A credit card can be a useful way to pay for the things you want in life. But if you do not keep track of your credit balance, you may find your credit card more of a costly burden to your wallet.

Consider these strategies to help you use your credit card smarter.

Make payments on time
Always ensure you can repay your credit card on time and never just pay the minimum payment each month. In this way, you can avoid paying higher interest in the long run. It may also be wise to switch to a credit card with a lower interest rate attached if you find you cannot meet any amount higher than the minimum payment.

Build your own emergency fund
Are you using a credit card for those out-of-the-blue expenses? Why not consider saving and building a rainy day fund of your own instead?

Develop a good credit history
By paying your credit card off in total by each payment date, you will develop a good credit history. This will come in handy should you need to apply for a personal loan or home loan in the future.

This article is for general information purposes only and has not been prepared with reference to the circumstances of any particular person. You should seek your own independent financial, legal and taxation advice before making any decision in relation to the material in this article.