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    Home / News / Business News / #FinancialBytes: Have a credit card? 5 tips to use wisely
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    #FinancialBytes: Have a credit card? 5 tips to use wisely

    #FinancialBytes: Have a credit card? 5 tips to use wisely

    By Sagar
    Aug 19, 2018
    05:17 pm

    What's the story

    Given the ease and convenience of making payments that credit cards offer, they've now become a household phenomena.

    But there's a number of credit mistakes and errs people tend to make when using credit cards, that affect their credit score, spending, and financial status in general.

    So, to avoid such mistakes, here are top 5 tips to help you use your credit card wisely.

    Spending&Repayment

    Avoid extravagant expenses, and always settle repayment bills in full

    Since credit cards give users the freedom of spending more than they have, people often make the mistake of making a massive expenditure, and later find themselves in a problematic situation.

    So, always keep your spending in check.

    Further, always repay you monthly (depending on your billing cycle) bills on time, and in full, so to avoid being charged extra interest/penalty on outstanding balances.

    You're
    20%
    through

    Credit Limit

    Go for a practically feasible credit limit; set a personal-limit

    Don't get fooled by your bank or credit card company into setting an unfeasibly high credit limit on your card.

    This way, one may end up buying more than they can repay for, by the end of the billing period.

    Also, apart from the bank-imposed limit, one should set a personal-limit (at 30-40% of total credit-limit) and stick to it, to avoid mindless spending.

    You're
    40%
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    Apt Cards

    Make sure to use right credit card for right purpose

    You may already be aware that banks issue different credit cards for varied needs of the buyers.

    So, one must carefully use the appropriate card depending on the purpose; say travel card for traveling, fuel cards for fuel expenses, reward cards for shopping, and so on.

    Make sure to use the right card at the right place.

    You're
    60%
    through

    Frauds

    Be wary of credit card frauds to secure your finances

    Of course credit cards make financial transactions convenient, but owning it also comes with a certain set of risks, which should be taken care of.

    A number of illicit and unlawful activities are done by hackers and cyber-thieves to dive into your credit card details when you shop online.

    Additionally, always be wary of anonymous merchant calls asking for your credit card related information.

    You're
    80%
    through

    Reward Points

    Keep track of your reward points and enjoy freebies!

    All credit card issuing banks and companies come up with reward point offers on predetermined spending benchmarks by customers (say Re. 1 reward on every Rs. 125 spent through the card).

    There are some exclusive store deals as well, which one should be mindful of.

    Keeping all rules and deals in mind, one should try and maximise their reward points and enjoy the freebies!

    Done!
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