Home Finance 5 Ways You May Be Using Your Credit Card Wrong

5 Ways You May Be Using Your Credit Card Wrong

5 Ways You May Be Using Your Credit Card Wrong

Do you risk traveling with loads of cash? Instead, use a credit card to facilitate various payments anytime, anywhere. Thus, you can enjoy super-fast transactions. Plus, online transactions let you stay safe at home during this time.

Credit Card

Here are five improper ways versus the proper ways to use your credit card.

#1 – Not Using Your Card Actively

If you have a credit card but don’t use it actively, you’ll miss out on its many benefits.

What to do:

#2 – Accumulating Credit Card Dues

If you let your card dues pile up, you’ll welcome the unpleasant interest burden.

What to do:

  • Try paying the entire balance (not just the minimum amount) before the due date. The earlier you do that, the lesser is the average daily interest that day onwards.
  • Use a reminder for timely payments. Else send a standing instruction to your bank for automated bill payments debited from your account.
  • Compare credit card interest rates. Then apply for the credit card with the lowest interest rate. So, if sometimes late payments are unavoidable, finance charges would be minimal.

#3 – Ignoring Credit Card Reward Points

Weren’t you aware of earning reward points on every rupee spent using a credit card?

What to do:

#4 – Overlooking Offers at Partner Merchants

Do you forget to check the offers on your credit card at partner merchants? Then you’re probably missing out on several discounts and deals on various categories of purchases.

What to do:

#5 – Not Checking the Card Statement Regularly

Are you neglecting to check your credit card statement regularly?

What to do:

  • Check the statement regularly for any fraudulent transactions or charges.
  • If you catch such errors, report them to the card issuer immediately. Unauthorized transactions can be investigated, and the compromised card can be blocked. Then you can receive a new credit card.

Ensure to read the terms and conditions on your credit card document. Thus, optimize your card use by knowing all its features and benefits!

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