Credit cards are not just for shopping, know 5 smart ways to use credit cards

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Credit cards are not just for shopping, know 5 smart ways to use credit cards


Photo:India TV Know 5 Smart Ways to Use Credit Cards

Credit Card: in India in the last two decades Credit Card The use of this has steadily increased, although there has been a big jump in the last five years. According to a report, the number of credit card users in India has increased to 80 million by January 2022. Usage has increased, but many cardholders are still unaware of the advantages or disadvantages of a 2×3-inch piece of plastic carrying in their wallets, credit cards just not being used for making purchases. They also offer many other benefits if you use them wisely.

Here are 5 smart ways to use a credit card

1. Credit card purchases are preferable for fraud protection. For this, you have to enable the option of Two-Factor Authentication. In which you get an OTP to approve any card transaction on your mobile phone or email id. Only after that OTP you are able to do the transaction.

2. Set a transaction limit Another way to avoid misuse of your card is to set your spending limit. This is especially necessary if you have opted for the Wi-Fi facility available on your card, as money gets debited from your account with just one tap. So it is a good idea to set a lower limit (around Rs 1,000-2,000) for such tap transactions, while the higher amounts will require swiping the card and your PIN. It is also important to set limits for online transactions, even though online purchases require OTP.

3. Use 2-3 cards for longer credit tenure Experts suggest that you should have 2-3 credit cards so that you have a financial option in case of any problem with a particular card. Always try that the limit of one card should not be too much.

4. Auto-Pay Credit Card Dues Always pay your credit card bills every month before the due date to avoid late charges. This is the best way to make sure you don’t miss a payment. You have to opt for Autopay facility on your card. You can choose to pay the minimum amount automatically, a specified custom amount or pay in full. Make sure you make at least the minimum payment so that you are not penalized for not paying and your credit score remains intact.

5. Companies tell many benefits for giving credit cards to people. These offers can be beneficial if you know how to use them properly. For example, if you travel frequently, choose a credit card with a high on-flight discount when taking a credit card. If you frequently shop from a particular website, you can choose a co-branded card that offers you cashback, such as the ICICI credit card on Amazon that offers you 5% cashback on Amazon spend, and use this money. Can be used for future. Get 5% off on Flipkart purchases with Axis Bank credit cards.

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