Important facts about credit cards

What is a credit card?
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  It is often referred to as a plastic currency and is used in place of cash. Credit cards are used to purchase any product from the credit card market. It has 16 digits, CVV number. And a unique pin number. Must be kept confidential by the user.

It replaced the banknotes and found a permanent place in our wallet, but for many it was an unsolved mystery that led to hundreds of complaints about excess fees, even if the bank offered the user All the information required in the form does not understand the printed "Terms and Conditions" attached to their card kit.

Users usually have different comments on credit cards. Some users are very happy with this, and some users are so annoyed that they strictly deny that there will be one in the future. We will discuss the same topic here.

Often, credit cards bring benefits and some fees that are not actually hidden. Like different cards have different annual fees, late fees and other fees. However, when a person applies for a card, he/she usually only looks at the benefits and does not review other rules and regulations. Somewhere, the salesperson is also wrong because he can't guide the customer correctly. This led to his negative feedback. So, is there any solution to this problem? Yes, of course, a little attention can be saved from unnecessary expenses. What you need to do now is to read the following important tips to use your credit card to play games safely.

Anyone applying must understand these facts:

- The deadline is mentioned in the bill statement. You will need to pay your bill before the deadline to avoid late fees. All banks have different late fees, such as rupees. 750 a month.

- In the billing statement, the minimum amount due and the total due amount of the two amounts are sometimes indicated. To avoid being interested in your next bill, be sure to pay the total amount due instead of the minimum amount due. Paying the minimum amount due will give you a lower cibil score and unnecessary billing costs. These fees vary from bank to bank and may be 3-4%

- All cards have a fixed billing cycle and payment date. So don't forget to manage your expenses to pay your bills on time.

- Always check your bills. If you think you need to correct it, please complete it within 60 days.

- Always remember your credit card number. If it's lost, you can easily report it to the bank quickly. In addition, it makes it easy to shop online because you don't have to take it out. However, you also need a CVV number when shopping. And the due date. But remember that your credit card is not good.

- When applying for a credit card, please check the bank's annual fee and other fees. All banks have different fees and charges that you need to check. This will help you understand your credit card and charges. So, you won't be surprised by these fees and charges.

- Credit cards come with certain points and rewards programs. These points are converted to values, for example, in some cases 2 points = Rs.1, and in some cases they are like 4 points = Rs.1. You need to know these bonus points to redeem them later.

- Check if your bank has granted you cash back through shopping. Cash back means that the cash refund amount your card is responsible for will be returned to your account during the billing cycle. The value of the cash back is credited to your account on the bill. This is a great feature that can help you save it anytime, anywhere. To do this, you'll need to check the offers offered by your credit card.

- Do not use the full limit of the credit card as it may lose your credit score. In order to maintain a healthy cibil score, you need to spend no more than 50% of the credit limit.

- Do not use your card to pay bills for other credit cards or any other debt. This will lead to a bad financial situation. Instead, you can apply for a personal loan at a very low interest rate.

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