It is important for an individual to not miss any payment due dates as it can lead to increased interest, penalties and even a bad credit history. If the delay in payment continues, getting the future can also become difficult.
Having multiple credit cards should not mean using all of them at once. Overspending can lead to issues like a high credit utilization ratio, which can make the repayment costs also higher.
Not all credit cards have equal costs. Some come with high annual fees and foreign transaction charges. Neglecting these can lead to unnecessary expenses. Always review terms before applying. If fees outweigh benefits, choose a card that better aligns with your financial goals.
If one ignores the EMI and balance transfer facilities, it can make the cost high. Balance transfers allow one to transfer high-interest debt to a low-interest card, thus saving on overall costs. Such facilities can help manage debt and prevent financial burdens.
Almost all credit cards offer rewards like discounts, cashback, airline miles, etc. One must keep an eye on the expiry dates of these as redeeming them can help maximize the benefits of the credit cards.
