Make the best use of your CREDIT CARD !!
June 11, 2007 1:30am CST
1. Pay your bill before the due date. If you are not able to do so, use the transfer balance facility through which you can transfer the balance amount on your bill to another credit card issuer and pay fewer charges. 2. Do not use the cash advance feature (where you can withdraw cash against your card just like an ATM) unless it is very crucial; the amount you withdraw does not qualify for an interest free period. The interest rate charged on such withdrawals ranges from 25-30 per cent per annum. 3. Know your credit card's billing cycle, the actual date of when it begins and ends. Make your purchases in such a manner that you get maximum free credit days. 4. Don't own multiple cards. Stick to a maximum of two cards. More than that and you will find it difficult to keep a track of how much money you are spending. 5. Always clear your credit card bills at least seven days before the due date to avoid being hit with a late fee. 6. Before you choose your credit card, take suggestions from your friends/ relatives. 7. Keep the receipts you get when you use your card; use these to check your bill when it is mailed to you. 8. Keep your card and your 16 digit credit card number confidential. 9. If you have more than one, carry only those that you think you will need when you leave the house. 10. Look out for cards that give you the highest free credit period.