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This financial tool is as long useful as you use it responsibly and carefully. Without a credit card pay off strategy, you could land up in big financial trouble. Thus, this financial tool either can be your great companion, helping you to deal with your finance or it may become a debt trap, completely depending on the factor that how you use it.
In this article, we have mentioned six useful credit card strategies to use your credit card in smart ways:
It can be very plain-sailing to acquire more debt on your credit card than you can afford to repay its outstanding balance. It is important to stay in control because exceeding your credit card limit will not only become a debt trap but also it affects your credit score negatively.
The ideal way to do is to keep the record of your spending in order to manage your credit card expenses. Also, make sure you check your credit card statement from time to time.
Always be sure that you pay off your credit card bills at the right time. Be mindful on your monthly payment due date and never make late credit card payments. This will help you avoid late payment fees, extra interest charges. Also, note that the paying late your credit card bill can affect your credit score negatively.
Banks & financial institutions offer various rewards cards in the UAE that provide a host of benefits and offers all year round. So, if you also own a reward credit card and spot exciting offers such as bonus point for sign up, amazing cash back for some specific categories, discounts on air tickets or hotel bookings, etc. make it a point to claim all these offers & benefits. This will enable you to save on your spending thereby helping you to make the most of your credit card.
Well, you can contact your credit card providing company and ask for the rewards & offers of your choice to be applied to your credit card. Also, you can check them online by visiting the official website of the bank through which you have availed the credit card.
It is very important to pay your credit card bill in full every month. You know, why? Because if you pay the minimum due amount & roll over the outstanding balance, you will be charged a hefty interest on your credit card & it could take many years to consolidate your credit card debt.
And if you can’t pay the outstanding balance in full, make sure you keep the balance as low as possible. The lower your balances, the better it will be for your credit scores. However, if you are finding it difficult in paying more than the minimum monthly repayments, you can switch to a low interest credit card & pay off more when you can. But if you switch to the low-interest card, don’t forget to close the old one so that you don’t have to tackle more debt.
Medical expenditures, flight tickets for an important trip, or any other emergency expense that may come up unexpectedly and paying for these unforeseen expenses might make your budget tight. If you plan to dig into your savings or deposits, you will need at least 24 to 48 hours. In such circumstances, a credit card can be your great companion. You can easily make the payment using the credit card and also turn your purchases into EMIs (equated monthly installments) and repay the amount over a certain period of time. However, EMIs option varies from one credit card to another since every credit card offers different EMIs option. You can contact your credit card issuer to ask about your EMI payment options.
Credit cards shouldn’t be considered as a bank account from where you can avail cash whenever you need it. Just try to avoid cash advances since they are very costly when it comes to fees. Also, most of the credit card providers levied interest for withdrawing cash using the credit card with no grace period.
It is imperative to know how to use a credit card in the right manner to make the most of it. A credit card offers you the convenience of managing your finance, lets you enjoy a wide range of benefits and perks, and also enable you to build up a good credit score in a hassle-free manner. Make sure, you keep the aforementioned credit card strategies in your mind to use your credit card in a smart manner.