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Avaneesh Parasar- How to use Credit Cards- Personal Finanace

According to data provided by the Reserve Bank of India, as of December 2020, there are 60.4 million credit cardholders in the country.

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Avaneesh Parasar- How to use Credit Cards- Personal Finanace

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  1. Avaneesh Parasar Personal Finance- How to Use Credit Card

  2. AVANEESH PARASAR How to Use Credit Cards According to data provided by the Reserve Bank of India, as of December 2020, there are 60.4 million credit cardholders in the country. The credit card debt in the same month was ₹63.84 lakh - arrived at by assessing the value of transactions at ATMs and point of sales (POS). The total number of credit card transactions in December 2020 alone equalled 174.7 million. Many of us rely on credit cards to pay off bills or withdraw money, but are we aware of the fine print?

  3. Avaneesh Parasar Here’s what you need to know when you use credit cards. CREDIT RATING MATTERS YOUR CREDIT SCORE DEPENDS ON THE REGULARITY OF YOUR FINANCIAL ACTIVITY AND HOW PROMPTLY YOU PAY OFF YOUR BILLS. TIMELY REPAYMENT OF CREDIT CARD DEBT WILL HELP BUILD UP YOUR CREDIT SCORE THAT WOULD AUGMENT THE CHANCES OF GETTING LOANS APPROVED.

  4. HIGHER INTEREST RATES MANY CREDIT CARD COMPANIES OFFER BONUSES FOR SIGNING UP FOR CREDIT CARDS.THESE BONUS POINTS CAN PROVIDE DISCOUNTS ON OTHER PURCHASES. BUT IT’S EQUALLY IMPORTANT TO REMEMBER THAT THE MONEY SHOULD BE REPAID ELSE IT WILL INVITE INTEREST CHARGES AS HIGH AS 10% EVERY DAY.

  5. INDEPENDENT OF CURRENCY CREDIT CARDS CAN BE USED TO PAY BILLS IN ANY CURRENCY. THOUGH BANKS OR CREDIT CARD COMPANIES MAY CHARGE CURRENCY CONVERSION FEES, YOU MAY USE YOUR CARD TO SHOP AT OVERSEAS ONLINE STORES OR PAY DURING AN INTERNATIONAL TRIP.

  6. Crossing the limit You may want to shop till you drop dead, but your credit card company may have had other plans for you. There is a limit beyond which you cannot spend depending on the credit card you use. However, spending beyond the credit card limit can invite a hefty amount as a penalty. The minimum over-limit fees charged is ₹500 from where it can go up depending on how much you have crossed your limit.

  7. Personal Finance aims to provide our readers pertinent and helpful financial information Consult Avaneesh Parasar avaneeshparasar.in avaneeshparasar.com avaneeshparasar.me

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