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A credit card is good for borrowing a small amount but it becomes very expensive in case of large spending. A credit card is somewhat like a personal loan and is not suitable for big purchases because of the interest rate charged on them. Therefore, you should be well aware of the reason why you need financing and the best suitable method for it.
If you are a travel enthusiast it is suitable for you to get a card that awards air miles for your spending. A lot of cards also offer complimentary access to airport lounges, and other exciting benefits such as cashback rewards, discount deals at your favorite restaurants, one for one movie tickets, and even great deals on hotel stays. If you are planning to use a credit card, you might as well pamper yourself with the additional benefits offered. It is always advised to research and compare credit cards in UAE that are available and choose the best credit cards that cater to your uses and lifestyle.
It is important to consider your credit card limit. For people who have the habit of impulsively shopping or for someone who cannot control the urge to shop, it is important to have a practical credit card limit. Nobody wants to work for months just to pay the outstanding amount on their card along with interest.
You can ask your bank to lower the limit on your credit card in UAE to something suitable and more realist for you. If the bank does not allow you to do so, you should always prepare a monthly limit for yourself and stick to it.
One should always have some type of exit strategy in place, whether you are planning to go back to your home town or you are being released off your job. If you end up not paying your debt, you will end up in big trouble, especially for your future.
You don’t want to spend over your limit unnecessarily. It is advisable to prioritize the payment of your debt first. You can decide the amount you want to pay off every month, however, it is best to pay the highest percentage possible.
It often happens that credit card companies call you and offer other credit cards or an increase in your credit card limit. It is best not to be tempted into raising the limit of your credit cards in UAE because of these calls. You should always stick to your budget and be practical to your pocket.
Every bank offers a different percentage for the minimum monthly payment of your outstanding amount. However, it is best to pay the maximum percentage possible as it adds a lesser burden to your future debt.
Nobody likes being charged an additional amount on top of the already existing charges of the outstanding amount and interest. It is always best for you to pay the outstanding amount on your credit cards in UAE on time. This saves you from the expenses of the penalty charged by the banks for late payments.
Whenever you go out for a day of shopping or pampering, you are often tempted to buy products or services that can be avoided. This happens when you know you have easy funds available to you in the form of credit cards in UAE. In most cases, it is best to leave your credit card at home before stepping out. It not only reduces the temptation of using the card for unnecessary spending but also saves you from additional financial burden in the future.
If you have an existing credit card or multiple credit cards and are going through a tough time paying them off every month, you should opt for a balance transfer credit card that allows you to make a balance transfer. Most banks have credit cards that have the feature of balance transfer at attractive rates, with which you can transfer your debts to just one card. This leads to fewer chances of you missing your monthly payments and less burden on you.
The Final Say!
It is very easy to get carried away with spending when you are a holder of credit cards in UAE. You should constantly remind yourself even the best credit cards aren't an additional salary or endless easy cash. It is important to manage your card smartly, this not only helps in enjoying all the benefits properly but also reduces any burden caused in the future. Nobody wants to end up in a financial nightmare.