Dos And Don’ts When Using a Credit Card. .

Chatur Credit Cards Information Podcast

Using a credit card gives you a sense of power and security. And as the quote goes, “with great power comes great responsibility.” Let us look at some of the dos and don’ts that will help you when using credit cards responsibly.

Click on the link to know more about the Do and don't when using a credit card: https://medium.com/@Cardinsider/dos-and-don-ts-of-using-credit-cards-2718d4949ed1

DOs.

Pay Your Bills on Time:

It is important that you do not miss any credit card payments. Late payment will result in penalty charges, which will impact your credit score.

Pay Your Entire Bill:

If possible, pay the entire bill amount. If not, definitely pay more than the minimum due amount.

Contact Your Credit Card Company if Needed:

In case your bill is delivered late, or you forgot the due date and missed a payment due to some emergency, inform them and make the payment and avoid late fees.

Keep a Credit Card with Low-Interest Rate:

If you carry a balance each month, ensure that your card has a low-interest rate

Use Your Card Wisely:

Only purchase high priority items and things you can afford. Use in emergencies, when don’t want to carry cash.

Select Cards with Benefits That Suit You:

Choose a credit card that suits your spending. Having a credit card that offers a great air miles program is beneficial to you only if you travel a lot on work or business, or take plenty of holidays in a year.

Be Aware of Credit Card Fraud:

Always keep payment receipts and check them against your statements or online account.

Always Read the Fine Print:

Credit card companies have varied terms and conditions about interest rates, late fees, annual fees, grace periods and default rates.

Negotiate Your Annual Fee and Interest Rate:

When you sign up for a credit card, you can negotiate an annual fee waiver for one or two years.

Review Your Statement Regularly:

Check your statements monthly and verify the purchases and payments made.

Limit the Number of Credit Cards:

It will prove difficult to keep track of transactions and payments on multiple credit cards.

DON’Ts...

• Don’t Miss a Payment: As explained above, it is important to pay your credit card bills on time.
• Never Use Your Credit Card for Cash Advances: Withdrawing cash from a credit card will immediately result in higher interest rates.
• Never Exceed Your Credit Limit: Always stay within 30% of your credit limit. This will keep your balance low and help maintain a good credit score.