Credit Cards
Today we're in a world where plastic cash is getting popular and why not- its small, convenient & it sure gives you a nice statement too. Just as the popular Ad goes, 'somethings money can't buy; for the rest there is plastic cash'.
Its instant cash but it can sometimes come with a big price too. But if used properly and being aware of the intricacies of Credit Cards it could be flexed to your convenience. There is nothing as the perfect CC usage but here are a few tips where you could keep a control & monitor your CC expenses.
1. Use your credit card sparingly or keep a threshold for the amount that can be spent every month. The reason why I tell you to use it sparingly is the monthly interest rate & running the risk of the outstanding amount skyrocketing if not paid on time.
2. We usually use credit cards as we don't have to pay the amount right away or we don't have enough cash at present. Remember each credit card has their own way of calculating interest so get their details before you apply.
However most CCs start their interest calculation during the last week of every month & gives you a grace period of 20 days to pay with Interest.
Eg.: I make a purchase of 3000K on July 4th. My interest calculation would start from 25th July and I have time till August 15th to pay the outstanding amount without any interest charged.
3. Select a Credit Card which offers good customer support besides looking into aspects such as the 'Interest Rate', 'Card Limit' etc. You would need to check your interest amounts & transactions at regular intervals. So its best to have the contact details of CC support in your fingertips.
4. Also you need to select the right kind of payment option while opting for your CC. A normal auto-debit option could deduct the complete outstanding or bank balance amount every month. This could be dangerous when you've kept little bank balance & suddenly find your account to be empty.
Another mode of payment is 'Minimum Balance' option- where 10% of your outstanding amount will be paid as minimum balance every month.
Banks have come up with a lot of other options too so select the best mode of payment that suits your needs.
5. Its always good to have a couple of cards provided you're able to keep track of them. Isn't it better to have smaller amounts shared in a couple of cards with different purchases than having a single card to bear the burden. Please note the interest would be calcualted on the complete outstanding amount.
6. Remember to keep your creditcard & add-on cards safe, especially the Credit Card number. This is an easy target for embezzlement. Call the CC support right away when you lose your CC.
7. Also while making CC payments cross-check the bill amount and the payment made.
In most hotel cheques you have a small blank in the receipt. It's provided to basically pen the waiter's tip amount or if not interested to cross it. But many leave it blank giving a chance to the hotel staff to fill their own amount.
Any more suggestions do let us know.
Also for your favorite newspaper, try PressMart
Its instant cash but it can sometimes come with a big price too. But if used properly and being aware of the intricacies of Credit Cards it could be flexed to your convenience. There is nothing as the perfect CC usage but here are a few tips where you could keep a control & monitor your CC expenses.
1. Use your credit card sparingly or keep a threshold for the amount that can be spent every month. The reason why I tell you to use it sparingly is the monthly interest rate & running the risk of the outstanding amount skyrocketing if not paid on time.
2. We usually use credit cards as we don't have to pay the amount right away or we don't have enough cash at present. Remember each credit card has their own way of calculating interest so get their details before you apply.
However most CCs start their interest calculation during the last week of every month & gives you a grace period of 20 days to pay with Interest.
Eg.: I make a purchase of 3000K on July 4th. My interest calculation would start from 25th July and I have time till August 15th to pay the outstanding amount without any interest charged.
3. Select a Credit Card which offers good customer support besides looking into aspects such as the 'Interest Rate', 'Card Limit' etc. You would need to check your interest amounts & transactions at regular intervals. So its best to have the contact details of CC support in your fingertips.
4. Also you need to select the right kind of payment option while opting for your CC. A normal auto-debit option could deduct the complete outstanding or bank balance amount every month. This could be dangerous when you've kept little bank balance & suddenly find your account to be empty.
Another mode of payment is 'Minimum Balance' option- where 10% of your outstanding amount will be paid as minimum balance every month.
Banks have come up with a lot of other options too so select the best mode of payment that suits your needs.
5. Its always good to have a couple of cards provided you're able to keep track of them. Isn't it better to have smaller amounts shared in a couple of cards with different purchases than having a single card to bear the burden. Please note the interest would be calcualted on the complete outstanding amount.
6. Remember to keep your creditcard & add-on cards safe, especially the Credit Card number. This is an easy target for embezzlement. Call the CC support right away when you lose your CC.
7. Also while making CC payments cross-check the bill amount and the payment made.
In most hotel cheques you have a small blank in the receipt. It's provided to basically pen the waiter's tip amount or if not interested to cross it. But many leave it blank giving a chance to the hotel staff to fill their own amount.
Any more suggestions do let us know.
Also for your favorite newspaper, try PressMart
posted by PressMart Team at
12:07 PM
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