It is one of the best decisions to apply for a credit card once you have a job or aim to have a healthy bank balance. If you spend wisely, you can get many deals and many benefits by using your card. Use of credit card simplifies your life to some extent in terms of finance and saving. In the long run, credit card turns out to be one of the best modes of payment.
This article will help you in getting a clear idea of how you can make the best and most use out of the credit cards. Here are a few tips which help you get the most out of the credit cards.
Opt for the card which offers rewards
Most of the credit cards offer you reward points when you make any transaction or pay using their cards. Even there are monthly benefits, which the bank may notify you by sending messages on the registered number. You need to make the most out of your card. Go for a card that gives you the best rewards at the best rates.
If you are a movie lover, then choose a credit card that gives you most of the credit card reward points for buying movie tickets. If you cannot avail the points at that moment, do not worry because there are chances that it would be available on the next purchase you do. Even there are several restaurants which discount your price or add money to your wallet if you make an online payment. Make use of credit cards wisely and earn extra points.
Have a card that has low-Interest Rates
Your credit card should not charge much interest from you. Several banks in India offer no-cost EMI, and you can avail them anytime without paying extra money.
With this feature of No Cost EMI option, you can pay your bills, book hotels without paying any extra money or added interest. Even you would not be charged 12-14% interest that you are often charged to have the benefits of the EMI option.
Get knowledge on cash withdrawal and part-payments
Paying your credit card bills or withdrawing cash without the use of credit cards can turn out to be costlier. So, make sure that you have a proper idea about the cost of the ATM withdrawals and how the part-payment works as well. For example, a regular credit card may have 3.5% of interest every month on your credit card dues. Then there comes compound interest, in this case, you are charged with an interest fee even on the earlier interest fee that has been charged.
Look for Added Benefits
Whenever you are planning to have a credit card, try to get one with extra credit card benefits. More the benefits on the credit card, the better the service you get. For example, some credit cards offer added benefits such as access to airport lounges, free movie tickets, etc.
Learn about credit limit
There are credit cards that offer you a loan on your credit limit. Always try to get a credit card with such offers. This way, you can get support whenever you want and save money in the coming years.
You must be careful when it comes to using your credit card. The safety features of the card play a significant role. If your credit card does not have strong security, your entire amount is unsafe. This can create many problems in the future.
The above tips will help you in using your credit card in a much efficient way. Always choose a card that offers the best deals and the best rate of interest.