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Credit Card Plans: In this era of inflation, credit card proves to be helpful for us many times. But using it without thinking can trap you in a debt trap. In such a situation, it becomes important that the credit card bill is convenient and low.
Set spending and savings goals
Saving is the biggest saving for us. For this, it is important that we set a target for spending and saving. Similarly, before using a credit card, keep in mind that the card limit does not reflect your spending capacity. Suppose if your income is Rs 1 lakh per month, then make sure that Rs 35 thousand are left for savings and Rs 45 thousand for household expenses. In such a situation, if you make a purchase of up to Rs 30 thousand using a credit card, then you will be able to pay the bill easily.
However, you should also keep in mind that interest-free credit on credit cards is given only for 50 days. In such a situation, if you make a purchase of Rs 30,000 each for three consecutive months, then in the fourth month you will be short of Rs 10,000.
Option to buy with cashback and better deals
Many platforms offer cashback on purchases made with credit cards. In such a situation, if you are also buying any gadget or electronics goods, then you can choose the option of buying with cashback and offer deals.
Avoid conversion into EMI
If the bill is high in any month or in case of an emergency, you should avoid extending the credit card bill or converting it into EMI. But even if you are extending it, you should take care that there is no extra expenditure in the next month. Checking the credit card statement from time to time is the best way to avoid this. This will give you an idea of where spending is necessary.