Many times those who use a credit card are not aware of the penalty for not paying their due on time. Here we are giving you the information related to it.
Credit Card: Nowadays the emphasis is on using digital money i.e. debit card and credit as well as wallet money instead of cash payment. At the time of lockdown, RBI has also emphasized on digital transactions to avoid exchange of notes and to avoid the danger of corona. However, while using debit card and credit card, you need to keep some things in mind and here we are going to tell those things.
Know what is important to keep in mind while using credit card.
If the credit card is not paid on time, interest starts from the date of the transaction to the due date. The interest is 30 to 40 per cent as an annual penalty.
You should not use a credit card just for fashion. Use it only when needed.
If you are unable to make the payment of the credit card on time or you face a lot of difficulties in paying the card, then you should return the card.
Also keep in mind that it is not prudent to withdraw cash from a credit card, it may cost you dearly. Use a debit card for normal payment.
Keep this in mind, if the credit card payment is not on time, your score rating also decreases due to which you may have problems in taking a loan later.
Do not keep too many credit cards, this also reduces your score rating.
Nowadays, many types of offers are given while taking credit cards, but do not get too much in these offers and keep the credit card according to your need.
