Festive Season: In India, Festive season is on the corner. People have started shopping for their family and friends. But a new trend has been noticed that consumers are increasingly relying on credit cards for making purchases. On one hand, credit cards are a good and convenient option when an individual lack liquid cash, on the other hand, it can put you in a big financial strain if you don’t utilize it in a positive way. If you also want to make use of your card smartly, check out 5 ways to utilize this convenience below.
Set an Appropriate Credit Limit
Setting an ideal credit limit can help you to limit your finances. After setting a credit limit you can buy any product with your credit card until you reach that specific limit. In case, if you critically need to buy any product, you can easily raise your credit limit by contacting your credit provider.
Monitor Your Spendings
If you are one of them who just keeps swiping credit cards unnecessarily, very soon you will find yourself in a debt trap. You are suggested to monitor your credit card spending. Analyze if you really need a particular product or not. This will significantly help you in managing your credit card spending.
Pay Your Bills on Time
If you also use credit cards for making payments frequently, you are advised to pay your bills on time. If you fail to pay your bills on time, you will need to incur hefty interest rates charged by the bank.
Check Your Credit Card Statement on Regular Basis
You are suggested to keep an eye on your credit card statement. This practice is a good way to check any extra charges that banks can charge for your spending. Keeping a check on your credit card will eventually help you in managing your finances and spendings.
Use Offers and Rewards
Several banks and lenders offer rewards and incentives on purchases made through their credit cards. Before making any purchase, you are advised to check if your bank is providing any offers for that particular purchase, you can get the same product at a significantly lower price.
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