The world has gone digital and the internet has changed the way people shop, do business and socialize. Today, there is online e-banking, online shopping and online socialization all done through the internet. One of the most used online instruments is the Credit Card. Most credit cards come bundled with various offers and rewards which save you money and provide access to lifestyle benefits.
Credit cards are a form of unsecured loan. Credit cards let you buy now and pay later. It thus helps in a financial crunch. If this is not enough, credit cards also come bundled with various offers and rewards which save you money and provide access to lifestyle benefits. Credit cards also provide access to lifestyle benefits.
If you are looking to apply for a credit card, here is the application process!
Today, credit cards are widely accepted throughout the world, as it is the best means to secure credit for any person. But you should always remember that, when you use a credit card, you are actually making a loan to the card issuer. There are various ways to use your credit card efficiently.
how do you ensure that you get the maximum benefit out of your credit card?
#1 Time Your Purchases
Be aware of your billing cycles. Don’t wait until the last minute to make a purchase only to realize that the credit card is already maxed out. It is advisable to make purchases when your credit is still within limits.
#2 Review Your Monthly Statements
It is always advisable to review your monthly statements at least once a month to verify that there are no unauthorized charges on your account. You can also find out whether you have been credited with any cash back or gift certificates from using your credit card. Notify your lender of any discrepancies immediately.
#3 Find Deals and Offers
When you apply for a credit card, chances are you are going to receive a credit card with benefits associated with them. These benefits are generally in the form of cash back, discounts, or some other benefit you may be entitled to. Many credit cards have offers and offers that you can redeem when you make payments on your card. All you have to do is to make sure that you have a credit card in your hand and make the best use of it.
#4 Avoid Overspending
Most people make the mistake of spending their hard-earned money on things that they don’t need, or things that they can’t afford. Over-spending can be very harmful to credit card users as it may easily lead to a debt overload. Avoid overspending and you may be saving yourself a lot of trouble in the future.
If you are struggling to maintain your credit utilization ratio, here are a few simple tips to help you!
#5 Pay Your Bills On Time
It is advisable to pay your bills on time. This means that you should pay your credit card in full by the due date. It is always advisable to make sure that you pay your bills on time to avoid being subjected to late charges. When you make sure that you pay your bills on time, you can also avoid a lot of stress.
#6 Be Careful With Online Transactions
Cyber fraud is on the rise. It is advisable to be careful when you are online. Be careful to not click on any links that seem too good to be true. Be careful of fraudulent transactions that request you to transfer money through different methods and websites. It is advisable to be vigilant at all times when it comes to your credit card online transactions. If you do not feel safe in any online transaction, it is advisable to change your online banking password.
#7 Track Your Reward Program
Credit card rewards are a kind of incentive that is used by credit card users the world over to get the most out of their credit cards. Some credit cards come with rewards programs which let you earn points while you use your credit card. Many credit cards also provide cash back and discounts when you make purchases. It is always advisable to use any credit card reward program you have received or any that you have been given by your employer to get the maximum out of your credit card.
Here are the top Rewards Credit Cards in India!
#8 Ask Your Bank For A Higher Credit Limit
Banks offer credit limits to their customers based on their credit ratings. A high credit rating means that they can offer you a high credit limit. It is advisable to ask your bank for a higher credit limit when you have paid off your bills and you are ready to spend more money. It is advisable to request your bank to increase your credit limit periodically. This is so that you can easily access your credit card’s funds should you need to.
#9 Never Withdraw Cash At ATM Using Your Credit Card
When you withdraw cash from ATMs using your credit card, you are opening yourself to high charges. It is never advisable to withdraw cash from ATMs using a credit card, even in times of dire emergencies. You would be better off with an instant personal loan instead.
#10 Go For Co-Branded Credit Cards
The best way to save your money is by comparing different credit cards. The best thing about a co-branded credit card is that there is a reward scheme that is designed to reward its users accordingly.
Credit cards that have co-branded rewards programs are best for you because you would get more rewards when you use them. You are also better protected from fraud because the reward schemes are not run independently.
#11 Compare Different Credit Cards
Credit cards are very convenient, but it is important to know how to compare them. It is important to compare credit cards when you are looking for the best rates for your credit card. It is advisable to compare credit cards based on various aspects, such as reward programs, annual fees, and annual percentage rates.
When you are looking for a credit card, you would first check the interest rates. You would also check the credit limit, processing and transaction fees and other charges levied by different credit cards. You would also compare different credit cards by comparing their reward programs, annual fees, and other charges. You would be better off with a credit card that offers you rewards and offers you a higher credit limit, as this would help you to save money and get the most out of your credit card.
When you are using your credit cards wisely, you can save a lot of money. Credit cards are a very convenient mode of payment. You can use them to buy food, clothing, and any goods that you need without any hassle. Credit cards come with rewards schemes, which allow you to earn points and discounts.