A Credit Card can be a handy little tool, if used smartly and with caution. During times of financial crunch, if you’re in need of urgent funds, you can use your Credit Card to make your purchase or pay expenses and then pay your dues through the monthly Credit Card repayment schedule.

six excellent Credit Card tips that can help you get the most out of your Credit Card and ensure that it remains a beneficial tool and does not turn into a burden.

• Exercise caution when using your Credit card—Having a Credit Card can give you a false sense of security, which may inadvertently lead you to increase your Credit Card usage and expenditure. So, it becomes important to keep a track of your Credit Card expenditure
• Set an appropriate Credit limit—Your Credit Card limit is the maximum amount that can be spent using your Credit Card. Set a limit that stops you from overspending, while at the same time doesn’t restrict you too much from using your Credit Card.
• Review your Credit Card statements—Your Credit Card statement is an excellent tool that can help you get a detailed snapshot of your Credit Card usage. Keep going back to your statement to look at your transaction history and find out where you can curb your spending
• Use cashback rewards and offers–One of the advantages of a Credit Card is the variety of offers available on it. Reward points, cashback and vouchers are some of the offers that can be availed, when using Credit Cards. This helps you save over the long run and reduces your overall spending.
• Pay your Credit Card bills regularly and on time—One of the smartest things you can do as a Credit Card user is pay your Credit Card bills. This will not only improve your credit score but paying in the credit-free period will reduce your interest paid.
• Get easy loans–If you’re in urgent need of some funds, you can use your Credit Card to apply for a quick, unsecured loan. The amount of money you can borrow depends on your Credit Card limit.

The Credit Card, if used wisely, can be an excellent financial instrument and help you in your day-to-day expenses. With reward points, cashback facilities and offers, it may offer better benefits than your regular Debit Card.

IMP LINKS – 

1. https://www.bajajfinservmarkets.in/credit-card/articles/what-is-a-credit-card.html
2. https://www.bankbazaar.com/credit-card/advantage-and-disadvantage-of-credit-card-in-india.html
3. https://www.indiatoday.in/business/story/rbi-tokenisation-rule-for-debit-credit-card-online-transactions-january-1-explained-1890896-2021-12-22