We know, getting your hands on that new credit card is something you’ve been waiting for a while, not to mention that you’re looking forward to taking advantage of that sign-up bonus or the rewards it comes with. However, you should be aware of the fact that there are a couple of things you should do before starting spending money…
If you’re at your first card and never been through this before, take a few minutes and read about the things you should do immediately after receiving it!
Set up the mobile banking app
This should be mandatory if you ask us. We’re talking about installing the issuer’s app on your phone, so you can easily manage everything related to your new credit card directly from your phone. And by everything, we mean every essential aspect, like checking your credit score, your statement, or even freezing your card in case of loss or theft.
It takes just a few minutes and it can save you hours or days of wasted time!
Set up the autopay feature
If you don’t want to deal with late payments and everything this involves, our recommendation is to enroll in autopay. It’s the simplest way of making sure you pay your bills on time and in full each month, but also build a strong credit score and avoid stacking up interest.
“Even just a single late payment can do a lot of damage to your credit,” says Matt Schulz, credit card expert at LendingTree. “Especially if you are somebody who is just getting started with credit, it’s really important to pay every month.”
Activate those rewards!
And finally, let’s not forget about one of the main reasons why you got a new credit card: those really attractive rewards!
While most of them will automatically give you multiple benefits, others do require enrolling in a specific reward program in order to get the max out of them. Therefore, before starting spending on your new credit card, just make sure you’ve taken a glance over the benefits it comes with to ensure that you aren’t letting any value going away!