Credit card makes very easy to withdraw money from bank at the time of need in every where in India. Today if you will do a survey then you will found that in every place of India there is credit card is famous and people also like it very much. It won’s every one’s heart. The card through which people avoid suffering the line of bank.Tips For Credit card mistakes to avoid is very essential for credit card users. So it is the first electronic card which makes withdraw of money easier. In the whole world people like it very much. There are around 350 million debit cards in circulation in India as compared to only 19 million credit cards. ICICI, HDFC, SBI, Citibank and American Express are the top five issuers of credit cards in India – each offering a range of rewards and benefits to their respective card holders.
Credit cards offer the easiest ways to borrow money and usually individuals are lured into the reward programs and benefits these financial institutions offer. Here we are giving you tips about credit card mistakes to avoid.
As here we all get benefit from credit card, their is also some demerits off credit card. If some one forget or by chance miss to fill balance before due date then it will create problem for you to borrow money. credit cards are only good for one thing: short term borrowing.
Every credit card company show that their card is best but a card user only is a cash cow for them for he is not a defaulter and pays a higher rate of interest on revolving balances. Here are four mistakes your credit card issuer will be glad you if made.
Missed payments: Suppose one has no money for to pay off his dues when his credit card statement came. This person will paid money after getting his or her salary. What he ignored was that the monthly interest rates along with the late payments are mounting up to a high annual rate of interest of 36 per cent plus.
Exceeding credit limits: Once you exceed your credit limit, your card issuer will charge you Rs. 500 every instance or 2.5 per cent of the over limit amount.
Your card is not really free: Credit card companies make a fortune of try to gain credulous spenders and offering them “zero charge” credit cards. Such cards may be free for the first year but there are annual an instance of resuming charges. The other hidden charges such as 2.5 per cent fuel surcharge, processing fee for an EMI, a late payment charge or cash withdrawal charge are rarely explained to customers.
Applying for more credit with poor credit: If your credit history is poor, another credit card company may issue a second credit card to you. However, you will not get the average rate of interest which is 13-15 per cent but will be charged more than 20 per cent, because of your poor credit record. This is all the better for your new card issuer who now stands to earn more from you.