Search

Wanna Save Few Bucks! Tips to Use a Credit card Efficiently

Wanna Save Few Bucks! Tips to Use a Credit card Efficiently
Tips To Use a Credit Card Efficiently

Are you a shopaholic and use credit cards mostly because of their exciting discount offers, but got panicked when you see your monthly bill? The interest rate on credit cards makes you uncomfortable, and you ask yourselves the question “Is a credit card a bad choice?”

 If you do not know how to use your credit card efficiently, then you are at the right place. Here you'll know the gems of the tips to use credit cards efficiently.

 Tips to Use Credit Cards Efficiently :

1)Use Only One or Two Cards

Credit Card Tips: Use only one or two Cards

When it comes to the usage of credit cards, use only one or two. Because when you use multiple credit cards, you are unable to keep track of your spending, high-interest expenses, increases your bill charges, and also your heartbeat.

So save yourself from the temptation of using multiple credit cards, because, in the end, it put a lot of burden on your savings.

2)Purchase a High Limit Credit Card  -

Tips to Use Credit Card Efficiently: Go for High Limit Card

Always ask your credit card provider to provide you high limit on your credit card.  

The benefits of a high limit on the credit card are, that it provides you a high limit on transactions and improves your credit scores.

3)Pay Your Credit Bill on Time -

Tips To Use Credit ard Efficiently: Pay your bill on time

This is important advice for credit card users “Pay on time and save you from the high-interest rate." Paying the bill on time improves your credit score, and this way you'll use your credit card efficiently.

If you do not pay your dues on time, the bank will be going to impose a high-interest rate due to delay.

 4)Check Your Credit Card Rewards  -

Tips To Use Credit Card Efficiently: Check your reward

Credit cards provide multiple offers or rewards to its user like free movie vouchers, free flight tickets, discounts on particular brand products, etc.  Banks gain huge profits from credit card users, for that reason they provide discounts and cashback offers to attract its customer to use credit cards.

Enjoy this reward.

5)Wisely Use Interest-Free Period

Tips To Use Credit Card Efficiently: Wisely use interest free period

It is worth million-dollar advice for all credit card users to pay their bills on an interest-free period. It is known as a grace period, the time between the date of credit card transactions and the due date of payment for a billing period. The grace time is usually between 25 to 60 days, it depends on your credit card provider companies.

 During the Interest-free period, you can pay your bill on the due date without paying any interest rate on your bill.

6)Pay Your Credit Card Dues through EMI

Tips To use credit card efficiently: Pay your dues through EMI

It happens with people, who are unable to keep track of their credit spending and in the end, their bill goes up, and unable to pay a bill on time. With the increasing interest rate and pending bills, you started to get panic.

In this kind of situation, you can convert the bill payments into monthly EMI. In EMI you can pay off a certain amount of principal and lower interest rate every month, till the balance reach zero. However, you are unable to make any new transactions till your balances are not clear.

The interest rate on credit card EMI is 2%, which is lower than the credit card with no EMI of 3-4% a month.

 Next time when you'll make purchases through credit cards or you wanted to buy a new credit card, keep these points to use credit cards efficiently in mind. It saves your money and allows you to earn good credit scores for your credit card.

 

 

 

 

 

 

 

 

 

About author