If you use them properly, credit cards can provide great convenience, excellent cash flow and an interest free loan from month to month. Unfortunately, all too few consumers use credit cards in this way. In fact, the credit card issuers themselves count on consumers to be irresponsible with their use of the cards, racking up huge levels of debt and paying staggering amounts of interest in the process.

Even though changes have been made and reforms pushed through, the deck remains stacked clearly in favor of the credit card issuers. Interest rates are still well into the double digits, making it difficult to pay off even a small balance by making the minimum monthly payment. But even though the deck is stacked against you, there are some things you can do to tilt the odds in your favor and even beat the credit card companies at their own game.

Play the 0% Game

The best strategy is to pay off your entire balance every month, but if you have already accumulated a large balance there are some things you can do to get it paid off and reduce the amount of interest you have to pay. By taking advantage of 0% teaser rates and balance transfer offers, you can move the balances from those high interest cards and pay them off with no interest.

The key to making this strategy work is to know exactly when that 0% teaser interest rate expires. Credit card companies count on consumers to lose track of those offers, and pay higher interest rates as a result. Keep in mind that when that 0% interest rate expires, it is likely to reset at a very high level, and that could leave you with an additional balance to pay off. By keeping track of the expiration date of the current offer, you will have time to shop around for another 0% interest deal, moving the money from card to card until that troublesome balance is gone.

Know Your Closing Dates

With so many reward cards on the market, many of us use one card for gas, another for groceries and a third for everyday purchases. While this strategy can maximize your cash back and other rewards, it can be hard to keep track of all those closing dates. With grace periods shrinking and late payment charges on the rise, it has never been more important to stay one step ahead of those bills. Paying those credit card bills as soon as they arrive, or better yet, paying them online as soon as you receive your reminder email, can keep you out of trouble and help you avoid high fees and expenses, not to mention dings to your credit score.

The simplest way to keep track of your closing dates is with a calendar reminder on your email. Most email calendar programs allow you set up a recurring reminder – just create a reminder a few days before the closing date. This will alert you to look out for the bill, or to go online and pay your bill as soon as it is due.

By using these simple strategies, you can stay one step ahead of the credit card companies and make the most of the plastic you carry. Credit cards offer great convenience, but they do have a price. You can keep your own credit costs to a minimum by being a smart, educated and informed consumer.

Author Bio: Bruno is a web entrepreneur and social media marketing consultant working for the Norwegian dog community website Hundefeber.no. He also owns a lovely Pomeranian and a Mops dog.

Category: Finances
Keywords: finances,finance,credit cards,money