Credit Card Mistakes You Should Avoid
Though the credit card is most convenient way to carry out every day financial transactions, careless , irresponsible use of credit cards can put you into problems which will effect your financial health.Here are the list of credit cards mistakes credit card holders should avoid.
Don't give away free money:instead Pay your bill on time.
You should be aware that credit cards carry high interest rate, so you will be charged high if you don't pay by the due date..which will ruin your monthly budget.
Paying only Minimum Sum:
Avoid paying minimum Sum of your credit card due..
Credit card is not an ATM card, Never use it to withdraw cash:
Though our credit Card has cash advance facility, you should never make use of them at any case i.e. cash advance credit cards. If you use the facility, clear it as early as possible.
Not paying Annual fee, you are missing lot of Benefits and offers
You are missing lots of benefits include cash back offers, rewards and more just buy avoiding pay for your credit card annual fee.
why you should never choose to pick zero annual fee credit card?
You will never get best offers using credit cards for daily financial transactions.
Letting Rewards Expire?
Get all the benefits of your free money obtained by redeeming credit card rewards points instead letting them expired,
Having Credit limit that lets you run out of funds:
To avoid staying debts, plan your self how much you can spend on your card before getting into debts, here are tips on how can you avoid credit card debts.
Credit Card on Instalment Plans
When using your credit card instalment plan, always make sure you are able to keep up with the monthly instalment payment, and prioritise your purchases to keep your cash flow healthy.
Not Making use of complimentary Travel insurance and other offers providing by credit cards:
Make use of complementary Travel insurance credit cards in case of injuries, and other health issues during travelling..just using complementery insurance credit cards to book tickets, or travel packages,
Offers provided by Credit cards include
Not cancelling unused credit cards:
You will be frequently switching to new credit cards to get accessed to credit cards new features and offers. so to avoid charges include annual fees cancel the unused credit cards.
Not setting limit on supplementary cards:
Using Supplementary credit cards always adds benefits include cashback, rewards etc, though you should always set limit for supplementary cards to avoid over spending
Not comparing credit cards, you will be missing exclusive benefits, offers provide with credit cards from top banks:
Help your self to keep with all your new offers, use credit cards comparing site Bankbazaar.sg, which free, allows you to apply credit cards online instantly.
Relaying on your credit card in emergency:
Not to disturb your financial health, come up with another emergency occurrence, stop relaying on your credit cards during emergency as you will be charged more, you need to pay more free money for your credit card interest.
Not lowering your interest rates.
Lower your interest rates using a balance transfer credit cards or a personal loan or go for debt consolidation plan.
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