New Delhi: Currently, the trend of people towards credit cards has increased rapidly. Credit cards give you easy access to credit, but they should be used according to your repayment capacity. Negligence in using a credit card can damage your credit profile which will deprive you of further credit in the future. Careful use and prompt payment will positively affect your credit score over time. To maintain a healthy credit score you can make some suggestions when spending through a credit card.
1) Choose a credit card that meets your requirement: Every other day you will be getting a call from banks that give you a credit card. But caution should be exercised when choosing a credit card. Always try to choose a credit card that suits your needs.
2) Make a plan to forecast your purchases and credit card expenses every month: If you decide early on how much your monthly expenses will be, it will help you in forecasting your monthly credit card bills. For example, you predict that your total credit card bill will be around 25,000 rupees next month, but the following month the additional funds in your account will be 40,000 rupees (before paying the credit card bills but all other expenses and savings requirements. After completing) then you can spend a maximum of Rs 1,5000 this month, for which you will have to pay next month.
3) Search for offers: Generally during the festive season banks offer promotional schemes like extra reward points or no-cost EMI for making big purchases. Wait for these offers before making a big purchase with your credit card. In addition, most large online platforms offer additional discounts for purchasing goods using no-cost EMI and credit cards. You should take advantage of these offers but ensure that the no-cost EMI does not include any hidden costs such as processing fees.