Mindful credit card usage
Hello folks, Due to some financial crunch, I'm planning to get a credit card but I've heard from people about the scary stories of credit cards. Can any body who owns credit card can give his experience or any tips what card or how to use the card or any other general advice. I just want to use cc for online purchases and maybe in emergency situations. Thank you in advance.
Matilda Lee
Stealth
9 months ago
Credit card is a tool to use only if you already have money sitting in bank. If that is not the case you would be stressed for whole month. Interest rate is highest in credit card, better to take other products like flexible OD or best is credit card + flexible OD( so you don't worry about credit card bill payment)
Matilda Lee
Stealth
9 months ago
There is only one simple rule. Buy only that thing from a credit card which you can comfortably buy using your debit card.
You mentioned you're facing financial constraints. Having some loans can be beneficial, but credit cards are costly tools to manage during a financial crunch.
Loans to consider in order of complexity (left to right) - hand loan (from friends/families), salary advance from employer, gold loan, property loan, personal loan, credit card loans, mobile app loans..
Well I know it's a costly tool but I want to try it out i would refrain from asking from family or friends personally.
I hope i would make better use of it and maybe learn something about money management
Blair Carmden
Stealth
9 months ago
just pay the bill on time....you will be good
once you don't pay, they put interest charges of 3-4% per month which will compound like crazy
Kendall Everett
Stealth
9 months ago
Use credit card for things you can buy in cash. If you can't buy it on cash, you can't afford it on credit card either.
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