Watch out for hidden credit card fees on your existing credit cards. You have decided to NOT use your credit cards any longer. Make sure to check the fine print in your agreement, however. Some banks charge a non-usage fee if you do not use your card on a monthly basis. Particularly if you are not carrying a balance. To avoid this you can simply charge something, anything. Could be a $ 5 item. Anything that will help to avoid the non-usage charge.
When paying your bill, keep in mind the due date. First is to look carefully at your bill when it arrives. Some banks change the due date by a day or two which, if your not careful can cause you to incur a late fee. Then on top of that it is very likely your interest rate will go up significantly.
If you are paying your bill via phone or internet, make sure you know when the payment will be posted. Give yourself plenty of time when paying so the payment will not post later than the due date, because you will definitely be charged a late fee and again, interest rate will go up. Many times the payment will not post until the next business day, depending on what time of day you pay. If you are not sure, check the online payment center or the phone pay center to verify posting time.
Be careful to examine your bill closely each month. Watch your credit limit. Banks are less inclined to extend you more credit in this economic recession. In fact, they are often decreasing your credit limit. If they do that and you are unaware, you may go over the new limit and be hit with over the limit fees including having your interest rate jacked up.
The best way to avoid all these issues is to get rid of credit cards altogether. If you need some help getting out of debt, click here for some great resources. For more great money saving tips, visit http://www.ManyMoneySavers.com