Where credit card can be used ,In this blog tutorial I am going to tell you almost how to use credit card ,where to use a credit card ,what are the benefits of using a credit card ,and what are the disadvantage of a credit card ,
How & where credit card can be used?
Your respective bank offers the credit card to use to purchase your daily need products virtually or through EVM card swipe; it can be used to make payments for your mobile bills, electric bills, and other sorts of payment in that way you use a debit card or cash,
very likely a credit card comes with distinct feature in comparison to a debit card , but the right uses of a credit card is really revealed , bank provides the credit card with a certain amount of Limit ,which can be used to payment
but the amount paid via credit card has to be paid within or till the credit card billing due date, for which credit card issuer usually give the credit cardholders up to a max of 56 days to pay them back,
- Read also- 18 modes of credit card payment
here you may have confusion with that how many days are given to a credit cardholder whether it has been credit card payment applicable for any particular date of a month?
so the answer is you need to understand the process of making payment of your credit card, either it is supposed to pay off the final bill after 30 days or 45 days within 56 days,
so the basic concept that is within 56 days from the transaction date, suppose, your credit card statement generate date is 5th of every month, thus your credit card billing due date will be 25th of the same month,
My transaction date is 2nd of MAY ,so I will pay off the total amount bill payment till 25 of the may , thus i got only 28 days to make payment,
while if my transaction date is the 7th of MAY, then I will pay off the total amount till the 25th of June(I.e by the next month 25th June), thus I am getting 48 days, so what we notice that when the transaction has made via credit card is considerable
What are the benefits of using a credit card, Where credit card can be used?
The benefits of using a credit card depend on various factors, like how you maintain and how you use your credit card, below I have mentioned the pros and cons of using a credit card of any respective bank which may help you
pros – it gives you reward benefits on your expenses, and on the other hand, it helps to build civil score which helps to get loans from bankside easily,
cons– it can be really disastrous if that credit card is not used carefully and wisely, although choosing a credit card is not the best option for long term borrowing,
Why should I be careful with a credit card?
Choosing a credit card for borrowing is not a good choice untill it is being used wisely , it can fall into a debt if a credit card holder does not use his/her credit in a smarter way,
there are a few things which you should take it seriously ,if you use a credit card if you will be aware of all these things are given below then it will make you use your credit card in a proper way, what you need to do is keep remembering those things –
- you should know your credit card limit
- check your credit card statement date
- pay off the bill according to the billing due date
- avoid making delayed payment
- Never plan to make minimum amount due payment
- try to pay the total overdue amount
- keep checking your credit card billed and unbilled transaction details
How credit cards impact debts, Where credit card can be used?
Even though credit card has credited balance as a limit which you can use wherever you want ,like, either for international transactions or domestic transactions,but in real it is a debt amount which you get from credit card issuer company or bank
but the things to understand is that the credited balance is for a short time which you pay back after a certain time period, somehow if you miss the payment, the bank does levy extra costs, including, Late payment charges, finance charges, and GST charges as well,
if somehow a credit card holder embrace delay payment then it can be an indication of being in debt,
There are sort of transactions which extra costs and impact on debts
- Credit card ATM cash withdrawal charges
- FCY Charges on international transactions, which we call foreign currency mark up fee
- OVL charges – over-limit charges which you exceed the total limit of your credit card
- Late fee- extra cost in case of late payment charges including Gst on late fee
- credit card security fee charges
- Yearly membership fee
How to use a credit card the first time,
If you are new to use a credit card or a credit card issuer offers you a credit card for the first time, then, I would suggest you check that credit card benefits, features, and specialization, why I recommend it to check? because, I have heard many complaints from the credit cardholders that, they are false promised credit card given,i/e They were informed to get the limit with that particular amount of limit, but after getting that credit card they found that they are not given that certain amounts of limit as they were promised,
MY Second recommendation to check with the credit card you are given has zeroid membership fee ? .it is also important because ,most of the credit card issuer company inform that there has no membership fee but once you get that credit card you found that membership fee has been levied ,
these two things are important to check before you decide to get a credit card, but furthermore, you have got a new credit card and you are going to use the credit card the first time, then,
- Set up the Credit card ATM PIN
- Never share your credit card details with anyone
- Use mobile banking or net banking to access your credit card details online
- Keep transaction facility disabled when not in use
- Enable domestic transaction facility when it is in use after then, keep off,
- Keep your first transaction date remember
- Pay the bill according to your current billing due date,
- Enable the Transaction alert facility
- avoid using that credit card for atm cash withdrawal
- Check with the EVM machine if you happen to swipe your credit card first time, it does also levy card swipe charges on a few EVM machine, like petrol pump, etc,
- Check with the modes of credit card payment easily
What if credit card used inappropriate ways?
Ans- You should know all important cautions and insturctions of how to use a credit card in a proper way ,for this ,please read the above information which I have shared in details ,if you follow all those instructions you will learn to use a credit card wisely, however ,if it hightly impact the debts ,therefore please be carefull if you have a credit card
Places Where credit card can be used?
Ans – You can use your credit card for online transactions ,offline transactions , for instance, there are lot of stores ,merchant outlets, ATMs etc ,are available ,where you can your credit card ,
What are the advantages of using a credit card ?
Ans- Advantages are primarily you get reward points ,cash points on your expenses ,which you can use to make vouchers ,cashback , etc
What is the time limit for the remaining amount after paying the minimum due of HDFC moneyback credit card bill?
Ans- If you pay off the minimum amount due payment before or till the credit card billing due date, so the remaining outstanding balance will reflect in the next statement along with finance charges, so again you can pay off the total bill on your credit card billing due date,
For example –
A moneyback credit card statement generate date = 15th June,
Billing due date = 05th July,
Total amount due – 15000 INR
Minimum amount due- 5000 INR
you paid 5000 rupees on 05th July, remaining outstanding balance (10000 INR+ Finance charges) has to be paid by 05th August,
Hope you are satisfied with the information I have shared, Now you know Where credit card can be used, and what are the best ways to use, if you have any doubt please feel free to ask,
Read also -How to close HDFC Credit card
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