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Your First Credit Card

Your First Credit Card

A “first” credit card can be exciting, tempting and intimidating.  Credit cards are a great convenience, but they are also borrowing money that must be repaid.  Here are some ideas to keep in mind as you get your credit card and use it.

  1. A credit card is serious business.  The issuing company is lending you money and you have responsibilities to pay it back.
  2. One card is probably enough.  Avoid temptation by having more than one card.
  3. Keep the credit limit low.  Depending on how you are going to use it, $500 or $1000 is high enough for most first-time credit card users.
  4. Pay off the entire balance each month.  Avoid charges and build a good credit record.
  5. Make the payments on time.  This helps build a good record and avoids late payment charges.
  6. Use the card for emergencies.  Start off slowly with this new convenience.  Keep using cash and checks for most purchases, especially until you get comfortable with the card.
  7. Never let others use your card.  You are responsible for all charges on your card.  Do not let others borrow it or give out the number.
  8. Keep track of your use of the card and compare your records to what shows up on the monthly statement.
  9. Keep the card active.  Even if you are only using the card for emergencies, use it for small purchases every three or four months just to keep it active.  Then be sure to pay off the balance before any interest is due.
  10. Avoid using the card for cash advances.  The interest rate charged for advances is usually high and interest is charged immediately.
  11. Create a spending and budget plan.  Do not let your credit card payments exceed 20% of your monthly income.
  12. If having a credit card turns out to be a problem, get rid of it or stop using it for a while.

Contact a Representative Today

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Mutual News
  • Mutualfirst Financial, Inc. Announces Agreement With Major Stockholder 

    Muncie, Indiana - February 27, 2015 – MutualFirst...

    Monday, March 2, 2015

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Mutual Blog

Proactive Steps to Take in Light of Anthem Data Breach

Chances are you are a person who has Anthem insurance coverage or you know someone who does. As a result, either you or your friend has a reason to be concerned.

A typical data breach includes a compromise of debit card numbers or partial personal identifying information. This kind of breach, though inconvenient, can typically be ‘fixed’. An initial investigation indicates that the Anthem breach includes a compromise of name, birthday and/or social security number. This kind of information is all one needs to steal someone’s identity.

According to Anthem this particular breach could affect up to 80 million people. Instead of trying to ignore this has happened or just being upset, it’s now time for you to be educated and try to protect yourself as best as you can. We have some tips that will help you accomplish that.


1. Review Your Statements


First, take a moment each month to view your eStatement or monthly statement. You can monitor your accounts throughout the month with Online Banking and the MutualBank App. Monitoring your accounts will give you the quickest opportunity to see if your accounts have been compromised. If you notice any transactions that are unfamiliar or questionable, please get in touch with your MutualBanker. Call us at 800-382-8031.


2. Be Cautious with Any Anthem Emails You Receive


Next, if you receive an email stating it is from Anthem, be cautious. Anthem’s website warns customers not to reply with information, click any links or open any attachments within the email. Anthem is not calling their customers and will not ask for information. Never give your credit card information, social security number, or other sensitive information to someone via email or over the phone.


3. Consider Freezing Your Credit


If you are a resident in Indiana, the Attorney General’s office website (http://www.in.gov/attorneygeneral/2853.htm) is offering and encouraging you to sign up for a free credit freeze with each of the three credit bureaus. A credit freeze places a hold on your credit where a new line of credit could not be obtained without you unfreezing your credit. This doesn’t affect already open credit lines like an existing credit card, yet helps to protect you against someone opening new lines of credit in your name.


4. Keep in the Know


Finally, try to keep in the loop on the Anthem Breach. The best source for current information about this breach can be found at Anthem’s Frequently Asked Questions. (http://www.anthemfacts.com/faq)

MutualBank is here to help inform you of ways to help protect against identity theft. Thank you for trusting us.

Sunday, February 15, 2015

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Your First Credit Card

Your First Credit Card

A “first” credit card can be exciting, tempting and intimidating.  Credit cards are a great convenience, but they are also borrowing money that must be repaid.  Here are some ideas to keep in mind as you get your credit card and use it.

  1. A credit card is serious business.  The issuing company is lending you money and you have responsibilities to pay it back.
  2. One card is probably enough.  Avoid temptation by having more than one card.
  3. Keep the credit limit low.  Depending on how you are going to use it, $500 or $1000 is high enough for most first-time credit card users.
  4. Pay off the entire balance each month.  Avoid charges and build a good credit record.
  5. Make the payments on time.  This helps build a good record and avoids late payment charges.
  6. Use the card for emergencies.  Start off slowly with this new convenience.  Keep using cash and checks for most purchases, especially until you get comfortable with the card.
  7. Never let others use your card.  You are responsible for all charges on your card.  Do not let others borrow it or give out the number.
  8. Keep track of your use of the card and compare your records to what shows up on the monthly statement.
  9. Keep the card active.  Even if you are only using the card for emergencies, use it for small purchases every three or four months just to keep it active.  Then be sure to pay off the balance before any interest is due.
  10. Avoid using the card for cash advances.  The interest rate charged for advances is usually high and interest is charged immediately.
  11. Create a spending and budget plan.  Do not let your credit card payments exceed 20% of your monthly income.
  12. If having a credit card turns out to be a problem, get rid of it or stop using it for a while.

Contact a Representative Today

Back to Education Resources

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