Careful Steps After Getting the Credit Card - Applying and getting a credit card has been made very simple and hassle free through online application. All you have to go through the easy documentation and fast approval of these cards that have facilitated individuals to a great extent. But while using credit cards india, people usually make some very common but huge mistakes about which, they should be careful. Following are the don’ts after getting the credit card:
1. Maxing out the card
It can happen that cardholder has overspent and reached to the end of his offered credit limit. Most often the cardholder is stuck paying off the interest amount alone in such condition and cannot make any way into the principal amount. And on top of all, a maxed out card balance may take years to get repaid, especially if applicant has decided to repay only the minimum due amount.
2. Using the cash advance function
If you are opting for using the cash advance facility, you must be aware of the terms and conditions of the cash advance function very carefully. As because, it has no interest free period and usually in this case, interest rates are often steep.
3. Adding a secondary user
If you add a secondary user to your credit card account, then you alone can’t control the spending on your card. The interest rates and payments you will have to make will also increase due to the secondary user with other fraud risk multiplies.
4. Using your card overseas
Large amount of fee is charged for the overseas purchases on making payments from credit card. Exchange rate is also higher than current one. There are also some special deals, which certain global banks offer. You can also choose to convert your card to the foreign country’s currency, provided the bank does business there. And that is Careful Steps After Getting the Credit Card hopefully useful for you.
