Introduction
Hello friends, Many of us are using credit cards. Generally, we use credit cards when we don’t have money we use this credit card to meet our needs. Then we will pay the bill for this. Whatever our needs like online shopping, buying a mobile phone, filling petrol, etc., do it through a credit card and pay the required bill amount later. You can also save your money by using this credit card. And let’s see about it in detail.
Things We Should Know About Credit Cards
We buy things using credit cards and pay the bill on the due date and if we don’t pay then they charge one to two percent credit card interest. Many of you may be doubting whether this credit card is good. Generally, if we buy something using a credit card, we do not need to pay interest on the bill amount, that is, if we pay that particular due amount on the due date, there is no interest on it. As far as credit cards are concerned, how we use them depends on whether they are good or bad for us. Know that.
Also if we buy any product using a credit card we get more rewards, cash points, and offers.
Thus if we redeem the offers available using the credit card then we will get many offers which will save us a lot of money. And many people use their credit cards to pay house rent and EB bills as well.
Difference between credit and debit
When we talk about credit cards we must also talk about debit cards. A debit card is nothing, we can only use this quail to withdraw as much money as we have in our account, that is a debit card. But credit cards are about our credit and our earnings, they set a limit for us, and depending on that credit limit we can use it. For example, if someone has a one lakh rupees credit limit on his credit card, he can spend up to that one lakh rupees.
The truth behind credit card
Do you know why credit cards usually offer more offers and rewards than debit cards? Usually, we use our debit card to buy things only when we have money in our account so that the company doesn’t have much profit and that is when we use our credit card to buy things and they push us to spend more. When 90 percent of us use a credit card to buy something, we don’t pay it off within those 20 days or cycle periods.
So they are charged extra interest. This is why they encourage us to spend more by giving us more rewards like cash points. Some of you may have this question. What happens if you buy something using a credit card and leave the bill unpaid, if you leave unpaid then they will update your CIBIL and you will not be able to do any loan and other related things anywhere. Making on-time credit card payments can improve your credit score. And through this, you can easily get a loan for yourself.
As far as this credit card bill payment is concerned, you can do it in two ways either you can directly pay the bill yourself through UPI or another payment option or you can do auto debit. By doing this you only need to keep the amount in your account when the bill cycle comes and they will take it directly.
Conclusion
Thus you will have a basic understanding of credit cards and how to use them. And I hope you found these tips on how to save money using a credit card useful. In the next post, we will go into more detail about credit card Tips and Tricks, such as how to get the best credit card and get the most cashback.
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