Credit card demand has increased in cities in recent times. People usually use credit cards first by purchasing and then by repayment planning. Along with instant payment by credit card, it offers other benefits such as reward point, discount, cashback, etc. After coming in the new year, we are telling some common credit card mistakes in this news which you can avoid.
1. Withdrawing Cash from Credit Cards: Withdrawing cash from credit cards should be avoided. Do this work only when it is very important. You will have to pay more interest on the credit card cash. Therefore, avoid withdrawing cash using a credit card in 2020.
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2. Payment of Minimum Amount Due: Credit card users should also avoid the responsibility of paying the minimum balance due. Apart from this, try to pay the entire amount only once. This is usually one of the biggest mistakes. When credit cardholders are unable to repay their entire bill amount on time, they start repaying the minimum amount due. This will also spoil your financial situation. Therefore, from 2020, try to repay credit card bills completely and on time.
3. The mistake in plan card expenses: Explain that a credit card has an interest free period which is the period between the date of the credit card transaction and the scheduled date of its payment. This can be anywhere from 20 to 52 days, depending on your credit card transaction and the date of your card issuer. Credit card transactions do not attract interest during this period. Meanwhile, if you repay the money spent then you will not have to pay any separate interest.
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4. Reward Points: Most credit card payers have a reward system. In this, the reward point collected at the time of purchase can be redeemed. However, sometimes it has an expiry date, some cardholders are not aware of it. Typically, this period is usually between 2-3 years after which they cannot be redeemed. So don't forget the reward point reward.