Nowadays the use of credit cards has become quite common. Most people use credit cards only for shopping and money transactions. People can take advantage of discounts, rewards points and many types of offers using credit cards. It is very important to use a credit card properly, because it has benefits but it can also harm if made some mistakes.
You have to pay the credit card bill every month. Many people do not have complete information about the credit card, so that they make some mistakes inadvertently. Later they have to suffer losses. If you are also using a credit card, then it is important that you understand some of its important things. In this article, we will give you some important information related to credit cards, so that you can use it correctly.
Take care of credit card limit
Every credit card has a limit, which means that you cannot spend more than the limit. You should use only 30 percent of your credit card limit. If you spend more than this limit, it can spoil your CIBIL score.
Submit bills on time
If you do not pay your credit card bill on time, it affects your credit score. If your credit score deteriorates, you may have problems in taking loans in future. Even if the loan is found, its interest rate is very high.
Avoid international transaction
Avoid doing international transactions with your credit card. By doing this, you may be charged with many types of charges like foreign currency transaction fees.
Credit card closing
If you are using two credit cards and want to close one, do not stop it immediately. Rather, keep that card active, just do not use it. Closing the credit card may increase your credit utilization ratio, which can affect your credit score.
credit card bill
Credit card bills should always be filled on time. Credit card bills have two options, Total Dews and Minimum Dews. You should always fill the total dew. If you only fill the minimum dew, high interest will be imposed on it, which can cause additional burden on your economic condition.
Banks will open 5 days a week after the budget? This will be a new time to open and shut down branch