There are many reasons for using a credit card. This is also something similar, there are many benefits of using credit cards.
Not only getting extra time for payments, you can also earn money through reward points and avail deals available on e-commerce websites.
However, some attractive features of credit cards can trap you into debt.
Do not use credit card like this
withdraw money from atm
Credit cards are also used to withdraw money from ATMs.
However, with this very information, unknowing users end up making big mistakes.
If you are using a credit card, do not withdraw money from the ATM even by mistake.
The biggest inconvenience associated with this facility is that a huge amount of interest has to be paid on the amount withdrawn.
You get one month's time to pay shopping bills with credit cards, but this is not the case with withdrawing money from ATMs.
There is no time limit of any kind to repay the money withdrawn from ATM. That means interest starts accruing from the day of withdrawal.
balance transfer
If you are using two credit cards simultaneously, you will also get information about the balance transfer feature. Balance transfer means you are using one credit card to pay a bill from another credit card.
However, you need to understand that there will be some fees to be paid for balance transfer. Using one card to pay another's bill can damage your CIBIL score.
Use of the balance transfer facility can be useful at times of major financial need. However, doing this repeatedly can cause major harm.