look news india
Nowadays many people have started using credit cards. However, you should know how to use a credit card and what are the charges on it. Often due to not paying attention to this, people have to pay more money than necessary. Every credit card (Credit Card using tips) user should know some things about it. If you also want to save your pocket from getting loose, then keep these 8 things in mind.
1- Annual fee on the card
Most credit cards charge an annual fee. Some waive it if you make a certain limit of purchases.
2- Interest on credit card dues
If the payment is not made by the due date, hefty interest ranging from 36-48 per cent can be charged on the credit card outstanding.
3- Disadvantages of withdrawing cash
Do not withdraw cash from credit card under any circumstances. Heavy interest starts being charged on its cash from the very first day.
4- Keep in mind the surcharge as well
There is a surcharge for filling fuel using credit card. Most companies refund it, please check with your company.
5- Be careful in foreign transactions
Shopping abroad can be done using a credit card, but first know about the charges levied on it.
6- Reduce your credit limit usage
Credit limit should not be used more than 30-50 percent, this has a bad impact on CIBIL.
7- Avoid the hassle of minimum balance amount
Heavy interest is charged on your outstanding amount even if you pay the minimum due amount, so always pay the full bill.
8- Reduce the use of balance transfers
Balance transfer can be used to pay the bill of another card, but its excessive use spoils the CIBIL.