A credit card is a wise option if you wish to make frequent purchases and keep a track of your expenses. The facilities could even be used to postpone payments on certain articles, thereby earning more interest on your money. It enables you to shop without carrying large amounts of money, thus eliminating the risk of theft. However, the credit limit on the card should be used sensibly, to avoid a bad credit rating.
Ways to use your credit card wisely:
Listed below are some tips on how to manage your credit card sensibly:
Select the right credit card: It is essential to choose a credit card that meets your specific requirement and adds significant value to your monetary assets. You need to shop around and compare cards, before selecting one that offers the best rewards at low interest rates.
Dont buy if you cant afford: Credit cards make provision for you to buy now and pay later. However, you should buy only those articles with the credit card that you are sure to afford paying back, within the time limit allotted. You should be aware that most credit cards charge an additional fee and a relatively higher rate of interest on late payments. You need...
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