5 Must Do Things When You Get A New Credit Card

Financial Fitness Podcast

Getting a new credit card is exciting. Maybe you're looking to use it to purchase a new laptop, or perhaps you're eager to take advantage of the complimentary offers on the card. Before you start swiping, there are certain things that you have to do to set up the card and get it sorted.

If this is your first credit card, or if you've upgraded to a premium card, taking a little bit of time to understand the features and benefits of your card will help you set it up correctly and avoid costly mistakes down the line.

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Activate the card

This is the crucial first step you need to take as soon as you receive a new credit card. Your card won't function until you activate it. New credit card users often make the mistake of placing the new card in their wallet, with plans to activate it later. They then forget the activation and remember it only when they see their card getting declined when needed.

Link the Card to your Bank Account

Once you receive the card, make sure to download the mobile banking app of the card issuer. You can manage every aspect of the card using your smartphone. You can:

• Track credit card spends
• Review your credit limit
• Pay your credit card bills
• Activate/freeze it

Understand your Credit Card Statement

Credit card statements contain crucial information about your card. To be a responsible credit card user, you need to understand the statement carefully.