The biggest advantage of a credit card is that there is no debit from the account instantly. Rather get a grace period to repay it.
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Some things should be taken care of when using a credit card.
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Do you also use credit card for your shopping, food, travel? Nowadays, most people manage their expenses similarly. When something is going to buy us instantly and its price is beyond our budget, then credit card support at the same time. Even if we do not have cash, we buy our favorite thing by purchasing it. The biggest advantage of a credit card is that there is no debit from the account instantly. Rather get a grace period to repay it. At the same time, there is no loss of interest on payment in the grace period. But, do you know that while using credit cards, there is a lot of risk to be taken if some things are not taken care of.
Some things should be taken care of when using a credit card.
Those five things that the bank does not tell you ...
Do not ask money at the time
You have often seen that whenever your balance falls below the minimum in your account, then the message on the mobile becomes unchanged. But, you do not have any message to deposit credit bills. Because, the company does not want you to make all the payments in the first month. Rather, companies want them to lie down and fill the late fees later.
Nothing like free EMI
EMIs are often promised by customers to 0% on free EMI credit cards. But, you must be surprised to know that the terms and conditions of EMI also apply to 0% interest. If you violate one condition, you may have to pay interest of not more than 20% but not 5 or 10.
How to redeem the point
You get some payback points while shopping on a credit card. But, the bank never tells you how to redeem your points. Lack of information is lost in lakhs of points and credit card expires. Also, when your points cross the landmark like 1000 to 10,000, then the bank does not tell you that you have so many points and you can redeem them and take cashback benefits.
Card upgrade charge
Often people get their credit card upgraded to the top ranked credit card. Banks often offer to customers that this upgrade is free of cost. Upgrading silver cards to gold and platinum in gold is often costly. You must know that you have to pay a fee of Rs 500 to Rs 700 for a new credit card.
Free credit limit
Often we are happy that our credit card credit limit has been increased. Credit card holders often receive calls that your credit card credit limit is being increased for free. But, few people know that the bank also increases the annual fee according to your limit. But, do not give the information to the bank itself.