A credit card is a great asset, but when you use it incorrectly it can cost you a pretty penny. Carry a balance and pay high interest rate charges. Miss a payment and incur a late fee. Close a credit card and ding your credit score. The costs add up quickly. But it’s not hard to get into the habit of using your credit card correctly. And as a result, you can save money while building credit and maybe even take advantage of some sweet perks along the way.

1. Carrying a balance month-to-month
One of the biggest credit score myths is that carrying a balance on your credit card improves your credit. In fact, 22% of Americans carried a balance thinking it would increase their credit score. In reality, carrying a balance month-to-month hurts your credit score and costs you money. If you carry a balance, you’ll have a higher credit utilization rate, which is the amount of debt you have compared to your available credit. Experts agree that the lower your utilization rate, the better. A FICO study found “high achievers” — consumers with an average 800 FICO score — on average use a mere 7% of their credit limit.

2. Only making minimum payments
While you should always make at least the minimum payments, it’s not advised to only pay the minimum due. Not paying your bill in full can lead you to fall into debt and rack up unnecessary interest charges. Plus, just paying the minimum can add months — even years — to the time it takes you to pay off debt. Have a payment plan in place before you take on bigger expenses, and always make consistent, on-time payments toward your balance.

3. Missing a payment
Late or missed payments can seriously hurt your credit score if you’re more than 30 days past due. You can expect a drop of 17 to 83 points for a 30-day missed payment and a 27 to 133 decrease for a 90-day missed payment, according to FICO data. However, if your payment is less than 30 days late, you won’t see a drop in your credit score since a payment has to be a full 30 days past due before it’s reported to the credit bureaus (Experian, Equifax and TransUnion). But you may incur a late fee or penalty interest rate — which raises your APR.

4. Neglecting to review your billing statement
It’s important to check that the transactions listed on your bill are accurate so you can take early action against fraudsters or reporting errors. At the very least, you should review your monthly statement for errors. But it’s a good idea to check your transactions a few times each week to verify everything looks OK. You should be proactive about reviewing the charges that appear on your account so you can potentially spot fraud early and resolve any incorrect charges.

5. Not knowing your APR and applicable fees
When you apply and are approved for a credit card, you receive a long card member agreement that probably doesn’t top your must-read list. However, it’s important you parse through the jargon and review important account terms, so you understand all the applicable fees.
So all of these are credit card mistakes that one should aware from making and for that they need to follow all above points for their credit card safety. But when it come to their project report for bank loan they don’t know how they can get it or how they can use it in well manner so they can start their own new business. Now they can get bank loan on Project Report for Industries, Project Report in entrepreneurship, Company Project Report, etc. even they can get detailed project report for bank format they can get to know that How to make Project Report or How to Prepare Project Report on an online portal or they can even prepared project report for bank loan by them self by the help of is an online platform for generating Project Reports to get bank loans and even project reports for subsidy. Whether you are a New Start-up Company or an Established Company, user can create Project Report required for bank loan and also required CMA reports. It’s User Friendly and Do it by Yourself Platform, created for End Users, Entrepreneurs, Business Owners, Chartered Accountants, Tax Consultants, Finance Professionals, Bank Employees etc. You can generate Business Project Report for Bank Loan and also prepaid Project Report in just 10 minutes by using user interface provided by
For any assistance or more information feel free to contact us at or at WhatsApp no. +91-8459973683 or +91-8459941735