What you need to know before getting a credit card

For so many, the decision to get a Resource One credit card is an easy one. With perks like credit card rewards, points, miles and cash back bonuses — plus the ability to build credit — credit cards can bring a lot of value to your financial life.

But once you decide to get a credit card, you have a whole new list of decisions to make. Before you start spending, take a look at these credit card dos and don’ts.

DO…

…know your fees. Is there an annual fee? Are there late payment fees? Can you transfer your balance from another card without a fee? Are there foreign transaction fees? Credit cards can be a huge financial benefit if used wisely, but if you’re not aware of the fees you can incur, they can cost you hundreds of dollars over the course of a year.

…know your statement closing date. Your statement closing date is the date your billing statement is prepared and charges are added to your balance. Your payment is not due on your statement closing date, but it’s good to know your statement closing date if you want to pay down your balance before your billing cycle ends to that you can keep a zero balance on your card and maintain a good credit score.

DON’T…

…carry a card balance. Every time you use your credit card, you create debt. If you pay your balance off each month, that debt won’t catch up with you. But if you only pay the minimum payment and continue to make purchases, your debt will grow.

…set yourself up to be a victim of credit card fraud. A thief doesn’t have to steal your physical card to get the information they need to run up a big bill on your behalf. They can hack into stores you shop at and the websites you use. Be vigilant about your card safety and make sure to report any strange charges immediately.

When you’re smart with your credit card, it can enhance your finances and even bring you a few perks along the way. See all the different types of credit cards Resource One has to offer.