.
Credit Card Misstep: I missed a payment
We all get distracted now and then. While this mistake will make a small dent to your credit score, building up a track record of consistently paying all your bills on time will provide the remedy. To help prevent missed payments in the future, you can set up automatic payments to your (opens in a new window)President's Choice Financial® Mastercard® for the minimum credit card payment or the full statement balance.
Credit Card Misstep: I exceeded my credit limit
When you exceed your credit limit, you may find that your card is declined or you face a penalty over limit fee for charges that go through above your allowed credit. It’s important to pay down the amount you are over as quickly as possible to prevent further charges being declined. Then assess whether the current credit limit meets your needs. If your account is in good standing, you can apply for an increase.
Credit Card Misstep: I didn’t catch an unusual charge on my card
While we monitor for unusual transactions, it’s important to read your credit card statement every month to spot unusual transactions that could indicate fraud, or if a retailer makes a mistake, such as billing you twice. If you see a questionable charge, contact us immediately and we can help provide a solution.
Credit Card Misstep: You use too much of your available credit on a regular basis
Want your credit card to have a positive effect on your credit score? Credit rating agencies will check how much credit you use compared to how much is available to you (that includes all credit cards and lines of credit). To improve your credit score, keep in mind that the more of your limit you use, the lower your credit score will be.
General information not about PC Financial products is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for, and should not be construed as the advice of an experienced professional. The PC Financial® team does not guarantee the currency, accuracy, applicability or completeness of this content.