Properly managing Credit Card is a big responsibility. Credit cards can be useful and convenient but if you are not careful about how to use them, you can put yourself into financial trouble. Proper usage of credit card can help you to improve the credit score. Try to use the credit card in a beneficial manner and avoid damaging the credit score. Many Banks Offer Credit Cards In India with best deals but choosing the right one may help you to save money. Here are few Smart Credit Card Tips which can be useful for Beginners, Women and Students as well to make sound financial decisions.
Top 10 Tips For Using A Credit Card:
- Pay off your balance every month: It helps you to avoid paying interest every month .It is better know your monthly spending limits prior to start shopping around for a credit card, think about monthly spending limit and limit your budget usage.
- Avoid impulse buys: Resist the temptation of buying more than you can pay off each month. Women and Students must keep an idea about spending limit to avoid impulsive buys. Know what you are willing to buy and have an idea about its budget.
- Never skip a payment: An important advice to remember is to never skip a payment. Pay your bills every month in order to avoid interest charges. Beginners must build an idea about monthly payment and try to know how interest is calculated.
- Review your monthly statement: Save your receipts so that you can compare the charges on your credit card with your records. It helps you to control your spending limit. If you are spending more money then review your records and try to know the reason to avoid debts.
- Set your minimum balance to low: This helps you to control your spending habits and avoid risk since you might be likely to over spend. Students must follow this tip to avoid impulsive buys.
- Consider the APR: Make sure to check the annual percentage rate (APR) before signing up for rewards credit card. Travelers make sure you check APR before signing up for a Travel rewards Credit Card.
- Impact on your credit score: Before you apply for every enticing credit card offer that comes your way, keep in mind that it affects your credit score. Make sure to pay everything off on time to maintain excellent credit score.
- Use a rewards card: If you’re using a credit card for most or all of your purchases, make sure to find a card that offers rewards. Look for the Best Offers of Credit Cards in India and choose the best one which suits your lifestyle. One of the most effective ways to maximize rewards on a travel credit card is to add authorized users to your account like a spouse or domestic partner so you can team up and focus on spending and earning.
- Don’t exceed 30% of your credit limit: Best way to maintain credit score is to make regular monthly payments on time and another is to keep your credit utilization ratio under 30%. Before travelling outside India, find out if your credit card company charges foreign transaction fees.
- Keep your card, your PIN, and your security code secure: If you share your PIN or security code, you risk holding responsibility for unauthorized transactions. So to avoid them follow Credit Card Security Tips mentioned below to make secure credit card transaction.
- Never write down your PIN or disclose it to anyone and don’t let your Credit card out of your sight.
- Make sure that you get your own Credit card back after every purchase.
- Unless you find it as useful destroy your Credit card receipts.
- Review your account statements on a regular basis.
- Don’t use unsecured areas for internet banking.
- Don’t send emails that quote your account number and card expiry date.
- If you notice that your card is stolen or lost somewhere report immediately to avoid misuse.
- Try to avoid multiple handling in order to avoid confusion.
Maintain your financial budget by following the above tips and avoid debts. Above listed are some General Tips for the Credit Card Users follow them to avoid debts. If you want to explore more information please follow the below links.
Top 10 Personal Credit Cards In India
Best Entertainment Credit Cards In India
If you are a frequent flyer and want to earn miles on travelling Airline Credit Cards is perfect choice for you. Choose the Best Airline Credit Cards In India and enjoy travelling by applying online.