It's no secret that credit cards are helpful tools for many different reasons. However, if you're applying for the first time, there's much to learn before you swipe. Keep reading for our in-house financial guru LaTasha' Young’s expert list of the most common mistakes debtors make — plus her advice on what to do instead.

1. MAKE A BUDGET.

First things first, anticipate how much you plan on spending with a budget — because while it would be nice if they did, credit cards don’t supply free money. If you’re a newbie to borrowing funds, only charge necessities until you get the hang of paying off your balance when or before it’s due. 

TIP: If you must splurge for whatever reason, choose a card with low interest rates or one that includes a zero interest introductory offer. 

2. DO YOUR RESEARCH.

Tons of different credit cards flood the market today, so finding the right one for you could get tricky. Aside from getting real with yourself about the main reasons you’re looking to apply, be sure to research what type of credit card would be the best option. Websites like creditcards.com and nerdwallet.com are two resources that can easily assist you with comparing options. 

3. DON’T SIGN UP FOR TOO MANY CARDS AT ONCE.

Making an effort to avoid signing up for multiple credit cards at once will not only prevent overspending, it’ll also protect your credit score. How? Whenever you apply, something called a “hard inquiry” is added to your credit report. These types of inquiries help determine how much “risk” you pose as a borrower, since lenders are able to check out your past and current financial behavior.

As the credit reporting company Experian puts it: “Hard inquiries have a negative impact on your credit score. Too many hard inquiries in a short time could make it look like you’re seeking loans and credit cards that you may not be able to pay back.” 

4. AVOID UNNECESSARY FEES.

Using credit requires a great deal of responsibility, including watching how much you spend each month and paying your bill on time. Both will help you with skipping unnecessary fees such as late fees and over-the-limit fees, which are known to add up fast. 

TIP: A good way of keeping track of your credit limit and payment dates is by turning on your account notifications. Most modern banks have apps that can alert you of important account information should you opt-in.

5. Pay More Than The Minimum Amount.

Credit interest is compounding, which means you pay interest on the interest that has already occurred. By paying more than the minimum amount you owe (if you’re able), you’ll spend less in interest and pay off your balance sooner.

6. AVOID SURPRISE RATE HIKES.

Some credit cards have low introductory interest rates to lure you in and encourage you to spend money. Keep a watchful eye for these! If you do happen to sign up for one, try to never carry a balance. If you’re unable to pay off your balance at the end of each month, call the card’s hotline to negotiate a better, long-term interest rate. 

7. LEAVE Your card at home.

If you find yourself frequently overspending on one or more of your credit cards, simply leave them at home. Impulse purchases are NOT worth risking your credit rating or living with extra guilt.