Credit cards can make the user land into serious debt woes if not properly utilized by an ill-informed or ignorant customer. There have been instances of credit card users being victims of dubious or malpractices of the credit card issuing company also. This can make you black listed with the Credit Card Bureau for no reason of yours. In fact if used wisely, plastic money can actually be a blessing allowing the user to take advantage of all benefits, make purchases on credit and never pay a penny as interest. If you havent yet done it, read on to explore the tips to make the best use of your credit card.
Find the perfect credit card for your use
If you don't already have a credit card, it is time to get one. There are various companies offering attractive schemes for credit cards. You need to do a little bit of research and find the one that suits your specific needs the most. For instance, if you are a frequent traveler, you should look for a credit card that offers travel benefits, and if you are a shopholic choose a credit card that promises cash back.
Using your card efficiently
Once you have got the right credit card that best suits your needs, take time to understand the features and benefits your card offers. For instance, like most cards have reward points on purchasing fuel it does not make sense to pay cash for fuel. This way you will be able to benefit by getting free fuel after accumulating enough points.
Remember to use your credit card as much as possible. A generous use of credit cards helps you save on the cost of your purchases.
Once you fully utlize your expenses for the month on the credit card, you can transfer your salary into an instant access savings account to earn some interest. Once you have earned interest on your money remember to pay off the complete balance due on your card each month but dont do it until the last date of payment before interest is levied, so that you can maximise the interest on your salary.
Further if you are cash smart, you can take opt for two credit cards at a time. Kotakcards provides Low Interest Credit Cards. Take advantage of credit transfer from one card to another. This way you can benefit from two months of earned interest. And remember the golden rule of using credit cards always pay within the grace period.
By using you credit card wisely, you can actually enhance your personal financial portfolio. Try on and reap the benefits.
Find the perfect credit card for your use
If you don't already have a credit card, it is time to get one. There are various companies offering attractive schemes for credit cards. You need to do a little bit of research and find the one that suits your specific needs the most. For instance, if you are a frequent traveler, you should look for a credit card that offers travel benefits, and if you are a shopholic choose a credit card that promises cash back.
Using your card efficiently
Once you have got the right credit card that best suits your needs, take time to understand the features and benefits your card offers. For instance, like most cards have reward points on purchasing fuel it does not make sense to pay cash for fuel. This way you will be able to benefit by getting free fuel after accumulating enough points.
Remember to use your credit card as much as possible. A generous use of credit cards helps you save on the cost of your purchases.
Once you fully utlize your expenses for the month on the credit card, you can transfer your salary into an instant access savings account to earn some interest. Once you have earned interest on your money remember to pay off the complete balance due on your card each month but dont do it until the last date of payment before interest is levied, so that you can maximise the interest on your salary.
Further if you are cash smart, you can take opt for two credit cards at a time. Kotakcards provides Low Interest Credit Cards. Take advantage of credit transfer from one card to another. This way you can benefit from two months of earned interest. And remember the golden rule of using credit cards always pay within the grace period.
By using you credit card wisely, you can actually enhance your personal financial portfolio. Try on and reap the benefits.