To celebrate the launch of the Dominion Lending Centres line of credit cards, we would like to provide a list of 10 tips to help you use your credit cards wisely. The list provided is from the Financial Consumer Agency of Canada:

1 – Know what you’re getting into. Read the terms and conditions carefully, as you’re entering a legally binding contract.

2 – Continue to live within your means and budget. Having a credit card does not increase the amount of money you have.

3 – Your goal should be to pay off your balance in full by the due date of every month. If the balance is not paid in full, most credit cards will charge daily interest back to the date of purchase.

4 – If you find you are carrying a balance, and practically if the balance keeps increasing, stop using the credit card until you get your finances under control. Since interest is charged daily, try to pay it off as soon as possible, and check about other credit cards, lines of credit or other options that may be at lower interest rates.

5 – Avoid impulse buys, especially if don’t have the money available.

6 – If your credit card has a reward program, don’t increase your spending or buy things you don’t need just to get points.

7 – Avoid taking a cash advance on your credit card. Unlike regular purchases, there is not grace period and you are charged interest from the date of the advance until it is paid in full.

8 – Talk to financial professionals about your options if you need money for unexpected expenses. There may be options that will cost less than an advance on your credit card.

9 – Make regular payment to help build a good credit history.

10 – Make sure you are aware of all fees associated with your credit card.

Credit cards can be extremely useful and convenient, however, if you are not careful with how you use them, you can put yourself on a path to serious financial trouble.