Things You Should Keep In Mind While Using Credit Cards

Credit card payment- do’s and don’ts

Credit cards are loaded with rewards and it looks like a magic card to most users. It is a financial product but now transformed as a personal item for many people. If you are utilizing the card in the right way, you can enjoy benefits from the rewards program. As there has been a lot of competition in the credit card industry, the issuers are offering several offers and programs to their customers to get their attention.

The reward program provides credit card deals, reward points, travel offers, cashback, and several other benefits. These rewards are worth it but you should be aware of certain do and don’ts. If you have planned to do credit card payment for your purchases or shopping, ensure to be aware of these tips and use the card appropriately.

Things to ensure when you own a credit card?

Track your transactions: It is important to monitor the transactions through email and mobile alerts. If you are getting a mobile alert, you have to read the entire message. Most people just neglect the message thinking that it is not for them or not required. It is a bad practice. It is important to read and also check the credit card statement. Ensure to see whether they have entered the right prices. If you could not remember the prices, it is best to preserve the bills and then compare it with the statement. If you are finding any unauthorized transaction, it is necessary to call customer care and report the transaction immediately.

Know the credit card number: It is recommended to use only one card instead of owning several cards. When you have one card, you can enjoy maximum benefits as well as earn reward points whenever you do credit card payment. Ensure to memorize the credit card number. So, when you misplace the card by mistake, you can call and complain to the customer center.

Too Many Credit Cards Placed On The Table.

Know the credit card charges: It is necessary to know various charges connected with the card before getting a credit card. In most cases, the card companies charge for Foreign Currency Transaction, ECS or cheque bounce charge, over credit limit fees, cash advance fee, late payment (interest and late fee), annual and joining fees, statement request beyond three months, petrol transaction charge, etc. It is necessary to read and determine the charges schedules and the terms and conditions to avoid confusion in the future.

What are the things you should not perform when using the credit card?

Do not miss paying: Though there are a lot of benefits, credit card companies charge a cost behind every benefit. They provide money with an interest-free period for about 45 days, offering rewards for the purchase. If you miss paying the bills they will charge interest of about 22 to 45% per annum. If you want to enjoy the benefits, you have to settle all the dues promptly.

Do not pay only the minimum: Most people think that they can pay the minimum and enjoy the benefits. It is the wrong move. When you pay only the minimum amount, the bank will charge interest for forthcoming purchases and the pending sum. It is always best to clear all the pending dues within the given time. If you do not have balance in your card, then do not use the card to pay new bills again.

Do not share credit information: Just like bank debit cards, credit cards come with a personal PIN and password. It should not be shared with any person.

Know More About : Credit Card Payment: Everything You Need To Know

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