| A Credit card can be used to purchase goods and services and to obtain cash disbursements on credit. The card holders do have to repay back the money at once or on an installment basis. You
can apply for a credit card online also. Through
automation process of many banks its possible to apply
for a credit card via online credit card system and get
the bank credit cards. The most accepted credit cards
worldwide is MasterCard, Visa and American express. |
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- Shop around for the cards with the best terms, such as
low interest rates and no annual fees
- Avoid credit card abuse
- Monitor your credit card spending
- Predetermine the emergencies, in which you will use credit card
- Pay your balance in full in each month
- Pay on time to avoid late charges
- Avoid
loans with higher interest rate
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Negative consequences
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- Negative impact on your quality of life
- Increased costs for future credit
- Bad impact on your other
investments
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Some essentials if you
own a credit card , student credit card etc. |
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- Track credit card rates
- Get the best card
- Transfer a balance
- Know your score
- Pay off your debt
- Check out Charges in advance
- Carry lost/theft phone number
- Prepare for emergencies
- Take cards from at least two banks
- Always keep in mind the limits and expirations date
- Keep all your receipts
- Use just one card
- Watch out of dual billing
- keep in mind cards are safest
- Keep the list of ATM networks
- Commit to memory: card has to be paid
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How to make your
credit card your best friend.
Ever observed how
money fades away into thin air leaving you frantic for the next salary? With a credit card, there is no evaporation act. The billing statement is a certainty check. Instead of blindly settling it, study your monthly statement closely. You will get a fairly good idea of your spending pattern.
You may be spending too much money on books or eating out or shopping. Keep away from using cash for any payment. Take advantage of the fact that you can instantly access interest-free credit. Make heavy purchases at the start of the billing cycle. Do you journey a lot on work? Then make all your payments on your card -- airline tickets, hotel bills and activity. On presenting the bill to your company, you will probably be reimbursed in a quick time. Take the reimbursed money and put it in a fixed deposit for a shorter period. When it is time to pay your credit card bill, your salary should be in your hand, enabling you to make the payment. If you do use your card a lot, you are definitely going to accumulate bonus points on it.
surrender
credit card
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Types of credit card
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- Low interest credit cards
- No annual fee cards
- Secured credit cards
- Airline mile cards
- Rewards cards
- Student Credit cards
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Annual Percentage Rate (APR)
As a range of companies often use a mixture of systems for calculating finance charges, your APR is a helpful figure to know. If you want to carry a balance on your account repeatedly, it may be excellent to look in the region of for a lower APR, even if you must pay a higher annual card membership fee. |
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Plastic age
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Debit card is stealing the show because of their multi-purpose use and ease with which a card holder can track spending. Though co branded credit cards do have these features. You need to accept this truth that the plastic cards are going to stay from a long time irrespective of debit card or credit card. Today debit card is challenging credit cards in all the fields. Though the basic nature of both the cards is different. Debit card is basically for those who do not believe in spending and then paying on the other hand the credit cards are preferred by those who like to spend first irrespective of their financial health and then plan for how to make the payment. I would say still credit card is ahead in the race as compared to credit card and will always be. The reason is simple many people do not have money to spend in one go. With the help of credit card , a card holder can make purchases and then pay in small installments. Though the card holder needs to pay high interest rate on the money borrowed via credit card.
On the other hand debit cards are
basically used as substitute for cash or cheque to pay for everyday items such as groceries, restaurant meals and department store purchases. To check the competition from debit cards , credit cards has evolved by adding a new feature as co-branded cards. Co-branded cards provide extra facilities to the card holders which a debit card holder does not get. |
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