Keep off from Credit Cards: Itís a Trap
In recent times, the usage of credit cards is increasing by leaps and bounds. It is true, that a credit card brings in immense benefits, but if not used properly it can lead to huge problems. By making any purchase through a credit card, you are in a way increasing your credit amount. In fact, there may be times when the credit card issuer may charge a high rate of interest that may put you into further debt. As time flews, you will find it extremely difficult to manage the entire situation. Often, you may come by lucrative offers on credit cards such as low rates of interest, no interest charged for the first couple of months or no need to pay any annual fees. But then, the hidden expense that comes along it often goes unnoticed.
Hence, make sure to go through the print thoroughly. If you feel that some of the conditions are not clear to you, then you can always take the help of the credit card issuing company. You can also ask for help from any public accountant, banker or any financial planner.
Many people opt for a credit card without knowing about the rate of interest that will be charged on them. But then, make sure you don't fall prey into this prey. Choose a credit card if and only if you know what the actual rates are. You should also have a good credit score so as to ensure that the entire process goes in smoothly. Even, a recognized credit card issuer company will ask for the same, i.e. you need to submit a credit card report, based on which the company will grant you the card. In general, the small scale organizations as well as banks offer great deals which are convenient to deal with. You can also contact your local bank and gather credit card related information.
Tips to Make Your Credit Card Payment
- Make sure to clear your payments a minimum of seven days prior to the due date. You also have the privilege of making an online payment. This saves enough of your time.
- Don't forget to check the credit card statement from time to time. This will help you know whether there has been any change in the rate of interest or not. If you find that the company has increased the rate of interest, then make sure to find out what was the exact reason for taking up this step.