Rule and regulations: Dos and Don’ts
Credit cards have become part of life and these cards are symbols of wealth though many do not actually know how to use their cards wisely. It is indeed essential to learn the rules of the credit card game. Always Control from using the card frequently and one should maintain a good credit score with the bank or credit card companies.
Staying within 30% of the credit limit given easily can do it. After Setting a fixed amount and make it sure not to charge the expenses exceeding the amount will be beneficial. Swapping the card during purchase things or pay for services that are really in needed. One must use the card when it is really urgent or the cardholder does not want to bring so much of cash in hand for security purpose.
Better to make the card payment promptly once after receiving the bank statement. It is recommended to Put a reminder so that to keep in mind the due date of making payment to avoid incurring high interest rate. One should not consider a credit card as cash in hand. It is best not to use it to purchase luxurious products, which one can’t afford to pay in cash.
It is better not to make minimum payment each month after getting the statement otherwise it will really be a big mistake. The lesser one pays for a card, the more debt he/she accumulates every month increasing the amount of interest and financial charge to bear. Just to pay as much outstanding as one can to clear the debt faster in order to save cost. It has been studied that Credit cards are ideal for people who have “good credit” and have ability to pay back promptly as These cards are meant to provide convenience to but not to become a burden in life.