Call us Today 020 - 67200508
10 Credit Card Hacks – Dealsofloan

Credit Cards, leads us to a better managed spends if managed properly and cautiously. In fact, credit card is a financial tool or instrument which when used properly can drastically improve your financial life. The great thing associated with the credit cards is the way it improves your credibility and helps to increase the CIBIL Score. Along with these benefits, there are several other advantages in the form of cash backs and attractive interest rates when borrowing money for buying a home or any other items.

Here are Credit Card hacks on how to improve your financial life with the credit cards and make the most of it.

1. Calculate Your Monthly Limit

The first step before making a decision on applying for the credit card, is to calculate the monthly limit of your expenses. Going in a better and more organized way is the way to a safe future in terms of finance. Adopt a practice of using pen and pencil to wisely calculate your monthly expenses, income and all transactions. Go for a well calculated approach before making a choice of credit cards.

2. Know Different Credit Cards and Its Types

There is a wide variety of credit cards available in the market and there are different benefits associated with each of them. Do a proper research over each kind of credit card available with all its benefits and analyze according to your needs. Make a choice of the credit card only after thorough research.

3. Treat Credit as Loan Not Free Money

Credit Card is considered as free money; but remember that the money which is labeled as ‘free’ is in fact not a loan to be repaid promptly. Hence always treat credit as loan not free money. With credit cards, comes the responsibility and thus one must be responsible enough on how to use the credit limit.

4. Set Reminder for Due Dates

A credit card is an unsecured loan and if you don’t pay off your dues each month, you need to shell out huge interest on every single penny used through it. It has been seen in the recent culture, mainly among youths, that they spend lavishly and often fall prey to the unlimited advantages offered with the credit cards. So, don’t miss your payment and pay off your entire amount before due dates. It’s always better to pay off all your pending balance and bills well before time and thus you can avoid the late payment penalty.

You can even pick a payment date in case you usually don’t remember the dates for your payments. The automated approach towards the payment allows you to make the payment without any trouble and well on time. In case, you miss date for the first time, you can contact your credit card provider for a little consideration and most often those credit card providers won’t charge you on your first missed attempt.

5. Don’t Close Old Credit Cards

The credit cards are one of the most important considerations while the calculation of CIBIL Score and depends on the number of credit cards, its length and the credit limit associated with it. Never close any old credit card as it tends to diminish your credit limit in the market and in case, you keep on spending with the same pace, you are at risk of increasing your credit utilization ratio. Thus, make a decision on closing your old credit card very wisely.

6. Don’t go for the Number of Credit Cards

Are you thinking to increase the number of credit cards in order to increase your credit availability? Well, you are on the wrong ship! Always remember one simple aspect of your financial market; never go on a spree to start your credit cards in a single go. Refrain yourself from opening credit cards too often and keep in mind, that having a high number of credit cards can also negatively affect the credibility of a person and so his CIBIL score.

7. Don’t Fall in Discounts Trap

Analyze all aspects of credit cards and its features and don’t just fall prey to the discounts as offered with the credit cards. There are several Credit cards, which offer limited time balance transfer promotions with discounted interest rates and a typical 0% balance transfer along with APR offer etc.

8. Redeem Rewards

Don’t forget to redeem rewards even after the best choice on the right credit cards. Use your limit to optimum and don’t forget to use your rewards at regular intervals, which is available to you. A recent survey concludes that as much as 80% people don’t use the rewards available to them and this number is huge.

9. Analyze Your Side Benefits Very Carefully

A credit card is more than just a complement for the money. It offers different perks and those perks are way beyond rewards points. With credit cards they provide you a monthly analysis of your credit limit and your credit score, which can prove to a vital aspect in the better analysis of where you are stand in the market and where you are going wrong in the entire financial handling.

10. Negative Payment History

One of the big issues, which can prove to be a blunder in the handling of the credit cards, is the credit card default. Don’t just become a defaulter because of credit cards as it will affect the CIBIL Score of yours very drastically.

Credit cards are incredibly profitable and it comes to great use if handled in a proper manner.

Have a happy financial life.

Please follow and like us:
Facebook
Twitter
LinkedIn
Google+
http://www.dealsofloan.com/10-credit-card-hacks-improve-financial-life/
Follow by Email
0
Connecting
Please wait...
Send a message

Sorry, we aren't online at the moment. Leave a message.

Your name
* Email
* Describe your issue
    Login now

    Need more help? Save time by starting your support request online.

    Your name
    * Email
    * Describe your issue
    We're online!
    Feedback

    Help us help you better! Feel free to leave us any additional feedback.

    How do you rate our support?