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Finance

Using Credit Cards Wisely

In the present times when credit cards offer us great flexibility in terms of buy-now-pay-later schemes, it is extremely important that you use your credit card wisely. Here are some ways to ensure that using credit cards works for you instead of against you.

How to Use Credit Card Wisely?

The initial step to using credit card wisely is to keep a check on your spend. Just because you have a line of credit, does not mean that you spend indiscriminately.

Using Credit Cards Wisely
It is extremely important to keep careful track of what you spend and ensure that you aren’t making purchases that exceed your available income.

From the time you swipe your card till you make your payment, credit card companies give you between 30 and 45 days. However, it is vital that you pay all outstanding dues on or before the date specified so as to not incur interest and penalties on late payments or defaulted payments. Defaulting on payments can also adversely affect your credit score. The ultimate goal of using credit card wisely is to keep your credit score in good health.

Best Way to use Credit Card

To use credit card wisely, practice paying your dues in full . Although your card statement will tell you the minimum amount due, it is not advisable to keep paying on this minimum due as you will be levied heavy interest on the unpaid amount still outstanding, a sum that will only compound month on month, possibly running you deeper into debt . If making the monthly payment is difficult, you could negotiate with your card issuing bank to offer you a lower monthly interest rate so that you can make larger payments whenever possible.

When setting a credit limit, do not be lured into setting credit limits that are very high and that might cause you to spend far more than you can actually afford to. As a rule of using credit cards wisely, spend and pay wisely.

Disclaimer:
The information available on this website is a compilation of research, available data, expert advice, and statistics. However, the information in the articles may vary depending on what specific individuals or financial institutions will have to offer. The information on the website may not remain relevant due to changing financial scenarios; and so, we would like to inform readers that we are not accountable for varying opinions or inaccuracies. The ideas and suggestions covered on the website are solely those of the website teams, and it is recommended that advice from a financial professional be considered before making any decisions.

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