Nowadays most people use Credit Card. Some people have one credit card and some people have more than one credit card. There are many advantages of using a credit card for any type of payment. So along with this it has its disadvantages. So let’s know what are its benefits and what are its disadvantages?
Be careful when using Credit Card, know its advantages and disadvantages.Credit Card Use Benefits or Disadvantages
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Learn more about the benefits of credit cards.
When people use a credit card to make payments, they receive discounts on items, offers on purchases, and interest-free loans for up to 50 days. You can also pay your various bills using a credit card. This allows you to deposit money in installments and withdraw cash when needed. Credit cards have their benefits, but even a little carelessness can cause harm.
Disadvantages of having multiple credit cards
If you do not use your credit card regularly, it can have negative effects on your financial profile.
- 💡Idle fees apply.
- 💡Credit score may decrease.
- 💡Rewards points may be lost.
- 💡Credit history is lost.
- 💡Credit limit also decreases.
- 💡The Income Tax Department may also keep an eye on you.
Keep these things in mind.
👉The annual fee for each bank or company’s credit card varies. Therefore, you need to be aware of this.
👉Each credit card offers discounts only on purchases up to a certain limit. Therefore, you need to be aware of this.
👉Pay your credit card bill on time. If the term is extended, interest will be charged.
👉If possible, never withdraw cash from your credit card. This will result in a higher payment.
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