Wherever you plan save money during festive season look for various offers, discounts which attracts you around and when buying with credit cards avoid to withdraw cash from credit card.
Start using credit card today, after learning this art
- Do not withdraw cash from credit card under no circumstances
- Credit card bill Paying the minimum due amount be careful
- In case of delay paying credit card bill when making purchases during the festival season
- Fix the limit for festival Shopping If possible when purchasing with a credit card
- Using a credit card is an art. The benefits are many if we use it carefully
- Look at the monthly statement keep the bill with you for every item purchased
- Use the right card when buying or shopping on any credit card
Maximum shoppers announce discounts, offers and there are many attempts being made to impress customers during festivals.
Credit cards need to be used very carefully at this time otherwise you will get stuck in a debt trap unnecessarily.
If the bills are not paid on time you will be stuck in a debt trap. Let's find out what to do to avoid such a situation.
Do not withdraw cash from credit card
Under no circumstances should a credit card be used for cash purposes during the festive season. If you take cash with cards you will have to pay high interest on it. Plus, you'll be getting rid of clutter you don't need. Interest starts from the moment you withdraw the money. In addition to interest, other fees have to be paid. So, do not use the card for money as much as possible.
Credit card bill Paying the minimum due amount
The credit card bill has the option of paying the minimum amount. It should be noted here that this is the only option for you when there is no chance for payment of bill when it is large amount. But, the benefits of paying the entire balance are not available here.
As your card usage ratio increases, so does your credit score plays key role for further aspects. While paying the minimum amount, you have to pay interest on the remaining balance. Therefore, in cases where the entire bill cannot be paid, it is advisable to pay more than the minimum balance. This will reduce the interest on the bill.
In case of delay paying credit card bill
When making purchases during the festival season, just ask these three question, Whether it is compulsory to buy, does it required now, what about the bill payment, any source do you have to pay the bill, are you attempting risk ignoring the upcoming financial problems to arrange for timely payment of bills.
If paid after maturity. late fee is applicable. Not only that, it is also mentioned in your credit report. This can make it difficult for you to get any loans in the future. Hence, it is best to pay the bill ahead of time.
Fix the limit for festival Shopping If possible
When purchasing with a credit card, see if the item is available for your price. If the purchase is beyond your budget, you may have trouble paying the bill. It is better to be vigilant in this regard in advance.
Use the right credit card while shopping or buying
When buying or shopping on any credit card it is important to choose which card to be used if you've multiple credit cards.
Check your cards first, see which bank card comes with the most discounts and the highest rewards then buy with that card. On the other hand when choosing cards one should take the ones with low interest rate and no annual fees.
Do you still not have a credit card? Taking a new card? However, find out in advance which bank card you are willing to give. Only apply after that. Even if you apply if the card is not given, the matter will be in your credit report. When applying for a new card again there may be problems with the existing rejection.
Multiple having credit card is good or bad
If you financial payment is good and the given limit in the credit is low on your existing credit card better to go for other banks which gives you maximum credit limit and it is better to surrender that bank card which is not useful or rarely time use.
When it comes to holding or multiple having credit card is good or bad. Financial experts says, it is bad to hold multiple credit cards.
Maximum banks charge annual fees if you use it or not and most of the banks based on your credit score and annual income freeze the credit limit on you proposed card.
Look at the monthly statement
Keep the bill with you for every item purchased. Compare this with your card statement. Any discrepancies noticed in the credit card bill then it is better to get to the attention of the bank or call credit card customer care number. Take some time to check the details. But, there is no need to pay a high amount by mistake.
Using a credit card is an art
The benefits are many if we use it carefully. Not so risky if neglected. Always remember this.
